Maine Revised Statutes Title 32 Sec. 16603 – Civil enforcement
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1. Civil action instituted by administrator. If the administrator believes that a person has engaged, is engaging or is about to engage in an act, practice or course of business constituting a violation of this chapter or a rule adopted or order issued under this chapter or that a person has engaged, is engaging or is about to engage in an act, practice or course of business that materially aids a violation of this chapter or a rule adopted or order issued under this chapter, the administrator may request that the Attorney General bring an action in the Superior Court of the county in which the person resides or has the principal place of business or in the Superior Court of Kennebec County to enjoin the act, practice or course of business and to enforce compliance with this chapter or a rule adopted or order issued under this chapter.
[PL 2007, c. 14, §11 (AMD).]
Terms Used In Maine Revised Statutes Title 32 Sec. 16603
- Administrator: means the Securities Administrator under section 16601. See Maine Revised Statutes Title 32 Sec. 16102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Depository institution: means :
A. See Maine Revised Statutes Title 32 Sec. 16102Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency or instrumentality; public corporation; or any other legal or commercial entity. See Maine Revised Statutes Title 32 Sec. 16102 Predecessor act: means the former Revised Maine Securities Act. See Maine Revised Statutes Title 32 Sec. 16102 Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Maine Revised Statutes Title 32 Sec. 16102 Writ: A formal written command, issued from the court, requiring the performance of a specific act.
2. Relief available. In an action under this section and on a proper showing, the court may:
A. Issue a permanent or temporary injunction, restraining order or declaratory judgment; [PL 2005, c. 65, Pt. A, §2 (NEW).]
B. Order other appropriate or ancillary relief, which may include:
(1) An asset freeze, accounting, writ of attachment, writ of general or specific execution and appointment of a receiver or conservator, which may be the administrator, for the defendant or the defendant’s assets;
(2) Ordering the administrator to take charge and control of a defendant’s property, including investment accounts and accounts in a depository institution, rents and profits, to collect debts and to acquire and dispose of property;
(3) Imposing a civil fine not to exceed $10,000 per violation or an order of rescission, restitution or disgorgement directed to a person that has engaged in an act, practice or course of business constituting a violation of this chapter or the predecessor act or a rule adopted or order issued under this chapter or the predecessor act;
(4) Ordering the payment of prejudgment and postjudgment interest; and
(5) Doubling the amount of a civil fine, not to exceed a maximum of $20,000 per violation, and doubling the amount of a monetary remedy, other than a civil fine, without limitation for a violation involving an investor 65 years of age or older; or [PL 2011, c. 37, §2 (AMD).]
C. Order such other relief as the court considers appropriate. [PL 2005, c. 65, Pt. A, §2 (NEW).]
[PL 2011, c. 37, §2 (AMD).]
3. No bond required. The administrator is not required to post a bond in an action or proceeding under this chapter.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
4. Securities agency of another state. Upon a showing by the administrator or securities agency of another state that a person has violated any provision of the securities act of that state or any rule or order of the administrator or securities agency of that state, the Superior Court may grant appropriate legal and equitable remedies.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 65, §A2 (NEW). PL 2007, c. 14, §11 (AMD). PL 2011, c. 37, §2 (AMD).