2017 Montana Code Annotated
TITLE 30. TRADE AND COMMERCE
CHAPTER 10. SECURITIES REGULATION
Part 10. Securities Restitution Assistance Fund
30-10-1007. False application -- penalties -- statute of limitations
30-10-1007. (Temporary) False application -- penalties -- statute of limitations. (1) A claimant who knowingly files or causes to be filed an application for restitution assistance or documents supporting the application any of which contain false, incomplete, or misleading information in any material aspect shall forfeit all restitution assistance provided from the fund.
(2) The commissioner may levy a fine of up to $10,000 on a claimant found to be in violation of subsection (1).
(3) A proceeding to determine a violation of subsection (1) must be in accordance with the contested case proceedings in the Montana Administrative Procedure Act, Title 2, chapter 4, parts 6 and 7.
(4) Notwithstanding the statutes of limitations provided in 30-10-305 through 30-10-307, any proceeding to determine a violation of subsection (1) of this section must be initiated within 2 years of the date on which the department discovers the violation or, through the use of reasonable diligence, should have discovered the violation, whichever occurs later. Regardless of when the department discovers a violation or should have discovered a violation through the use of reasonable diligence, the department may not initiate a proceeding under this subsection more than 5 years after the date of the violation. (Terminates June 30, 2021--sec. 55, Ch. 151, L. 2017.)
History: En. Sec. 7, Ch. 58, L. 2011.
