§ 51:716 — Notice of opportunity for hearing; conduct of hearing; issuance of orders

A. Where the commissioner has issued any order forbidding the sale of securities under R.S. 51:707, he shall promptly send to the issuer of such securities and to all persons who have registered such securities a notice of opportunity for hearing. Before entering an order refusing to register any person under R.S. 51:703, and after the entering of any order for revocation or suspension, the commissioner shall promptly send to such person and, if such person is a salesman to the dealer who employs or proposes to employ such salesman a notice of opportunity for hearing. Hearings shall be conducted pursuant to this Section by the commissioner.
B. The notice and hearing shall be had in the manner prescribed therefor in the Administrative Procedure Act.
C. If the commissioner does not receive a request for a hearing within the prescribed time, he may permit an order previously entered to remain in effect or he may enter a proposed order. If a hearing is requested and conducted as provided in this Section, the commissioner shall within thirty days after the conclusion of the hearing:
(1) Set forth his written findings with respect to the matters involved; and
(2) Enter an order in accordance with his findings.

Legislative History

Acts 1985, No. 722, §1; Acts 1989, No. 30, §1, eff. June 15, 1989.