WILLIAM DONALD SCHAEFER, Governor Ch. 533

officer designated by him, or in any proceeding instituted by the
Commissioner, on the ground that the testimony or evidence,
documentary or otherwise, required of him may tend to incriminate
him or subject him to a penalty or forfeiture. However, an
individual may not be prosecuted or subjected to any penalty or
forfeiture for or on account of any specific subject concerning
which he is compelled, after claiming his privilege against
self-incrimination as to that specific subject, to testify or
produce evidence, documentary or otherwise, except that the
individual testifying is not exempt from prosecution and
punishment for perjury or contempt committed in testifying.

11-701.1.

(A)  WHENEVER THE COMMISSIONER DETERMINES THAT A PERSON HAS
ENGAGED OR IS ABOUT TO ENGAGE IN ANY ACT OR PRACTICE CONSTITUTING
A VIOLATION OF ANY PROVISION OF THIS TITLE OR ANY RULE OR ORDER
UNDER THIS TITLE, AND THAT IMMEDIATE ACTION AGAINST SUCH PERSON
IS IN THE PUBLIC INTEREST, THE COMMISSIONER MAY IN HIS DISCRETION
ISSUE, WITHOUT A PRIOR HEARING, A SUMMARY ORDER DIRECTING SUCH
PERSON TO CEASE AND DESIST FROM ENGAGING IN SUCH ACTIVITY,
PROVIDED THAT THE SUMMARY CEASE AND DESIST ORDER GIVES THE
PERSON:

(1)  NOTICE OF THE OPPORTUNITY FOR A HEARING BEFORE
THE COMMISSIONER TO DETERMINE WHETHER THE SUMMARY CEASE AND
DESIST ORDER SHOULD BE VACATED, MODIFIED, OR ENTERED AS FINAL;
AND

(2)  NOTICE THAT THE SUMMARY CEASE AND DESIST ORDER
WILL BE ENTERED AS FINAL IF SUCH PERSON DOES NOT REQUEST A
HEARING WITHIN 15 DAYS OF RECEIPT OF THE SUMMARY CEASE AND DESIST
ORDER.

(B)  WHENEVER THE COMMISSIONER DETERMINES AFTER NOTICE AND A
HEARING (UNLESS THE RIGHT TO NOTICE AND A HEARING IS WAIVED) THAT
A PERSON HAS ENGAGED IN ANY ACT OR PRACTICE CONSTITUTING A
VIOLATION OF ANY PROVISION OF THIS TITLE OR ANY RULE OR ORDER
UNDER THIS TITLE, THE COMMISSIONER MAY IN HIS DISCRETION AND IN
ADDITION TO TAKING ANY OTHER ACTION AUTHORIZED UNDER THIS TITLE:

(1)  ISSUE A FINAL CEASE AND DESIST ORDER AGAINST SUCH
PERSON;

(2)  CENSURE SUCH PERSON IF SUCH PERSON IS REGISTERED
UNDER THIS TITLE;

(3)  BAR SUCH PERSON FROM ENGAGING IN THE SECURITIES
BUSINESS OR INVESTMENT ADVISORY BUSINESS IN THIS STATE;

(4)  ISSUE A PENALTY ORDER AGAINST SUCH PERSON
IMPOSING A CIVIL PENALTY UP TO THE MAXIMUM AMOUNT OF $2,500 FOR
A ANY SINGLE VIOLATION AND UP TO A MAXIMUM AMOUNT OF $25,000

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