61-1-20 - Enforcement. - Utah Statutes

61-1-20. Enforcement.
Whenever it appears to the director that a person has engaged, is engaging, or is about toengage in an act or practice constituting a violation of this chapter or a rule or order under thischapter, in addition to specific powers granted in this chapter:
(1) (a) the director may issue an order directing the person to appear before thecommission and show cause why an order should not be issued directing the person to cease anddesist from engaging in the act or practice, or doing an act in furtherance of the activity;
(b) the order to show cause shall state the reasons for the order and the date of thehearing;
(c) the director shall promptly serve a copy of the order to show cause upon a personnamed in the order;
(d) the commission shall hold a hearing on the order to show cause no sooner than 10business days after the order is issued;
(e) after a hearing, the commission may issue an order to cease and desist from engagingin an act or practice constituting a violation of this chapter or a rule or order under this chapter;
(f) the commission may impose a fine;
(g) the commission may bar or suspend that person from associating with a licensedbroker-dealer or investment adviser in this state; and
(h) the commission may impose a combination of sanctions in Subsections (1)(e) through(g).
(2) (a) The director may bring an action in the appropriate district court of this state orthe appropriate court of another state to enjoin an act or practice and to enforce compliance withthis chapter or a 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) order restitution;
(viii) impose a fine of not more than $10,000 for each violation of the chapter; and
(ix) 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 thisSubsection (2).
(3) An order issued under Subsection (1) shall be accompanied by written findings offact and conclusions of law.

Amended by Chapter 351, 2009 General Session