TITLE 19
Financial Institutions

CHAPTER 19-14
Licensed Activities

SECTION 19-14-26


§ 19-14-26. Penalty for violations.

(a) If a person other than a licensee engages in activity for which licensure is required by this title with or on behalf of a resident in violation of this chapter, the department may assess a civil penalty against the person in an amount not to exceed five thousand dollars ($5,000) for each day of violation and/or may order that the person cease and desist from all activities requiring licensure.

(b) If a licensee materially violates or participates in the violation of any of the applicable provisions of this title, or any regulation promulgated under this title, the department may assess a civil penalty of not more than one thousand dollars ($1,000) for each violation or in the case of identifiable measured transactions per transaction, or by imprisonment not exceeding one year, or both. Each violation constitutes a separate offense. Complaints under the provisions of this chapter may be made by the director, or the director's designee, and shall not be required to give surety for costs. The attorney general shall prosecute all criminal activities under this chapter.

(c) A civil penalty under this section continues to accrue until the earlier of the following:

(1) The date the violation ceases; or

(2) A date specified by the department.

(d) In addition to the remedies set forth in subsections (a) and (b) of this section, upon proof of a material violation by a licensee, the department may take any of the following actions:

(1) Suspend or revoke a license or registration under this chapter;

(2) Order a person to cease and desist from doing activity for which a license or registration is required with or on behalf of a resident;

(3) Request the court to appoint a receiver for the assets of a licensee or registrant;

(4) Request the court to issue temporary, preliminary, or permanent injunctive relief against a licensee or registrant;

(5) Recover on the bond or security posted by the licensee or registrant; or

(6) Impose necessary or appropriate conditions on the conduct of business activity with or on behalf of a resident.

(e) All actions of the department under this section shall be taken in accordance with the requirements of chapter 35 of title 42 (the administrative procedures act).

History of Section.
(P.L. 1995, ch. 82, § 52; P.L. 1997, ch. 98, § 9; P.L. 2000, ch. 155, § 1; P.L. 2019, ch. 226, § 1; P.L. 2019, ch. 246, § 1; P.L. 2020, ch. 79, art. 2, § 10.)