§ 37-2.5-5. False certification — Penalties.
(a) If the treasurer determines, using credible information available to the public and
after providing ninety (90) days written notice and an opportunity to comment in writing
for the person or entity to demonstrate that it is not engaged in investment activities
in Iran, that the person or entity has submitted a false certification pursuant to
§ 37-2.5-4, and the person or entity fails to demonstrate to the treasurer that the person or
entity has ceased its engagement in the investment activities in Iran within ninety
(90)days after the determination of a false certification, the following shall
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§ 37-2.5-5. False certification — Penalties.
(a) If the treasurer determines, using credible information available to the public and
after providing ninety (90) days written notice and an opportunity to comment in writing
for the person or entity to demonstrate that it is not engaged in investment activities
in Iran, that the person or entity has submitted a false certification pursuant to
§ 37-2.5-4, and the person or entity fails to demonstrate to the treasurer that the person or
entity has ceased its engagement in the investment activities in Iran within ninety
(90) days after the determination of a false certification, the following shall apply:
(1) Pursuant to an action under subsection (b) of this section, a civil penalty in an
amount that is equal to the greater of one million dollars ($1,000,000) or twice the
amount of the contract for which the false certification was made;
(2) Termination of an existing contract with the state as deemed appropriate by the state;
and
(3) Ineligibility to bid on a contract for a period of three (3) years from the date of
the determination that the person or entity submitted the false certification.
(b) The treasurer shall report to the attorney general the name of the person or entity
that the state determines has submitted a false certification under § 37-2.5-4, together with its information as to the false certification, and the attorney general
shall determine whether to bring a civil action against the person or entity to collect
the penalty described in subdivision (a)(1). Only one civil action against the person
or entity to collect the penalty described in subdivision (a)(1) may be brought for
a false certification on a contract. A civil action to collect such penalty shall
commence within three (3) years from the date the certification is made.