44-3212. Notice of an opportunity for a
hearing; time of hearing
A. Before entering an order denying, suspending or revoking the license of an
investment adviser or investment adviser representative pursuant to article 6 of this
chapter, the commission shall send to the investment adviser or investment adviser
representative, and, if an investment adviser representative, to the investment adviser
who employs or intends to employ the investment adviser representative, a notice of a
hearing or notice of an opportunity for a hearing.
B. Before entering an order to cease and desist or an order for rescission,
restitution or penalties, the commission shall serve on each respondent a notice of a
hearing or a notice of an opportunity for a hearing. The commission by rule may provide
for temporary cease and desist orders if the public welfare requires immediate action.
C. Notice of a hearing or notice of an opportunity for a hearing shall be served as
prescribed by rules adopted by the commission for service of subpoenas and cease and
desist orders. The notice shall contain a statement of the matters to be considered. A
notice of an opportunity for a hearing shall state that the person to whom the notice is
sent will be afforded a hearing on request to the commission if the request is made in
writing within ten days after receipt of the notice.
D. If a person requests a hearing in accordance with this article, the commission
shall set a date, time and place for the hearing and shall immediately notify the person
requesting the hearing of the date, time and place for the hearing. The date set for the
hearing shall be within sixty days, but not earlier than twenty days after the request
for a hearing has been made, unless otherwise agreed to by both the commission and the
person requesting the hearing.
E. If the hearing is initiated by the commission the notice of the hearing shall
specify the date, time and place of the hearing and the date of the hearing shall be
within twenty days of the date of the notice of the hearing.
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