1. (a) If the department finds that:

   1. (1) a statement or report required to be filed under this chapter was materially incorrect;
   2. (2) the person filing the statement or report was requested to file a corrected statement or report; and

   3. (3) a corrected statement or report has not been filed;

      the department may refer the matter to the inspector general or, after a hearing conducted under IC 4-21.5-3 , take action under subsection (b).

2. (b) If the department makes a finding under subsection (a), the department may do either or both of the following:

   1. (1) Revoke the registration of the person who has failed to file a corrected statement or report.
   2. (2) For a finding made after June 30, 2007, assess a civil penalty on the person who has failed to file a corrected statement or report of not more than five hundred dollars ($500).

As added by P.L.89-2006, SEC.15.