AB816,87,3
1(o) Is the subject of an order of the administrator denying an application or
2suspending or revoking a registration as a broker-dealer, agent, or investment
3adviser.
AB816,87,64
(p) Is selling or has sold, or is offering or has offered for sale, in the state
5securities through any unlicensed agent or for any broker-dealer or issuer with
6knowledge that the broker-dealer or issuer has not complied with this chapter.
AB816,87,97
(q) Has made any material misrepresentation to or withheld or concealed any
8material fact from the administrator, or has refused to furnish information
9reasonably requested by the administrator.
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(r) Has not complied with the conditions or limitations of a registration issued
11under this chapter.
AB816,87,14
12(4g) Additional grounds for denial of application. (a) The administrator
13shall deny an application for the issuance or renewal of a registration if any of the
14following applies:
AB816,87,1615
1. The applicant fails to provide any information required under s. 551.406 (6)
16(a) 1. or 2.
AB816,87,2117
2. The department of revenue certifies under s. 73.0301 that the applicant is
18liable for delinquent taxes. An applicant whose application for the issuance or
19renewal of a registration is denied under this subdivision for delinquent taxes is
20entitled to a notice under s. 73.0301 (2) (b) 1. b. and hearing under s. 73.0301 (5) (a),
21but is not entitled to any other notice, hearing, or review under this subchapter.
AB816,88,622
3. The applicant is an individual who fails to comply, after appropriate notice,
23with a subpoena or warrant issued by the department of children and families or a
24county child support agency under s. 59.53 (5) and related to paternity or child
25support proceedings or who is delinquent in making court-ordered payments of child
1or family support, maintenance, birth expenses, medical expenses or other expenses
2related to the support of a child or former spouse, as provided in a memorandum of
3understanding entered under s. 49.857. An applicant whose application is denied
4under this subdivision for delinquent payments is entitled to a notice and hearing
5under s. 49.857 but is not entitled to any other notice or hearing under this
6subchapter.
AB816,88,197
(b) Unless s. 551.406 (6) (b) applies to the registrant, the administrator shall
8restrict or suspend a registration under this subchapter if the registrant is an
9individual who fails to provide his or her social security number. The administrator
10shall restrict or suspend a registration under this subchapter if the registrant is an
11individual who fails to comply, after appropriate notice, with a subpoena or warrant
12issued by the department of children and families or a county child support agency
13under s. 59.53 (5) and related to paternity or child support proceedings or who is
14delinquent in making court-ordered payments of child or family support,
15maintenance, birth expenses, medical expenses or other expenses related to the
16support of a child or former spouse, as provided in a memorandum of understanding
17entered into under s. 49.857. A registrant whose registration is restricted or
18suspended under this paragraph is entitled to a notice and hearing under s. 49.857
19but is not entitled to any other notice or hearing under this subchapter.
AB816,88,2420
(c) The administrator shall revoke a registration if the department of revenue
21certifies under s. 73.0301 that the registrant is liable for delinquent taxes. A
22registrant whose registration is revoked under this paragraph for delinquent taxes
23is entitled to a notice under s. 73.0301 (2) (b) 1. b. and hearing under s. 73.0301 (5)
24(a) but is not entitled to any other notice, hearing, or review under this subchapter.
AB816,89,5
1(4r) Enumeration of clauses not exclusive. The enumeration of the causes
2stated in sub. (4) shall not be exclusive and the administrator may deny an
3application or suspend or revoke any registrant or censure any registrant for any
4cause whether similar to or different from these causes when necessary or
5appropriate in public interest or for the protection of investors.
AB816,89,13
6(5) Examinations. A rule adopted or order issued under this chapter may
7require that an examination, including an examination developed or approved by an
8organization of securities regulators, be successfully completed by a class of
9individuals or all individuals. An order issued under this chapter may waive, in
10whole or in part, an examination as to an individual and a rule adopted under this
11chapter may waive, in whole or in part, an examination as to a class of individuals
12if the administrator determines that the examination is not necessary or appropriate
13in the public interest and for the protection of investors.
AB816,89,25
14(6) Summary process. The administrator may suspend or deny an application
15summarily; restrict, condition, limit, or suspend a registration; or censure, bar, or
16impose a civil penalty on a registrant before final determination of an administrative
17proceeding. Upon the issuance of an order, the administrator shall promptly notify
18each person subject to the order that the order has been issued, the reasons for the
19action, and that within 15 days after the receipt of a request in a record from the
20person the matter will be scheduled for a hearing. If a hearing is not requested and
21none is ordered by the administrator within 30 days after the date of service of the
22order, the order becomes final by operation of law. If a hearing is requested or
23ordered, the administrator, after notice of and opportunity for hearing to each person
24subject to the order, may modify or vacate the order or extend the order until final
25determination.
AB816,90,2
1(7) Procedural requirements. An order issued may not be issued under this
2section, except under sub. (6), without all of the following:
AB816,90,33
(a) Appropriate notice to the applicant or registrant.
AB816,90,44
(b) Opportunity for hearing.
AB816,90,55
(c) Findings of fact and conclusions of law in a record in accordance with ch. 227.
AB816,90,11
6(8) Control person liability. A person that controls, directly or indirectly, a
7person not in compliance with this section may be disciplined by order of the
8administrator under subs. (1) to (3) to the same extent as the noncomplying person,
9unless the controlling person did not know, and in the exercise of reasonable care
10could not have known, of the existence of conduct that is a ground for discipline under
11this section.
AB816,90,15
12(9) Limit on investigation or proceeding. The administrator may not institute
13a proceeding under sub. (1), (2), or (3) based solely on material facts actually known
14by the administrator unless an investigation or the proceeding is instituted within
15one year after the administrator actually acquires knowledge of the material facts.
AB816,90,1716
subchapter V
17
FRAUD AND LIABILITIES
AB816,90,19
18551.501 General fraud. It is unlawful for a person, in connection with the
19offer, sale, or purchase of a security, directly or indirectly, to do any of the following:
AB816,90,20
20(1) To employ a device, scheme, or artifice to defraud.
AB816,90,23
21(2) To make an untrue statement of a material fact or to omit to state a material
22fact necessary in order to make the statements made, in light of the circumstances
23under which they were made, not misleading.
AB816,90,25
24(3) To engage in an act, practice, or course of business that operates or would
25operate as a fraud or deceit upon another person.
AB816,91,6
1551.502 Prohibited conduct in providing investment advice. (1) Fraud
2in providing investment advice. It is unlawful for a person that advises others for
3compensation, either directly or indirectly or through publications or writings, as to
4the value of securities or the advisability of investing in, purchasing, or selling
5securities or that, for compensation and as part of a regular business, issues or
6promulgates analyses or reports relating to securities, to do any of the following:
AB816,91,77
(a) To employ a device, scheme, or artifice to defraud another person.
AB816,91,98
(b) To engage in an act, practice, or course of business that operates or would
9operate as a fraud or deceit upon another person.
AB816,91,19
10(2) Rules defining fraud. A rule adopted under this chapter may define an act,
11practice, or course of business of an investment adviser or an investment adviser
12representative, other than a supervised person, as defined in section 202 (a) (25) of
13the Investment Advisers Act of 1940 (
15 USC 80b-2 (a) (25)), of a federal covered
14investment adviser, as fraudulent, deceptive, or manipulative, and prescribe means
15reasonably designed to prevent investment advisers and investment adviser
16representatives, other than supervised persons, as defined in section 202 (a) (25) of
17the Investment Advisers Act of 1940 (
15 USC 80b-2 (a) (25)), of a federal covered
18investment adviser, from engaging in acts, practices, and courses of business defined
19as fraudulent, deceptive, or manipulative.
AB816,91,22
20(3) Rules specifying contents of advisory contract. A rule adopted under
21this chapter may specify the contents of an investment advisory contract entered
22into, extended, or renewed by an investment adviser.
AB816,91,25
23551.503 Evidentiary burden. (1) Civil. In a civil action or administrative
24proceeding under this chapter, a person claiming an exemption, exception,
25preemption, or exclusion has the burden to prove the applicability of the claim.
AB816,92,3
1(2) Criminal. In a criminal proceeding under this chapter, a person claiming
2an exemption, exception, preemption, or exclusion has the burden of going forward
3with evidence of the claim.
AB816,92,10
4551.504 Filing of sales and advertising literature. (1) Filing
5requirement. Except as otherwise provided in sub. (2), a rule adopted or order issued
6under this chapter may require the filing of a prospectus, pamphlet, circular, form
7letter, advertisement, sales literature, or other advertising record relating to a
8security or investment advice, addressed or intended for distribution to prospective
9investors, including clients or prospective clients of a person registered or required
10to be registered as an investment adviser under this chapter.
AB816,92,14
11(2) Excluded communications. This section does not apply to sales and
12advertising literature specified in sub. (1) which relates to a federal covered security,
13a federal covered investment adviser, or a security or transaction exempted by s.
14551.201, 551.202, or 551.203 except as required pursuant to s. 551.201 (7).
AB816,92,20
15551.505 Misleading filings. It is unlawful for a person to make or cause to
16be made, in a record that is used in an action or proceeding or filed under this chapter,
17a statement that, at the time and in the light of the circumstances under which it is
18made, is false or misleading in a material respect, or, in connection with the
19statement, to omit to state a material fact necessary to make the statement made,
20in the light of the circumstances under which it was made, not false or misleading.
AB816,93,6
21551.506 Misrepresentations concerning registration or exemption. 22The filing of an application for registration, a registration statement, a notice filing
23under this chapter, the registration of a person, the notice filing by a person, or the
24registration of a security under this chapter does not constitute a finding by the
25administrator that a record filed under this chapter is true, complete, and not
1misleading. The filing or registration or the availability of an exemption, exception,
2preemption, or exclusion for a security or a transaction does not mean that the
3administrator has passed upon the merits or qualifications of, or recommended or
4given approval to, a person, security, or transaction. It is unlawful to make, or cause
5to be made, to a purchaser, customer, client, or prospective customer or client a
6representation inconsistent with this section.
AB816,93,15
7551.507 Qualified immunity. A broker-dealer, agent, investment adviser,
8federal covered investment adviser, or investment adviser representative is not
9liable to another broker-dealer, agent, investment adviser, federal covered
10investment adviser, or investment adviser representative for defamation relating to
11a statement that is contained in a record required by the administrator, or designee
12of the administrator, the Securities and Exchange Commission, or a self-regulatory
13organization, unless the person knew, or should have known at the time that the
14statement was made, that it was false in a material respect or the person acted in
15reckless disregard of the statement's truth or falsity.
AB816,93,25
16551.508 Criminal penalties. (1) Criminal penalties. A person that willfully
17violates this chapter, or a rule adopted or order issued under this chapter, except s.
18551.504 or the notice filing requirements of s. 551.302 or 551.405, or that willfully
19violates s. 551.505 knowing the statement made to be false or misleading in a
20material respect, upon conviction, shall be guilty of a Class H felony. An individual
21convicted of violating a rule or order under this chapter may be fined, but may not
22be imprisoned, if the individual did not have knowledge of the rule or order. Each
23of the acts specified shall constitute a separate offense and a prosecution or
24conviction for any one of such offenses shall not bar prosecution or conviction for any
25other offense.
AB816,94,3
1(2) Criminal reference not required. The attorney general or the district
2attorney of the appropriate county, with or without a reference from the
3administrator, may institute criminal proceedings under this chapter.
AB816,94,6
4(3) No limitation on other criminal enforcement. This chapter does not limit
5the power of this state to punish a person for conduct that constitutes a crime under
6other laws of this state.
AB816,94,9
7551.509 Civil liability. (1) Securities Litigation Uniform Standards Act. 8Enforcement of civil liability under this section is subject to the Securities Litigation
9Uniform Standards Act of 1998.
AB816,94,15
10(2) Liability of seller to purchaser. A person is liable to the purchaser if the
11person sells a security in violation of s. 551.301 or 551.501 and, as to s. 551.501 (2),
12the purchaser did not know the untruth or omission and the seller cannot sustain the
13burden of proof that the seller did not know and, in the exercise of reasonable care,
14could not have known of the untruth or omission. An action under this subsection
15is governed by the following:
AB816,94,2016
(a) The purchaser may maintain an action to recover the consideration paid for
17the security, less the amount of any income received on the security, and interest at
18the legal rate under s. 138.04 from the date of the purchase, costs, and reasonable
19attorney fees determined by the court, upon the tender of the security, or for actual
20damages as provided in par. (c).
AB816,94,2421
(b) The tender referred to in par. (a) may be made any time before entry of
22judgment. Tender requires only notice in a record of ownership of the security and
23willingness to exchange the security for the amount specified. A purchaser that no
24longer owns the security may recover actual damages as provided in par. (c).
AB816,95,4
1(c) Actual damages in an action arising under this subsection are the amount
2that would be recoverable upon a tender less the value of the security when the
3purchaser disposed of it, and interest at the legal rate under s. 138.04 from the date
4of the purchase, costs, and reasonable attorney fees determined by the court.
AB816,95,10
5(3) Liability of purchaser to seller. A person is liable to the seller if the
6person buys a security in violation of s. 551.501 and, as to s. 551.501 (2), the seller
7did not know the untruth or omission and the purchaser cannot sustain the burden
8of proof that the purchaser did not know and, in the exercise of reasonable care, could
9not have known of the untruth or omission. An action under this subsection is
10governed by the following:
AB816,95,1311
(a) The seller may maintain an action to recover the security, and any income
12received on the security, costs, and reasonable attorney fees determined by the court,
13upon the tender of the purchase price, or for actual damages as provided in par. (c).
AB816,95,1814
(b) The tender referred to in par. (a) may be made any time before entry of
15judgment. Tender requires only notice in a record of the present ability to pay the
16amount tendered and willingness to take delivery of the security for the amount
17specified. If the purchaser no longer owns the security, the seller may recover actual
18damages as provided in par. (c).
AB816,95,2319
(c) Actual damages in an action arising under this subsection are the difference
20between the price at which the security was sold and the value the security would
21have had at the time of the sale in the absence of the purchaser's conduct causing
22liability, and interest at the legal rate under s. 138.04 from the date of the sale of the
23security, costs, and reasonable attorney fees determined by the court.
AB816,96,3
24(4) Liability of unregistered broker-dealer and agent. A person acting as
25a broker-dealer or agent that sells or buys a security in violation of s. 551.401 (1),
1551.402 (1), or 551.506 is liable to the customer. The customer, if a purchaser, may
2maintain an action for recovery of actual damages as specified in sub. (2) (a) to (c),
3or, if a seller, for a remedy as specified in sub. (3) (a) to (c).
AB816,96,10
4(5) Liability of unregistered investment adviser and investment adviser
5representative. A person acting as an investment adviser or investment adviser
6representative that provides investment advice for compensation in violation of s.
7551.403 (1), 551.404 (1), or 551.506 is liable to the client. The client may maintain
8an action to recover the consideration paid for the advice, interest at the legal rate
9under s. 138.04 from the date of payment, costs, and reasonable attorney fees
10determined by the court.
AB816,96,16
11(6) Liability for investment advice. A person that receives directly or
12indirectly any consideration for providing investment advice to another person and
13that employs a device, scheme, or artifice to defraud the other person or engages in
14an act, practice, or course of business that operates or would operate as a fraud or
15deceit on the other person is liable to the other person. An action under this
16subsection is governed by the following:
AB816,96,2117
(a) The person defrauded may maintain an action to recover the consideration
18paid for the advice and the amount of any actual damages caused by the fraudulent
19conduct, interest at the legal rate under s. 138.04 from the date of the fraudulent
20conduct, costs, and reasonable attorney fees determined by the court, less the
21amount of any income received as a result of the fraudulent conduct.
AB816,96,2422
(b) This subsection does not apply to a broker-dealer or its agents if the
23investment advice provided is solely incidental to transacting business as a
24broker-dealer and no special compensation is received for the investment advice.
AB816,97,2
1(7) Joint and several liability. The following persons are liable jointly and
2severally with and to the same extent as persons liable under subs. (2) to (6):
AB816,97,63
(a) A person that directly or indirectly controls a person liable under subs. (2)
4to (6), unless the controlling person sustains the burden of proof that the person did
5not know, and in the exercise of reasonable care could not have known, of the
6existence of conduct by reason of which the liability is alleged to exist.
AB816,97,117
(b) An individual who is a managing partner, executive officer, or director of a
8person liable under subs. (2) to (6), including an individual having a similar status
9or performing similar functions, unless the individual sustains the burden of proof
10that the individual did not know, and in the exercise of reasonable care could not have
11known, of the existence of conduct by reason of which the liability is alleged to exist.
AB816,97,1612
(c) An individual who is an employee of or associated with a person liable under
13subs. (2) to (6) and who materially aids the conduct giving rise to the liability, unless
14the individual sustains the burden of proof that the individual did not know, and in
15the exercise of reasonable care could not have known, of the existence of conduct by
16reason of which the liability is alleged to exist.
AB816,97,2117
(d) A person that is a broker-dealer, agent, investment adviser, or investment
18adviser representative that materially aids the conduct giving rise to the liability
19under subs. (2) to (6), unless the person sustains the burden of proof that the person
20did not know, and in the exercise of reasonable care could not have known, of the
21existence of conduct by reason of which liability is alleged to exist.
AB816,97,24
22(8) Right of contribution. A person liable under this section has a right of
23contribution as in cases of contract against any other person liable under this section
24for the same conduct.
AB816,98,2
1(9) Survival of cause of action. A cause of action under this section survives
2the death of an individual who might have been a plaintiff or defendant.
AB816,98,3
3(10) Statute of limitations. A person may not obtain relief:
AB816,98,54
(a) Under sub. (2) for violation of s. 551.301, or under sub. (4) or (5), unless the
5action is instituted within one year after the violation occurred.
AB816,98,86
(b) Under sub. (2), other than for violation of s. 551.301, or under sub. (3) or (6),
7unless the action is instituted within the earlier of 2 years after discovery of the facts
8constituting the violation or 5 years after the violation.
AB816,98,13
9(11) No enforcement of violative contract. A person that has made, or has
10engaged in the performance of, a contract in violation of this chapter or a rule adopted
11or order issued under this chapter, or that has acquired a purported right under the
12contract with knowledge of conduct by reason of which its making or performance
13was in violation of this chapter, may not base an action on the contract.
AB816,98,17
14(12) No contractual waiver. A condition, stipulation, or provision binding a
15person purchasing or selling a security or receiving investment advice to waive
16compliance with this chapter or a rule adopted or order issued under this chapter is
17void.
AB816,98,20
18(13) Survival of other rights or remedies. The rights and remedies provided
19by this chapter are in addition to any other rights or remedies that may exist, but this
20chapter does not create a cause of action not specified in this section or s. 551.411 (5).
AB816,98,22
21551.511 Rescission offers. A purchaser, seller, or recipient of investment
22advice may not maintain an action under s. 551.509 if all of the following apply:
AB816,99,5
23(1) The purchaser, seller, or recipient of investment advice receives in a record,
24before the action is instituted, an offer stating the respect in which liability under
25s. 551.509 may have arisen and fairly advising the purchaser, seller, or recipient of
1investment advice of that person's rights in connection with the offer, and any
2financial or other information necessary to correct all material misrepresentations
3or omissions in the information that was required by this chapter to be furnished to
4that person at the time of the purchase, sale, or investment advice, and any of the
5following:
AB816,99,146
(a) If the basis for relief under this section may have been a violation of s.
7551.509 (2), an offer to repurchase the security for cash, payable on delivery of the
8security, equal to the consideration paid, and interest at the legal rate under s. 138.04
9from the date of the purchase, less the amount of any income received on the security,
10or, if the purchaser no longer owns the security, an offer to pay the purchaser upon
11acceptance of the offer damages in an amount that would be recoverable upon a
12tender, less the value of the security when the purchaser disposed of it, and interest
13at the legal rate under s. 138.04 from the date of the purchase in cash equal to the
14damages computed in the manner provided in this subsection.
AB816,99,2315
(b) If the basis for relief under this section may have been a violation of s.
16551.509 (3), an offer to tender the security, on payment by the seller of an amount
17equal to the purchase price paid, less income received on the security by the
18purchaser and interest at the legal rate under s. 138.04 from the date of the sale, or,
19if the purchaser no longer owns the security, an offer to pay the seller upon
20acceptance of the offer, in cash, damages in the amount of the difference between the
21price at which the security was purchased and the value the security would have had
22at the time of the purchase in the absence of the purchaser's conduct that may have
23caused liability and interest at the legal rate under s. 138.04 from the date of the sale.
AB816,100,3
1(c) If the basis for relief under this section may have been a violation of s.
2551.509 (4), and if the customer is a purchaser, an offer to pay as specified in par. (a),
3or, if the customer is a seller, an offer to tender or to pay as specified in par. (b).
AB816,100,64
(d) If the basis for relief under this section may have been a violation of s.
5551.509 (5), an offer to reimburse in cash the consideration paid for the advice and
6interest at the legal rate under s. 138.04 from the date of payment.
AB816,100,117
(e) If the basis for relief under this section may have been a violation of s.
8551.509 (6), an offer to reimburse in cash the consideration paid for the advice, the
9amount of any actual damages that may have been caused by the conduct, and
10interest at the legal rate under s. 138.04 from the date of the violation causing the
11loss.
AB816,100,15
12(2) The offer under sub. (1) states that it must be accepted by the purchaser,
13seller, or recipient of investment advice within 30 days after the date of its receipt
14by the purchaser, seller, or recipient of investment advice or any shorter period, of
15not less than 3 days, that the administrator, by order, specifies.
AB816,100,17
16(3) The offeror has the present ability to pay the amount offered or to tender
17the security under sub. (1).
AB816,100,20
18(4) The offer under sub. (1) is delivered to the purchaser, seller, or recipient of
19investment advice, or sent in a manner that ensures receipt by the purchaser, seller,
20or recipient of investment advice.
AB816,100,23
21(5) The purchaser, seller, or recipient of investment advice that accepts the
22offer under sub. (1) in a record within the period specified under sub. (2) is paid in
23accordance with the terms of the offer.
AB816,101,3
1subchapter Vi
2
ADMINISTRATION AND JUDICIAL
3
REVIEW
AB816,101,5
4551.601 Administration. (1) Administration. The administrator shall
5administer this chapter.
AB816,101,12
6(2) Unlawful use of records or information. It is unlawful for the
7administrator or an officer, employee, or designee of the administrator to use for
8personal benefit or the benefit of others records or other information obtained by or
9filed with the administrator that are not public under s. 551.607 (2). This chapter
10does not authorize the administrator or an officer, employee, or designee of the
11administrator to disclose the record or information, except in accordance with s.
12551.602, 551.607 (3), or 551.608.
AB816,101,15
13(3) No privilege or exemption created or diminished. This chapter does not
14create or diminish a privilege or exemption that exists at common law, by statute or
15rule, or otherwise.
AB816,102,2
16(4) Investor education. The administrator may develop and implement
17investor education initiatives to inform the public about investing in securities, with
18particular emphasis on the prevention and detection of securities fraud. In
19developing and implementing these initiatives, the administrator may collaborate
20with public and nonprofit organizations with an interest in investor education. The
21administrator may accept a grant or donation from a person that is not affiliated with
22the securities industry or from a nonprofit organization, regardless of whether the
23organization is affiliated with the securities industry, to develop and implement
24investor education initiatives. This subsection does not authorize the administrator
1to require participation or monetary contributions of a registrant in an investor
2education program.
AB816,102,7
3(5) Securities investor education and training funding. All moneys collected
4from the administrative assessment under s. 551.604 (4) shall be credited to the
5appropriation under s. 20.144 (1) (i). Subject to s. 20.144 (1) (i), the division shall use
6moneys credited to that appropriation for the purposes specified in sub. (4) and s.
720.144 (1) (i).
AB816,102,9
8551.602 Investigations and subpoenas.
(1) Authority to investigate. The
9administrator may do any of the following:
AB816,102,1410
(a) Conduct public or private investigations within or outside of this state
11which the administrator considers necessary or appropriate to determine whether
12a person has violated, is violating, or is about to violate this chapter or a rule adopted
13or order issued under this chapter, or to aid in the enforcement of this chapter or in
14the adoption of rules and forms under this chapter.
AB816,102,1815
(b) Require or permit a person to testify, file a statement, or produce a record,
16under oath or otherwise as the administrator determines, as to all the facts and
17circumstances concerning a matter to be investigated or about which an action or
18proceeding is to be instituted.
AB816,102,2119
(c) Publish a record concerning an action, proceeding, or an investigation
20under, or a violation of, this chapter or a rule adopted or order issued under this
21chapter.
AB816,103,2
22(2) Administrator powers to investigate. For the purpose of an investigation
23under this chapter, the administrator or its designated officer may administer oaths
24and affirmations, subpoena witnesses, seek compulsion of attendance, take
1evidence, require the filing of statements, and require the production of any records
2that the administrator considers relevant or material to the investigation.
AB816,103,9
3(3) Procedure and remedies for noncompliance. If a person does not appear
4or refuses to testify, file a statement, produce records, or otherwise does not obey a
5subpoena as required by the administrator under this chapter, the administrator
6may apply to, or may refer the matter to the attorney general, district attorney of the
7appropriate county, or appropriate federal authority who may apply to, the circuit
8court of of the appropriate county or a court of another state to enforce compliance.
9The court may do any of the following: