Corporations Code - CORP - CORP § 27504

Summary

(a) With respect to the enforcement powers of the commissioner and the department under this chapter, all of the following apply: (1) The commissioner may take any action authorized by this chapter against a covered entity who fails to meet the requirements of Section 27501 or wh

Text

(a)
With respect to the enforcement powers of the commissioner and the department under this chapter, all of the following apply:
(1)
The commissioner may take any action authorized by this chapter against a covered entity who fails to meet the requirements of Section 27501 or who makes an untrue statement of a material fact in any report filed with the department.
(2)
Relief under this chapter may include, but is not limited to, any of the following:
(A)
An order requiring the covered entity to desist and refrain from the violation.
(B)
An order
requiring costs, representing reasonable attorney’s fees and investigative expenses for the services rendered, for deposit into the Financial Protection Fund for use by the department.
(C)
An order requiring the payment of monetary penalties, as set forth by subdivision (b).
(b)
(1)
In any civil or administrative action brought pursuant to this chapter in which the commissioner orders penalties, the following penalty amounts apply:
(A)
For any violation of this chapter, rule or final order pursuant to this chapter, or condition imposed in writing by the department, a penalty shall not exceed five thousand dollars ($5,000) for each day during which the violation or failure to pay continues.
(B)
Notwithstanding subparagraph (A), for
any reckless violation by a covered entity subject to this chapter, rule or final order pursuant to this chapter, or condition imposed by the department, a penalty that is sufficient to deter the covered entity from failing to comply with this chapter as determined by the commissioner under paragraph (2), and exceeds the penalty amount provided in subparagraph (A) for each day during which the violation continues.
(C)
Notwithstanding subparagraphs (A) or (B), for any knowing violation by a covered entity subject to this chapter, rule or final order pursuant to this chapter, or condition imposed by the department, a penalty that is sufficient to deter the covered entity from failing to comply with this chapter as determined by the commissioner under paragraph (2), and exceeds the penalty amount provided in subparagraph (B) for each day during which the violation continues.
(2)
In
determining the amount of any penalty ordered under this chapter, the commissioner shall take into account mitigating factors and the appropriateness of the penalty with respect to all of the following:
(A)
The financial standing of the covered entity.
(B)
The number of assets under management by the covered entity.
(C)
The nature of the covered entity’s failure to comply with this chapter.
(D)
The amount of financial resources available to the covered entity.
(E)
The covered entity’s history of previous violations.
(3)
The commissioner may compromise, modify, or remit any penalty that may be ordered or that has already been
ordered.

Retrieval chunks

• #1 | Corporations Code - CORP - CORP § 27504

  (a) With respect to the enforcement powers of the commissioner and the department under this chapter, all of the following apply: (1) The commissioner may take any action authorized by this chapter against a covered entity who fails to meet the requirements of Section 27501 or who makes an untrue statement of a mat…

• #2

  The number of assets under management by the covered entity. (C) The nature of the covered entity’s failure to comply with this chapter. (D) The amount of financial resources available to the covered entity. (E) The covered entity’s history of previous violations. (3) The commissioner may compromise, modify, o…