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2006 Utah Code - 61-1-20 — Enforcement.
61-1-20. Enforcement.
Whenever it appears to the director that any person has engaged, is engaging, or is about to engage in any act or practice constituting a violation of this chapter or any rule or order under this chapter, in addition to any specific powers granted in this chapter:
(1) (a) the director may issue an order directing the person to appear before the division and show cause why an order should not be issued directing the person to cease and desist from engaging in the act or practice, or doing any act in furtherance of the activity;
(b) the order to show cause shall state the reasons for the order and the date of the hearing;
(c) the director shall promptly serve a copy of the order to show cause upon each person named in the order;
(d) the director shall hold a hearing on the order to show cause no sooner than ten business days after the order is issued;
(e) after a hearing, the director may issue an order to cease and desist from engaging in any act or practice constituting a violation of this chapter or any rule or order under this chapter. The order shall be accompanied by written findings of fact and conclusions of law;
(f) the director may impose a fine; and
(g) the director may bar or suspend that person from associating with a licensed broker-dealer or investment adviser in this state.
(2) (a) The director may bring an action in the appropriate district court of this state or the appropriate court of another state to enjoin the acts or practices and to enforce compliance with this chapter or any rule or order under this chapter;
(b) upon a proper showing in an action brought under this section, the court may:
(i) issue a permanent or temporary, prohibitory or mandatory injunction;
(ii) issue a restraining order or writ of mandamus;
(iii) enter a declaratory judgment;
(iv) appoint a receiver or conservator for the defendant or the defendant's assets;
(v) order disgorgement;
(vi) order rescission;
(vii) impose a fine of not more than $500 for each violation of the act; and
(viii) enter any other relief the court considers just; and
(c) the court may not require the division to post a bond in an action brought under this subsection.
Whenever it appears to the director that any person has engaged, is engaging, or is about to engage in any act or practice constituting a violation of this chapter or any rule or order under this chapter, in addition to any specific powers granted in this chapter:
(1) (a) the director may issue an order directing the person to appear before the division and show cause why an order should not be issued directing the person to cease and desist from engaging in the act or practice, or doing any act in furtherance of the activity;
(b) the order to show cause shall state the reasons for the order and the date of the hearing;
(c) the director shall promptly serve a copy of the order to show cause upon each person named in the order;
(d) the director shall hold a hearing on the order to show cause no sooner than ten business days after the order is issued;
(e) after a hearing, the director may issue an order to cease and desist from engaging in any act or practice constituting a violation of this chapter or any rule or order under this chapter. The order shall be accompanied by written findings of fact and conclusions of law;
(f) the director may impose a fine; and
(g) the director may bar or suspend that person from associating with a licensed broker-dealer or investment adviser in this state.
(2) (a) The director may bring an action in the appropriate district court of this state or the appropriate court of another state to enjoin the acts or practices and to enforce compliance with this chapter or any rule or order under this chapter;
(b) upon a proper showing in an action brought under this section, the court may:
(i) issue a permanent or temporary, prohibitory or mandatory injunction;
(ii) issue a restraining order or writ of mandamus;
(iii) enter a declaratory judgment;
(iv) appoint a receiver or conservator for the defendant or the defendant's assets;
(v) order disgorgement;
(vi) order rescission;
(vii) impose a fine of not more than $500 for each violation of the act; and
(viii) enter any other relief the court considers just; and
(c) the court may not require the division to post a bond in an action brought under this subsection.
Amended by Chapter 12, 1994 General Session
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