House Journal: Page 1248: Wednesday, April 5, 2000
16 required. Any action by the administrator under this
17 subsection may be taken if the order is found to be in
18 the public interest and it is found that the applicant
19 or registrant or, in the case of a broker-dealer or
20 investment adviser, a partner, an officer, or a
21 director, a person occupying a similar status or
22 performing similar functions, or a person directly or
23 indirectly controlling the broker-dealer or investment
24 adviser, or a branch manager, assistant branch
25 manager, or supervisor:
26 Sec. 17. Section 502.604, subsection 1, Code
27 Supplement 1999, is amended to read as follows:
28 1. Issue an a summary order directed at the person
29 requiring the person to cease and desist from engaging
30 in such act or practice or to take other affirmative
31 action as in the judgment of the administrator is
32 necessary to comply with the requirements of this
33 chapter.
34 a. If a hearing is not timely requested, the
35 summary order becomes final by operation of law. The
36 order shall remain effective from the date of issuance
37 until the date the order becomes final by operation of
38 law or is overturned by a presiding officer or court
39 following a request for hearing. a person who has
40 been issued a summary order under this subsection may
41 contest the order by filing a request for a contested
42 case proceeding as provided in chapter 17a and in
43 accordance with rules adopted by the administrator.
44 However, the person shall have at least thirty days
45 from the date that the order is issued in order to
46 file the request. Section 17A.18a is inapplicable to
47 a summary order issued under this subsection.
48 b. a person violating a summary order issued under
49 this subsection shall be deemed in contempt of that
50 order. The administrator may petition the district
Page 7
1 court to enforce the order as certified by the
2 administrator. The district court shall adjudge the
3 person in contempt of the order, if the court finds
4 after hearing that the person is not in compliance
5 with the order. The court shall assess a civil
6 penalty against the person in an amount not less than
7 three thousand dollars but not greater than ten
8 thousand dollars per violation, and may issue further
9 orders as it deems appropriate.
10 Sec. 18. Section 502.605, subsection 1, Code 1999,
11 is amended to read as follows:
12 1. a. Any Except as provided in paragraph "b", a
13 person who willfully and knowingly violates any
14 provision of this chapter, or any rule or order under
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