§ 10-04-12 — Hearings

North Dakota § 10-04-12

• Jurisdiction: North Dakota
• Title 10: Corporations
• Ch. 10-04: Supervision of Issue and Sale of Securities

Text

Before entering an order revoking the registration of any securities as provided in section
10-04-09, the commissioner shall send to the issuer of the securities, and if the application for
registration of the securities was filed by a registered broker-dealer, to the registered
broker-dealer, a notice of opportunity for hearing. Before entering an order refusing to register
any person as a broker-dealer, agent, investment adviser, or investment adviser representative,
as provided in section 10-04-10, or censuring, placing limitations, suspending, or revoking the
registration of any person as a registered broker-dealer, agent, investment adviser, or
investment adviser representative as provided in section 10-04-11, the commissioner shall send
to that person, and if that person is an agent or investment adviser representative or an
applicant for registration as an agent or investment adviser representative, to the registered
broker-dealer or investment adviser who employs or proposes to employ that agent or
investment adviser representative, a notice of opportunity for hearing.
1. Notices of opportunity for hearing must be sent by registered mail, return receipt
requested, to the addressee's business address, and the notice must state:
a. The order the commissioner proposes to issue.
b. The grounds for issuing the proposed order.
c. That the person to whom the notice is sent may be afforded a hearing upon
request to the commissioner if the request is made within fifteen days after
receipt of the notice.
2. Whenever a person requests a hearing in accordance with this section, the
commissioner shall immediately set a date, time, and place for the hearing and shall
notify the person requesting the hearing. The date set for the hearing must be within
thirty days, but not earlier than fifteen days, after the request for hearing has been
made, unless otherwise agreed to by both the commissioner and the person
requesting the hearing.
3. Any hearing conducted under this section must be conducted in accordance with
chapter 28-32.
4. If the commissioner does not receive a request for a hearing within the prescribed
time, the commissioner may enter a final order which must set forth the findings with
respect to the matters involved.