(a) The Arkansas Real Estate Commission may:
(1) Set fees;
(2) Adopt, amend, and repeal rules;
(3) Issue orders consistent with this chapter;
(4) Prescribe forms and procedures for submitting information to the commission;
(5) Accept grants-in-aid from any governmental source;
(6) Contract with agencies charged with similar functions in this or other jurisdictions;
(7) Cooperate with agencies performing similar functions in this and other jurisdictions to develop uniform filing procedures and forms, uniform disclosure standards, and uniform administrative practices;
(8) Develop information that may be useful in the discharge of the duties of the commission;
(9) Initiate private investigations within or without this state;
(10) After notice and a hearing under this chapter and the Arkansas Administrative Procedure Act, ยง 25-15-201 et seq.:
(A) Issue a notice of suspension;
(B) Impose a civil penalty of no more than five thousand dollars ($5,000) per occurrence; and
(C) Assess costs against the person if:
(i) A representation in any document or information filed with the commission is false or misleading;
(ii) A developer or agent of a developer has engaged or is engaging in any unlawful act or practice;
(iii) A developer or agent of a developer has distributed, caused to be distributed, or is distributing, orally or in writing, false or misleading promotional materials concerning a time-share plan;
(iv) A developer or agent of a developer has concealed, diverted, or disposed of any funds or assets of a person in a way that impairs rights of purchasers of time-share interests in the time-share plan;
(v) A developer or agent of a developer has failed to perform a stipulation or agreement made to induce the commission to issue an order relating to that time-share plan; or
(vi) A developer or agent of a developer has otherwise violated this chapter or the rules or orders of the commission;
(11) Issue a cease and desist order if the developer has not registered the time-share plan under this chapter; and
(12) After notice and hearing, issue an order revoking the registration of a time-share plan upon a determination that a developer or agent of a developer has failed to comply with a notice of suspension issued by the commission, which order affects the time-share plan.
(b) In addition to the civil penalties under subdivision (a)(10) of this section, the commission may require the person found to have violated this chapter or the rules or orders of the commission to reimburse any compensation, fees, or other remuneration collected during the activity that resulted in the violation.
Section: 18-14-202 18-14-203 18-14-204 18-14-205 18-14-206 18-14-207 NextLast modified: November 15, 2016