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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-39-516. Criminal penalty

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) It is unlawful for any person to make or cause to be made in any document filed with the Securities Commissioner or in any proceeding under this subchapter any statement that is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect.

(b)(1) A person is guilty of a Class B felony if he or she:

(A) Willfully violates any provision of this subchapter, except subsection (a) of this section;

(B) Willfully violates subsection (a) of this section knowing the statement to be false or misleading in any material respect; or

(C) Willfully violates any rule under this subchapter or any order of the commissioner.

(2) Each transaction involving the unlawful making or brokering of a mortgage loan is a separate offense.

(c) No person may be imprisoned for violation of any order of the commissioner unless the person had actual knowledge of the order.

(d) The commissioner may refer any available evidence concerning violations of this subchapter or any rule or order issued under this subchapter to the appropriate prosecuting authority who, with or without the reference, may institute the appropriate criminal proceedings under this subchapter.

(e) This subchapter does not limit the power of the state to punish any person for any conduct that constitutes a crime under any statute or common law.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-39-516. Criminal penalty - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-39-516/

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