TITLE 30

CORPORATIONS

CHAPTER 15

IDAHO COMMODITY CODE

30-1511.  Power of court to grant relief. 

(1)  (a) Upon a showing by the director that a person has violated, or is about to violate, any provision of this chapter or any rule or order of the director, the court may grant appropriate legal or equitable remedies.

(b)  Upon a showing of violation of the provisions of this chapter or a rule or order of the director, the court, in addition to traditional legal and equitable remedies, including temporary restraining orders, permanent or temporary injunctions, and writs of prohibition or mandamus, may grant the following special remedies:

(i)   Imposition of a civil penalty in an amount which may not exceed twenty-five thousand dollars ($25,000) for any single violation or one hundred thousand dollars ($100,000) for multiple violations in a single proceeding or a series of related proceedings;

(ii)  Disgorgement;

(iii) Declaratory judgment;

(iv)  Restitution to investors wishing restitution; and

(v)   Appointment of a receiver or conservator for the defendant or the defendant’s assets.

(c)  Appropriate remedies when the defendant is shown only about to violate the provisions of this chapter or a rule or order of the director shall be limited to:

(i)   A temporary restraining order;

(ii)  A temporary or permanent injunction;

(iii) A writ of prohibition or mandamus; or

(iv)  An order appointing a receiver or conservator for the defendant or the defendant’s assets.

(2)  The court shall not require the director to post a bond in any official action under this chapter.

(3)  (a) Upon a proper showing by the director or securities or commodity agency of another state that a person, other than a government or governmental agency or instrumentality, has violated, or is about to violate, any provision of the commodity act of that state or any rule or order of the director or securities or commodity agency of that state, the court may grant appropriate legal and equitable remedies.

(b)  Upon a showing of a violation of the securities or commodity act of the foreign state or a rule or order of the director or securities or commodity agency of the foreign state, the court, in addition to traditional legal or equitable remedies including temporary restraining orders, permanent or temporary injunctions and writs of prohibition or mandamus, may grant the following special remedies:

(i)   Disgorgement; and

(ii)  Appointment of a receiver, conservator, or ancillary receiver or conservator for the defendant or the defendant’s assets located in the state.

(c)  Appropriate remedies when the defendant is shown only about to violate the securities or commodity act of the foreign state or a rule or order of the director or securities or commodity agency of the foreign state shall be limited to:

(i)   A temporary restraining order;

(ii)  A temporary or permanent injunction;

(iii) A writ of prohibition or mandamus; or

(iv)  An order appointing a receiver, conservator, or ancillary receiver or conservator for the defendant or the defendant’s assets located in this state.

History:

[30-1511, added 1989, ch. 414, sec. 1, p. 1012.]