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 immediat
Free access — add to your briefcase to read the full text and ask questions with AI
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.