Rhode Island General Laws 7-11-603. Power of court to grant relief
(a) Upon a showing by the director that a person has violated or is about to violate this chapter or a rule or order of the director under this chapter, the superior court may grant or impose one or more of the following appropriate legal or equitable remedies:
(1) Upon a showing of a violation of this chapter or a rule or order of the director under this chapter:
(i) A temporary restraining order, permanent or temporary prohibitory or mandatory injunction, or a writ of prohibition or mandamus;
(ii) A civil penalty up to a maximum of ten thousand dollars ($10,000) for a single violation or of one hundred thousand dollars ($100,000) for multiple violations in a single proceeding or a series of related proceedings;
(iii) A declaratory judgment;
(iv) Restitution to investors;
(v) The appointment of a receiver or conservator for the defendant or the defendant’s assets; and
(vi) Other relief as the court deems just.
(2) Upon a showing that the defendant is about to violate this chapter or a rule or order of the director under this chapter only:
(i) A temporary restraining order;
(ii) A temporary or permanent injunction; or
(iii) A writ of prohibition or mandamus.
(3) In determining the appropriate relief to grant, the court shall consider enforcement actions taken and sanctions imposed by the director under § 7-11-602 in connection with the transactions constituting violations of this chapter or a rule or order of the director under this chapter.
Terms Used In Rhode Island General Laws 7-11-603
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
(b) The director is not required to post a bond in an action under this section.
(c) Upon a showing by the securities agency or administrator of another state that a person has violated the securities act of that state or a rule or order of the securities agency or administrator of that state, the court, in addition to any other legal or equitable remedies may impose one or more of the following remedies:
(1) Appointment of a receiver, conservator, or ancillary receiver or conservator for the defendant or the defendant’s assets located in this state; and
(2) Other relief as the court deems just.
History of Section.
P.L. 1990, ch. 460, § 2.