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Code · BILL · 119th Congress · H.R. 3248 (Introduced in House) — To establish a domestic ownership succession investment facility, and for other purposes. · Sec. 13

Sec. 13. Revocation and suspension of licenses; cease and desist orders

1,166 words·~5 min read·/bill/119/hr/3248/ih/section-13

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A license may be revoked or suspended by the Secretary— for any false statement knowingly made in any written statement required under this Act, or under any regulation issued under this Act by the Secretary; if any written statement required under this Act, or under any regulation issued under this Act by the Secretary, fails to state a material fact necessary in order to make the statement not misleading in the light of the circumstances under which the statement was made; for willful or repeated violation, or willful or repeated failure to observe, any provision of this Act; for willful or repeated violation of, or willful or repeated failure to observe, any rule or regulation issued under this Act by the Secretary; or for violation of, or failure to observe, any cease and desist order issued by the Secretary under this section.
Where a licensee or any other person has not complied with any provision of this Act, or of any regulation issued under this Act by the Secretary, or is engaging or is about to engage in any acts or practices that constitute or will constitute a violation of such Act or regulation, the Secretary may order such licensee or other person to cease and desist from such action or failure to act. The Secretary may order such licensee or other person to take such action or to refrain from such action as the Secretary deems necessary to insure compliance with the Act and the regulations implementing this Act.
The Secretary may also suspend the license of a licensee against whom an order has been issued until such licensee complies with an order issued under this subsection. Before revoking or suspending a license pursuant to subsection
(a)or issuing a cease and desist order pursuant to subsection (b), the Secretary shall serve upon the licensee and any other person involved an order to show cause why an order revoking or suspending the license or a cease and desist order should not be issued. Any order to show cause issued under paragraph
(1)shall— contain a statement of the matters of fact and law asserted by the Department and the legal authority and jurisdiction under which a hearing is to be held; and set forth that a hearing will be held before the Department at a time and place stated in the order. If after hearing, or a waiver thereof, the Secretary determines on the record that an order revoking or suspending the license or a cease and desist order should issue, the Secretary shall— promptly issue such order, which shall include a statement of the findings of the Secretary and the grounds and reasons therefor and specify the effective date of the order; and cause the order to be served on the licensee and any other person involved. The Secretary may require by subpoena the attendance and testimony of witnesses and the production of all books, papers, and documents relating to the hearing from any place in the United States. Any witness summoned before the Department shall be paid by the party at whose instance the witness was called the same fees and mileage that are paid witnesses in the courts of the United States. In case of disobedience to a subpoena, the Secretary, or any party to a proceeding before the Department, may invoke the aid of any court of the United States in requiring the attendance and testimony of witnesses and the production of books, papers, and documents. An order issued by the Secretary under this section shall be final and conclusive unless within 30 days after the service thereof the licensee, or other person against whom an order is issued, appeals to the United States court of appeals for the circuit in which such licensee has its principal place of business by filing with the clerk of such court a petition praying that the Department’s order be set aside or modified in the manner stated in the petition. After the expiration of the 30-day period described in subparagraph (A), a petition may be filed only by leave of court on a showing of reasonable grounds for failure to file the petition theretofore. The clerk of the court shall immediately cause a copy of the petition described in paragraph
(1)to be delivered to the Secretary, and, upon receipt, the Secretary shall certify and file in the court a transcript of the record upon which the order complained of was entered. If, before the record is filed under paragraph (2), the Secretary amends or sets aside its order, in whole or in part, the petitioner may amend the petition within such time as the court may determine, on notice to the Secretary. The filing of a petition for review under this subsection shall not of itself stay or suspend the operation of the order of the Department, but the court of appeals in its discretion may restrain or suspend, in whole or in part, the operation of the order pending the final hearing and determination of the petition. The court may affirm, modify, or set aside the order of the Secretary under this section. If the court determines that the just and proper disposition of the case requires the taking of additional evidence, the court shall order the Secretary to reopen the hearing for the taking of such evidence, in such manner and upon such terms and conditions as the court may deem proper. The Secretary— may modify the findings as to the facts of the Department, or make new findings, by reason of the additional evidence so taken; and shall file modified or new findings and the amendments, if any, of the order, with the record of such additional evidence. No objection to an order of the Secretary shall be considered by the court unless such objection was urged before the Department or, if it was not so urged, unless there were reasonable grounds for failure to do so. The judgment and decree of the court affirming, modifying, or setting aside any such order of the Secretary shall be subject only to review by the Supreme Court of the United States upon certification or certiorari as provided in section 1254 of title 28, United States Code. If any licensee or other person against which or against whom an order is issued under this section fails to obey the order, the Secretary— may apply to the United States court of appeals, within the circuit where the licensee has its principal place of business, for the enforcement of the order; and shall file a transcript of the record upon which the order complained of was entered. Upon the filing of the application under paragraph (1), the court shall cause notice thereof to be served on the licensee or other person. The evidence to be considered, the procedure to be followed, and the jurisdiction of the court shall be the same as is provided in subsection
(e)for applications to set aside or modify orders.
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