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23-42-213. Disposition of fines — Investor Education Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-213. Disposition of fines — Investor Education Fund.
(a) There is created on the books of the Chief Fiscal Officer of the State, the Auditor of State, and the Treasurer of State a fund to be known as the “Investor Education Fund”.
(b) Except as provided by subsection (c) of this section, all fines imposed and collected under §§ 23-42-209 and 23-42-308 shall be deposited as special revenues into the State Treasury and credited to the fund, to be administered by the Securities Commissioner for the following purposes:
(1) To inform and educate the public regarding investments in securities in order to help investors and potential investors:
(A) Evaluate their investment decisions;
(B) Protect themselves from unfair, inequitable, or fraudulent offerings;
(C) Choose their broker-dealers, agents, and investment advisers more carefully;
(D) Be alert for false or misleading advertising or other harmful practices; and
(E) Know their rights as investors; and
(2) To pay for:
(A) Costs, expenses, and charges incurred by the State Securities Department in connection with the presentation and dissemination of information to the public as described in this section, including costs of printing copies of the Arkansas Securities Act, § 23-42-101 et seq., Rules of the Arkansas Securities Commissioner, and other materials designed to inform the public as set forth in this section;
(B) Costs of advertising and promotional materials designed to accomplish the purposes of this subdivision (b)(2);
(C) Costs of equipment necessary or useful for such presentations; and
(D) Costs and expenses associated with conducting a stock market game for educational purposes in selected schools in the state's public school system.
(c) Fines collected in excess of one hundred
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-213
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:23-42-213
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2401f6d505e5cd247b4e9e40ac508d4737308fdf0583ee8208c6c05ff301874f
Source location: content.xml paragraph 20562
Stored source content
23-42-213. Disposition of fines — Investor Education Fund.
(a) There is created on the books of the Chief Fiscal Officer of the State, the Auditor of State, and the Treasurer of State a fund to be known as the “Investor Education Fund”.
(b) Except as provided by subsection (c) of this section, all fines imposed and collected under §§ 23-42-209 and 23-42-308 shall be deposited as special revenues into the State Treasury and credited to the fund, to be administered by the Securities Commissioner for the following purposes:
(1) To inform and educate the public regarding investments in securities in order to help investors and potential investors:
(A) Evaluate their investment decisions;
(B) Protect themselves from unfair, inequitable, or fraudulent offerings;
(C) Choose their broker-dealers, agents, and investment advisers more carefully;
(D) Be alert for false or misleading advertising or other harmful practices; and
(E) Know their rights as investors; and
(2) To pay for:
(A) Costs, expenses, and charges incurred by the State Securities Department in connection with the presentation and dissemination of information to the public as described in this section, including costs of printing copies of the Arkansas Securities Act, § 23-42-101 et seq., Rules of the Arkansas Securities Commissioner, and other materials designed to inform the public as set forth in this section;
(B) Costs of advertising and promotional materials designed to accomplish the purposes of this subdivision (b)(2);
(C) Costs of equipment necessary or useful for such presentations; and
(D) Costs and expenses associated with conducting a stock market game for educational purposes in selected schools in the state's public school system.
(c) Fines collected in excess of one hundred fifty thousand dollars ($150,000) in any one (1) fiscal year shall be deposited as general revenues.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-101. Title.
This chapter may be cited as the “Arkansas Securities Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-101
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 23-42-101. This identifies an authority to review, not proof of applicability.
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. The source passage cites 23-42-209. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-42-308. Denial, suspension, revocation, or withdrawal of registration, and other penalties.
(a) The Securities Commissioner may by order deny, suspend, make conditional or probationary, or revoke any registration if he or she finds that:
(1) The order is in the public interest; and
(2) The applicant or registrant or, in the case of a broker-dealer or investment adviser, any partner, officer, or director; any person occupying a similar status or performing similar functions; or any person directly or indirectly controlling the broker-dealer or investment adviser:
(A) Has filed an application for registration, which as of its effective date, or as of any date after filing in the case of an order denying effectiveness, was incomplete in any material respect or contained any statement which was, in light of the circumstances under which it was made, false or misleading with respect to any material fact;
(B) Has willfully violated or willfully failed to comply with any provision of this chapter or a predecessor act or any rule or order under this chapter or a predecessor act;
(C) Has:
(i) Been convicted of:
(a) A felony; or
(b) Within the previous ten (10) years, a misdemeanor involving a security, a commodity future or option contract, or any aspect of a business involving securities, commodities, investments, franchises, insurance, banking, or finance; or
(ii) Pending against him or her a charge of unlawful conduct involving securities or any aspect of the securities business;
(D) Is permanently or temporarily enjoined by any court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of the securities business;
(E) Is the subject of an order of the commissioner, including without limitation an orde
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-42-308
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 23-42-308. This identifies an authority to review, not proof of applicability.