Section 37-25A-30 - Cease and desist orders--Injunction actions--Reference of evidence for prosecution.
37-25A-30. Cease and desist orders--Injunction actions--Reference of evidence for prosecution. If it appears to the director of the Division of Securities that any person has engaged in or is about to engage in any act or practice constituting a violation of any provision of this chapter, the director may:
(1) Issue an order directing the person to cease and desist from continuing the act or practice. Any person named in a cease and desist order issued by the director may, within fifteen days after the receipt of the order, file a written request for a hearing with the director. If the director does not receive a written request for a hearing within the time specified, the cease and desist order shall be permanent and the person named in the order has waived all rights to a hearing;
(2) Bring an action in the circuit court to enjoin the acts or practices and to enforce compliance with this chapter. Upon a proper showing, a permanent or temporary injunction, restraining order, or writ of mandamus shall be granted and a receiver or conservator may be appointed for the defendant or the defendant's assets or the court may order rescission, which may include restitution plus the legal interest rate, for any sales of business opportunities determined to be unlawful under this chapter. The court may not require the director to post a bond;
(3) The director may refer the evidence concerning violations of this chapter to the attorney general or to the state's attorney in the county where the violation occurred, who may institute proceedings under this section.
Source: SL 1985, ch 305, § 30.