Compilation of Rules and Regulations of the State of Georgia
Department 590 - RULES OF OFFICE OF SECRETARY OF STATE
Chapter 590-4 - COMMISSIONER OF SECURITIES
Subject 590-4-1 - GENERAL PROVISIONS
Rule 590-4-1-.08 - Non-Payment of Statutory Fees or Penalties

Universal Citation: GA Rules and Regs r 590-4-1-.08

Current through Rules and Regulations filed through March 20, 2024

(1) No registration, renewal, filing or administrative penalty required pursuant to the Act or any Rule shall be considered officially received by the Commissioner unless accompanied by the required fee or payment.

(2) If a check submitted in payment of a fee is dishonored, the registration, renewal or filing shall be immediately suspended, revoked or denied by order of the Commissioner. Upon entry of the order, the Commissioner shall promptly notify the issuer, applicant, registrant, or filer that the order has been issued and the reasons therefore. The person against whom the order is entered shall have fifteen (15) days from the date of notice to pay the required fee or funds. If such payment is not made, the Commissioner may initiate enforcement proceedings. If payment is received by the Commissioner, or a person designated by him within fifteen (15) days from notice of the order, the Commissioner shall issue an order reinstating the effectiveness of the registration, renewal or filing; provided, however, that no registration, renewal or filing shall become effective until the required fee is paid and all other deficiencies are cleared.

(3) Any persons subject to an order issued pursuant to this Rule shall have notice of opportunity for hearing.

(4) The Commissioner may vacate or modify an order issued pursuant to this Rule if he or she finds that the conditions that prompted its entry have changed or that it is otherwise in the public interest to do so.

(5) The provisions of this Rule shall apply to any administrative penalty or fine required to be paid to the Commissioner as a result of sanctions imposed pursuant to Code Section 10-5-73.

(6) Any offer to sell or sale of securities that occurred while a registration, renewal or filing was subject to an order prohibiting the offer or sale of such securities shall be subject to the sanctions provided for in the Act and the Rules promulgated thereunder.

(7) In the event that a civil penalty is imposed upon any person pursuant to Code Section 10-5-73, the Commissioner may, to collect such civil penalty, act under any or all of the following paragraphs:

(a) In addition to any other method provided by law for the collection of civil penalties imposed pursuant to Code Section 10-5-73, if any civil penalty imposed by the Commissioner pursuant to Code Section 10-5-73is not paid within ten (10) days after notice and demand from the Commissioner, the Commissioner may notify the Attorney General for the purpose of initiating appropriate proceedings to collect such penalty.

(b) In aid of collection or execution, the Commissioner may do either, or both, of the following:
1. Examine any person, including the person liable, by taking depositions or propounding interrogatories as provided in the Georgia Civil Practice Act, Chapter 11 of Title 9 of the Official Code of Georgia; or

2. Compel the production of documents or other items as provided in the Georgia Civil Practice Act, Chapter 11 of Title 9 of the Official Code of Georgia.

O.C.G.A. Secs. 10-5-3, 10-5-5, 10-5-6, 10-5-9, 10-5-10, 10-5-13, 10-5-70, 10-5-73.

Disclaimer: These regulations may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.