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§ 11-705. Penalties; defenses

West's Annotated Code of MarylandCorporations and AssociationsEffective: May 7, 2009

West's Annotated Code of Maryland
Corporations and Associations
Title 11. Maryland Securities Act (Refs & Annos)
Subtitle 7. Enforcement and Penalties (Refs & Annos)
Effective: May 7, 2009
MD Code, Corporations and Associations, § 11-705
§ 11-705. Penalties; defenses
Currentness
Willful violations
(a)(1) Any person who willfully violates any provision of this title, except § 11-303 or § 11-305 of this title or who willfully violates any rule or order under this title except a rule or order under § 11-305 of this title, or who willfully violates § 11-303 of this title knowing the statement made to be false or misleading in any material respect, on conviction is subject to a fine not exceeding $50,000 or imprisonment not exceeding 3 years or both.
(2) Any person who willfully violates § 11-305 of this title or who willfully violates a rule or order under § 11-305 of this title, on conviction is subject to a fine not exceeding $100,000 or imprisonment not exceeding 5 years or both.
(3) A person may not be imprisoned for the violation of any rule or order if the person proves that the person had no knowledge of the rule or order.
(4) An indictment or information may not be returned under this title more than 5 years after the alleged violation.
Reference of evidence to Attorney General
(b) The Commissioner may refer available evidence concerning violations of this title or of any rule or order under this title to the State's Attorney or the Attorney General who, with or without the reference, may institute the appropriate criminal proceedings under this title.
Limitation of state power
(c) Nothing in this title limits the power of this State to punish any person for any conduct which constitutes a crime by statute or at common law.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1976, c. 615, § 1; Acts 1984, c. 255; Acts 1989, c. 533; Acts 1990, c. 6, § 2; Acts 2009, c. 301, § 1, eff. May 7, 2009; Acts 2009, c. 302, § 1, eff. May 7, 2009.
Formerly Art. 32A, § 33.
MD Code, Corporations and Associations, § 11-705, MD CORP & ASSNS § 11-705
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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