Material advisor - penalties.

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(1) The penalty for the failure of a material advisor to disclose a reportable or listed transaction as required by section 39-22-656 (1)(a) shall be up to twenty thousand dollars.

  1. If a material advisor that is required to disclose a reportable or listed transaction inaccordance with section 39-22-656 (1)(a) provides false or incomplete information to the department, then an additional penalty shall be imposed of up to twenty thousand dollars.

  2. If a material advisor that is required to maintain a list under section 39-22-657 (1) fails to make that list available to the department within a twenty-day period after the day on which the department mails a written request for that list, the material advisor shall be subject to a penalty of ten thousand dollars for each day that the material advisor fails to make that list available to the department after the expiration of the twenty-day period.

  3. A penalty imposed by this section shall be in addition to any other penalty imposedby articles 21 and 22 of this title.

Source: L. 2009: Entire section added, (HB 09-1093), ch. 75, p. 275, § 4, effective April 2.


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