As Amended
SEC. 75-71-321. Denial, suspension or revocation of registration; grounds therefor.
(a) The Secretary of State may by order deny, suspend or revoke any registration if the Secretary of State finds (1) that the order is in the public interest and (2) that the applicant or registrant in the case of a broker-dealer or investment adviser, any partner, officer or director, any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling the broker-dealer or investment adviser:
(A) Has filed an application for registration which as of its effective date, or as of any date after filing in the case of an order denying effectiveness, was incomplete in any material respect or contained any statement which was, in light of the circumstances under which it was made, false or misleading with respect to any material fact;
(B) Has willfully violated or willfully failed to comply with any provision of this chapter or any rule or order under this chapter;
(C) Has been convicted, within the past ten (10) years, of any misdemeanor involving a security or any aspect of the securities business, or any felony;
(D) Is permanently or temporarily enjoined by any court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of the securities business;
(E) Is the subject of an order of the Secretary of State denying, suspending or revoking registration as a broker-dealer, agent, investment adviser or investment adviser representative;
(F) Has engaged in dishonest or unethical practices in the securities business;
(G) Is insolvent, either in the sense that his liabilities exceed his assets or in the sense that he cannot meet his obligations as they mature;
(H) Is not qualified on the basis of such factors such as training, experience and knowledge of the securities business.
(b) The Secretary of State may by order deny, suspend or revoke any registration if the Secretary of State finds (1) that the order is in the public interest and (2) that the applicant or registrant:
(A) Has failed reasonably to supervise his agents if he is a broker-dealer or his investment adviser representatives if he is an investment adviser; or
(B) Has failed to pay the proper filing fee.
SOURCES: Laws, 1981, ch. 521, Sec. 204; 1990, ch. 352, Sec. 7, eff from and after passage (approved March 12, 1990).