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

Current through Rules and Regulations filed through June 27, 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
				 10-5-73 is 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.