- (a) The Securities Commissioner may assess a civil penalty against a person that violates the Uniform Money Services Act, Arkansas Code § 23-55-101 et seq., or this part or an order issued under the act.
(b) Notice of assessment of civil penalties.
- (1) Upon the request of the staff, the commissioner shall issue a notice of assessment of a civil penalty.
(2) The notice shall include the following:
- (A) A statement of the violation or violations, unsafe or unsound practice or practices, or breaches alleged;
- (B) A statement of the facts supporting the assessment of the civil penalty;
- (C) Notice that the licensee or other person is entitled to a hearing in accordance with Arkansas Code § 23-55-902(a), to determine whether a civil penalty should be assessed against the licensee or other person, if the licensee or other person requests the hearing within thirty (30) days of service of the notice of assessment of a civil penalty;
- (D) Notice that, if the licensee or other person makes a timely request for a hearing, the licensee or other person may appear at the hearing in person, by attorney, or by presenting positions, arguments, and contentions in writing, and at the hearing may present evidence and examine witnesses for and against the licensee or other person; and
- (E) Notice that failure of the licensee or other person to make a timely request for a hearing to determine whether a civil penalty should be assessed against the licensee or other person, or to appear at the hearing, in person, by attorney, or by writing, is consent by the licensee or other person to the assessment of the civil penalty.
- (c) Amount of civil penalty. The commissioner is authorized by Arkansas Code § 23-55-805 to assess a civil penalty in an amount not to exceed one thousand dollars ($1,000) per day for each day the violation is outstanding, plus the state’s costs and expenses for the investigation and prosecution of the matter, including reasonable attorney’s fees.
(d) In determining the amount of civil penalty to be assessed pursuant to Arkansas Code § 23-55-805, the commissioner shall consider all of the following:
- (1) The seriousness of and the risk posed by the violation;
- (2) The licensee’s or other person’s good faith efforts to prevent the violation;
- (3) The licensee’s or other person’s history regarding violations;
- (4) The licensee’s or other person’s financial resources; and
- (5) Any other matters justice may require.