3028

(a) Non-compliance of requirements, obligations and duties. — The Commissioner may impose and collect an administrative fine of five hundred [dollars] ($500) up to five thousand dollars ($5,000) from the Administrator of the fund or any person for each violation, when he/she determines that the Administrator of the fund or any other person has failed to comply with any of the requirements, obligations and duties established by this chapter or its regulations. The Commissioner may also revoke the fund’s license for non-compliance or for violating the provisions of this chapter or its regulations.\nThe procedure to impose administrative fines, revoke licenses, dismiss officials or directors shall be done according to the regulations adopted by the Commissioner pursuant to this chapter or §§ 2001 et seq. of this title, known as the 'Office of the Commissioner of Financial Institutions Act'.\n(b) Any person who intentionally or voluntarily violates any provision of this chapter or any regulation promulgated thereunder, shall be punished, upon conviction, by a fine of not less than one thousand dollars ($1,000), nor more than twenty thousand dollars ($20,000), or a penalty of

r any regulation promulgated thereunder, shall be punished, upon conviction, by a fine of not less than one thousand dollars ($1,000), nor more than twenty thousand dollars ($20,000), or a penalty of restitution, or both penalties.\n(c) Authorization to liquidate a fund. — The Commissioner shall determine, through such procedure and those grounds established by regulations, when a fund can be liquidated. Once the Commissioner decides to liquidate a fund, he/she shall inform the Secretary of the reasons for its liquidation and any other information he/she may require.\nHistory —Jan. 28, 2000, No. 46, § 9.