Rule 120-2-93-.09. Penalties
- (1) Any person failing to comply with the requirements of this Chapter and O.C.G.A. §§ 33-59-1et seq. shall be subject to all such penalties and relief as may be appropriate under the laws of this State. Furthermore, a violation of this Chapter shall be considered an unfair trade practice pursuant to state law and subject to such penalties provided by state law.
- (2) It is unlawful for any person, other than a licensed provider or a registered life settlement broker, to enter into any life settlement contract with an owner of a policy or facilitate any life settlement contract unless that party is defined as being specifically excluded from registration or licensure by O.C.G.A. § 33-59-2(10) or O.C.G.A. § 33-59-2(18). A violation of this section shall be considered a fraudulent life settlement act and the violator(s) subject to fines and penalties as stipulated at O.C.G.A. § 33-59-15 and O.C.G.A. § 33-59-16.
Authority: O.C.G.A. Secs. 33-2-9, 33-59-1et seq.
History. Original Rule entitled "Penalties" adopted. F. Oct. 14, 2005; eff. Nov. 3, 2005.
Repealed: New Rule of same title adopted. F. Oct. 29, 2009; eff. Nov. 18, 2009.