Violation; penalty.

Sec. 38. Any person, agent, or employee of a registrant under this act who knowingly violates this act is guilty of a misdemeanor, punishable by imprisonment for not more than 90 days or a fine of not more than $1,000.00, or both, for the first conviction under this act and not more than 1 year or a fine of not more than $5,000.00, or both, for any subsequent conviction.