Court Opinions

State Laws

US Code

US Constitution

Texas Vernon's Texas Civil Statutes - Article 581-23-1. Assessment Of Administrative Fines

Legal Research Home > Texas Lawyer > Vernon's Texas Civil Statutes > Texas Vernon's Texas Civil Statutes - Article 581-23-1. Assessment Of Administrative Fines

Art. 581-23-1. ASSESSMENT OF ADMINISTRATIVE FINES.  A. After 
giving notice and opportunity for a hearing, the Commissioner may 
issue an order which assesses an administrative fine against any 
person or company found to have:
	(1)  engaged in fraud or a fraudulent practice in connection 
with:           
	(A)  the offer for sale or sale of a security;  or                             
	(B)  the rendering of services as an investment adviser or 
investment adviser representative;
	(2)  made an offer containing a statement that is materially 
misleading or is otherwise likely to deceive the public;  or
	(3)  engaged in an act or practice that violates this Act or a 
Board rule or order.
	B. Any administrative fine assessed under this Section must 
be in an amount that does not exceed $10,000 for a single violation 
or $100,000 for multiple violations in a single proceeding or a 
series of related proceedings.
	C. For purposes of determining the amount of an 
administrative fine assessed under this Section, the Commissioner 
shall consider factors set out in guidelines established by the 
Board.
	D. For purposes of private civil litigation, the payment of a 
fine assessed in an agreed order under this Act shall not constitute 
an admission of any misconduct described in the agreed order.
	E. Any proceeding for the assessment of an administrative 
fine must be commenced within five years after the violation 
occurs.

Added by Acts 1995, 74th Leg., ch. 228, Sec. 13, eff. Sept. 1, 1995.  
Subsec. A amended by Acts 2001, 77th Leg., ch. 1091, Sec. 3.04, eff. 
Sept. 1, 2001.

Last modified: August 10, 2007