LD 509
pg. 75
Page 74 of 94 PUBLIC Law Chapter 65 Page 76 of 94
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LR 441
Item 1

 
or (6) or an investment adviser under section 16403,
subsection 2, paragraph A, subparagraph (3); or

 
C.__Issue an order under section 16204.

 
2.__Summary process.__An order under subsection 1 is effective
on the date of issuance. Upon issuance of the order, the
administrator shall promptly serve each person subject to the
order with a copy of the order and a notice that the order has
been entered. The order must include a statement of any civil
fine or costs of investigation the administrator will seek, a
statement of the reasons for the order and notice that, within 15
days after receipt of a request in a record from the person, the
matter will be scheduled for a hearing. If a person subject to
the order does not request a hearing and none is ordered by the
administrator within 30 days after the date of service of the
order, the order, including the imposition of a civil penalty or
requirement for payment of the costs of investigation sought in a
statement in the order, becomes final as to that person by
operation of law.__A summary order issued against any person
becomes a final order 30 days after the administrator mails
notice to the interested parties of the right to request a
hearing if they fail to request a hearing or on the date of the
hearing if the person requesting the hearing fails to appear.__If
a hearing is requested or ordered, the administrator, after
notice of and opportunity for hearing to each person subject to
the order, may modify or vacate the order or extend it until
final determination.

 
3.__Procedure for final order.__If a hearing is requested or
ordered pursuant to subsection 2, a hearing must be held pursuant
to the Maine Administrative Procedure Act. A final order may not
be issued unless the administrator makes findings of fact and
conclusions of law in a record in accordance with the Maine
Administrative Procedure Act. The final order may make final,
vacate or modify the order issued under subsection 1.

 
4.__Civil fine; final orders and remedies. In a final order
under subsection 3, the administrator may: order remedies
described in subsection 1; censure that person; bar that person
from association with any issuer, broker-dealer or investment
adviser in this State; or impose a civil fine not to exceed
$5,000 per violation.

 
5.__Costs.__In a final order, the administrator may charge the
actual cost of an investigation or proceeding for a violation of
this chapter or a rule adopted or order issued under this
chapter.


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