As Amended
SEC. 75-71-205. Denial or revocation of specific exemptions; notice; hearings; summary orders.
The secretary of state may by order deny or revoke any exemption specified in clause (9) or (11) of Sec. 75-71-201 or in Sec. 75-71-203 with respect to a specific security or transaction. No such order may be entered without appropriate prior notice to all interested parties, opportunity for hearing, and written findings of fact and conclusions of law, except that the secretary of state may by order summarily deny or revoke any of the specified exemptions pending final determination of any proceeding under this section. Upon the entry of a summary order, the secretary of state shall promptly notify all interested parties that it has been entered and of the reason therefor and that within fifteen (15) days of the receipt of a written request, the matter will be set down for hearing. If no hearing is requested and none is ordered by the secretary of state, the order will remain in effect until it is modified or vacated by the secretary of state. If a hearing is requested or ordered, the secretary of state, after notice of and opportunity for hearing to all interested persons, may modify or vacate the order or extend it until final determination. No order under this section may operate retroactively. No person may be considered to have violated section 75-71-113 or 75-71-401 by reason of any offer or sale effected after the entry of an order under this section if he sustains the burden of proof that he did not know, and in the exercise of reasonable care could not have known, of the order.
SOURCES: Laws, 1981, ch. 521, Sec. 402, eff from and after July 1, 1981.