44-3202. Entry of order of denial, suspension
or revocation
A. If, after a hearing or notice and an opportunity for a hearing as provided in
article 7 of this chapter, the commission finds grounds to deny, suspend or revoke the
license of an investment adviser or investment adviser representative, the director shall
enter an order denying, suspending or revoking the license of the investment adviser or
investment adviser representative. The order shall state specifically the grounds for its
issuance and shall be filed with docket control of the commission.
B. A copy of the order shall be sent by certified mail to the investment adviser or
investment adviser representative whose license is denied, suspended or revoked, and if
the denial, suspension or revocation of the license is of an investment adviser
representative, to the licensed investment adviser who employs the investment adviser
representative.
C. Denial, suspension or revocation of the license of an investment adviser also
suspends or revokes the license of all of the investment adviser's investment adviser
representatives, but suspension or revocation of the license of an investment adviser
representative solely because the investment adviser representative was employed by an
investment adviser whose license was denied, suspended or revoked does not prejudice
subsequent applications for licensure by the investment adviser representative.
D. An investment adviser or investment adviser representative that has voluntarily
terminated or allowed the adviser's or representative's license to lapse shall continue
to be subject to actions by the commission under this article in connection with conduct
that began before the termination or lapse of the license. Any action by the commission
under this article against an investment adviser or investment adviser representative
shall begin within two years after termination or lapse of the license.
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