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23-42-209. Injunction, mandamus, or other ancillary relief.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-209. Injunction, mandamus, or other ancillary relief.
(a)(1)(A) Whenever it appears to the Securities Commissioner, upon sufficient grounds or evidence satisfactory to the commissioner, that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this chapter, except the provisions of § 23-42-509, or any rule or order under this chapter, including any order issued under § 23-42-509, the commissioner may summarily order the person to cease and desist from the act or practice.
(B) Upon the entry of the order, the commissioner shall promptly notify the person that the order has been entered, of the reasons therefor, and of his or her right to a hearing on the order.
(2)(A) A hearing shall be held on the written request of the person aggrieved by the order if the request is received by the commissioner within thirty (30) days of the date of the entry of the order, or if ordered by the commissioner.
(B) If a hearing is not requested and none is ordered by the commissioner, the order will remain in effect until it is modified or vacated by the commissioner.
(C) After notice and an opportunity for a hearing, the commissioner may:
(i) Affirm, modify, or vacate the cease and desist order under subdivision (a)(1)(A) of this section; and
(ii) For a violation of this chapter other than a violation of § 23-42-509, by order, levy a fine not to exceed:
(a) Ten thousand dollars ($10,000) for each violation or an amount equal to the total amount of money received in connection with each violation; or
(b) If a victim of a violation is sixty-five (65) years of age or older:
(1) Twenty thousand dollars ($20,000) for each violation; or
(2) Two (2) times the amount of money received in connection with each v
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-209
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-42-209
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f35a44840a7b4f598ea934c4ac5eecc3e4f98b27bb830b52802d02714bee38dc
Source location: content.xml paragraph 20485
Stored source content
23-42-209. Injunction, mandamus, or other ancillary relief.
(a)(1)(A) Whenever it appears to the Securities Commissioner, upon sufficient grounds or evidence satisfactory to the commissioner, that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this chapter, except the provisions of § 23-42-509, or any rule or order under this chapter, including any order issued under § 23-42-509, the commissioner may summarily order the person to cease and desist from the act or practice.
(B) Upon the entry of the order, the commissioner shall promptly notify the person that the order has been entered, of the reasons therefor, and of his or her right to a hearing on the order.
(2)(A) A hearing shall be held on the written request of the person aggrieved by the order if the request is received by the commissioner within thirty (30) days of the date of the entry of the order, or if ordered by the commissioner.
(B) If a hearing is not requested and none is ordered by the commissioner, the order will remain in effect until it is modified or vacated by the commissioner.
(C) After notice and an opportunity for a hearing, the commissioner may:
(i) Affirm, modify, or vacate the cease and desist order under subdivision (a)(1)(A) of this section; and
(ii) For a violation of this chapter other than a violation of § 23-42-509, by order, levy a fine not to exceed:
(a) Ten thousand dollars ($10,000) for each violation or an amount equal to the total amount of money received in connection with each violation; or
(b) If a victim of a violation is sixty-five (65) years of age or older:
(1) Twenty thousand dollars ($20,000) for each violation; or
(2) Two (2) times the amount of money received in connection with each violation.
(b)(1) The commissioner may apply to the Pulaski County Circuit Court to temporarily or permanently enjoin an act or practice that violates this chapter and to enforce compliance with this chapter or any rule or order under this chapter:
(A) After an order is issued under subdivision (a)(1) or subdivision (a)(2) of this section; or
(B) Without issuing an order under subdivision (a)(1) or subdivision (a)(2) of this section.
(2) Upon a proper showing, a permanent or temporary injunction, restraining order, or writ of mandamus shall be granted.
(3) The court shall not require the commissioner to post a bond.
(4) The commissioner may also obtain upon proper showing any other ancillary relief in the public interest, including without limitation:
(A) The appointment of a receiver, temporary receiver, or conservator;
(B) A declaratory judgment;
(C) An accounting;
(D) Disgorgement of profits;
(E) Restitution; or
(F) The assessment of a fine in an amount of not more than the total amount of money received in connection with a violation of this chapter.
(c) This chapter does not prohibit or restrict the informal disposition of a proceeding or allegations which might give rise to a proceeding by stipulation, settlement, consent, or default, in lieu of a formal or informal hearing on the allegations or in lieu of the sanctions authorized by this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-509. Covered securities.
(a) The Securities Commissioner, by rule or order, may require a notice filing consisting of any or all of the following documents with respect to a covered security under section 18(b)(2) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(2):
(1)(A) Prior to the initial offering of such a covered security in this state, all documents that are part of a current federal registration statement filed with the United States Securities and Exchange Commission under the Securities Act of 1933, together with a consent to service of process signed by the issuer and with a fee in the amount of one-tenth percent (0.1%) of the maximum aggregate offering price at which the covered securities are to be offered in this state, but the fee shall in no case be less than one hundred fifty dollars ($150) nor more than two thousand dollars ($2,000). Any portion of the fee in excess of one thousand dollars ($1,000) shall be designated as special revenues and shall be deposited into the Securities Department Fund. When a notice filing is withdrawn before the effective date, the commissioner shall retain one hundred fifty dollars ($150) of the filing fee.
(B) Sales of the covered securities in excess of the amount of covered securities to have been offered in this state shall require the person making the notice filing to pay a fee, calculated in the manner specified in subdivision (a)(1)(A) of this section, for all securities sold. In addition, if the sales are in excess of one hundred five percent (105%) of the amount to have been offered, the person making the notice filing shall pay a penalty fee of two hundred dollars ($200).
(C) The initial notice filing of an investment company, as defined in the Investment Company Act of 1940, shall be effective f
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-509
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-42-509. This identifies an authority to review, not proof of applicability.