§ 23-2-6-21 — Summary denial or suspension of exemption; qualified sellers

Indiana § 23-2-6-21

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 2: SECURITIES AND FRANCHISES
• Ch. 6: Indiana Commodity Code

Text

(a) To protect the public interest or to protect
investors, the commissioner may by order summarily deny or suspend
an exemption provided under section 19 of this chapter for a qualified
seller. Upon the entry of an order denying or suspending an exemption
for a qualified seller, the commissioner shall promptly notify the person
claiming the exemption:
(1) that an order has been entered;
(2) of the reasons for the entry of the order; and
(3) that a date for a hearing concerning the order will be
determined not later than thirty (30) days after the commissioner
receives a written request for a hearing.
(b) The provisions of sections 39 and 40 of this chapter apply to all
subsequent proceedings after the entry of an order under this section.
(c) The commissioner may by order deny or revoke an exemption
provided under section 19 of this chapter for a qualified seller if the
commissioner finds that an applicant or qualified seller:
(1) is no longer in existence;
(2) has ceased to do business;
(3) is subject to:
(A) an adjudication of mental incompetence; or
(B) the control of a committee, conservator, or guardian; or
(4) cannot be located after reasonable search.

Legislative History

As added by P.L.177-1991, SEC.10.