§ 31-5606.02. Enforcement--administrative.

Current through October 23, 2012

(a) Whenever the Commissioner determines that a person has engaged, or is about to engage, in an act or practice constituting a violation of any provision of this chapter or any rule or order hereunder, and that immediate action against such person is in the public interest, the Commissioner may issue, without a hearing, a summary order directing the person to cease and desist from engaging in such activity; provided, that the summary cease and desist order shall give the person:

(1) Notice of the opportunity for a hearing before the Commissioner to determine whether the summary cease and desist order should be vacated, modified, or entered as final; and

(2) Notice that the summary cease and desist order will be entered as final if the person does not request a hearing within 15 days of the receipt of the summary cease and desist order.

(b) Whenever the Commissioner determines after notice and a hearing, unless the right to a hearing is waived, that a person has engaged in an act or practice constituting a violation of this chapter or any rule or order adopted under this chapter, the Commissioner may, in addition to taking any other action authorized under this chapter:

(1) Issue a cease and desist order against the person;

(2) Censure the person if the person is licensed under this chapter;

(3) Bar the person from engaging in the securities business or investment advisory business in the District;

(4) Issue an order against the person imposing a civil penalty up to $10,000 for any single violation of this chapter; or

(5) Issue an order requiring the person to pay restitution and reasonable costs of the hearing.

                
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(Oct. 26, 2000, D.C. Law 13-203, § 602, 47 DCR 7837; June 25, 2002, D.C. Law 14-150, § 2(k), 49 DCR 4238.)

HISTORICAL AND STATUTORY NOTES

Effect of Amendments

D.C. Law 14-150, in subsec. (b), deleted ", or his or her designee," following "Whenever the Commissioner".

Legislative History of Laws

For Law 13-203, see notes following § 31-5601.01.

For Law 14-150, see notes following § 31-5601.01.