§ 23-55-807 — Unlicensed persons

(a) (1) [Repealed.] (2) If as a result of an investigation or examination the Securities Commissioner finds that a person has engaged or is about to engage in an act or practice constituting a violation of this chapter or a rule or order under this chapter, the commissioner may summarily issue: (A) A cease and desist order under § 23-55-803 ; or (B) An order to prohibit the person from continuing to engage in providing money services. (b) [Repealed.] (c) (1) An order to cease and desist becomes effective upon service of it upon the person. (2) A hearing shall be held on the written request of the person aggrieved by the order to cease and desist if the request is received by the commissioner within thirty (30) days of the date of the entry of the order to cease and desist or if ordered by the commissioner. (d) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to §§ 23-55-901 and 23-55-902 and the entry of a subsequent order by the commissioner to affirm, modify, or vacate the order. (e) The commissioner may apply to the Pulaski County Circuit Court to: (1) Temporarily or permanently enjoin an act or practice that violates this chapter or a rule or order under this chapter; or (2) Enforce compliance with this chapter or a rule or order under this chapter.

Legislative History

Acts 2007, No. 1595, § 1; 2009, No. 486, § 18.