Penalties for transacting business without certificate of authority--Collection

A foreign corporation is liable for a civil penalty of one hundred dollars for each day, but not to exceed a total of one thousand dollars for each year, it transacts business in this state without a certificate of authority. The attorney general may collect all penalties due under this section. Notwithstanding § 47-1A-1502 , the failure of a foreign corporation to obtain a certificate of authority does not impair the validity of its corporate acts or prevent it from defending any proceeding in this state. Source: SL 2005, ch 239 , § 350.