§ 54C-79. Criminal penalties.

209 words·~1 min read·/nc/chapter-54c/54c-79

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)This section shall in no event extend to persons who are found to have acted only with gross negligence, simple negligence, recklessness, or incompetence.

(b)In addition to any of the other penalties or remedies provided by this Article, the following are deemed to be Class 1 misdemeanors:

(1)The willful or knowing violation of this Article by any employee of the Division.

(2)The willful or knowing violation of a cease and desist order that has become final in that no further administrative or judicial appeal is available.

(c)In addition to any of the other penalties or remedies provided by this Article, the willful omission, making, or concurrence in making or publishing a written report, exhibit, or entry in a financial statement on the books of the association, which contains a material statement known to be false is deemed to be a Class 1 misdemeanor. For purposes of this section, "material" shall mean "so substantial and important as to influence a reasonable and prudent businessman or investor."

(d)The Commissioner of Banks may enforce this section in a court of competent jurisdiction. (1991, c. 680, s. 1; 1993, c. 539, s. 438; 1994, Ex. Sess., c. 24, s. 14(c); 2001-193, s. 16.)