2006 New Mexico Statutes - 58-13B-37 — Enforcement.

58-13B-37. Enforcement.

A.     If the director reasonably believes, whether or not based upon an investigation conducted under Section 58-13B-36 NMSA 1978, that any person has engaged, is engaging or is about to engage in any act or practice constituting a violation of any provision of the New Mexico Securities Act of 1986 [Chapter 58, Article 13B NMSA 1978] or any rule or order under that act, the director may, subject to the right of that person to obtain a subsequent hearing pursuant to Section 58-13B-53 NMSA 1978, in addition to any specific powers granted under that act, issue a cease and desist order, without a prior hearing, against the person engaged in the prohibited activities, directing him to desist and refrain from further illegal activity.   

B.     When it appears to the director, whether or not based upon an investigation conducted under Section 58-13B-36 NMSA 1978, that a person has violated the New Mexico Securities Act of 1986 [Chapter 58, Article 13B NMSA 1978] or a rule or order of the director under that act, the director, in addition to any specific power granted under that act, may, after notice and hearing in an administrative proceeding unless the right to notice and hearing is waived by the person against whom the sanction is imposed:   

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

(2)     censure the person if that person is a licensed broker-dealer, sales representative, investment adviser or investment adviser representative;   

(3)     bar or suspend that person from association with a licensed broker-dealer or investment adviser in this state;   

(4)     issue an order against an applicant, licensed person or other person who violates that act, imposing a civil penalty up to a maximum of five thousand dollars ($5,000) for each violation; or   

(5)     initiate one or more of the actions specified in Section 58-13B-38 NMSA 1978 as applicable.   

C.     For purposes of determining the amount of civil penalty imposed pursuant to Paragraph (4) of Subsection B of this section, the director shall consider, among other factors, the frequency and persistence of the conduct constituting a violation of the New Mexico Securities Act of 1986 [Chapter 58, Article 13B NMSA 1978] or a rule or order of the director under that act, the number of persons adversely affected by the conduct and the resources of the person committing the violation.