Sec 44-1972. Notice of and opportunity for hearing; time of hearing

A. Before entering an order denying or revoking the registration of any securities as provided in section 44-1901 or article 8 of this chapter the commission shall send to the issuer of the securities, and, if the application for registration of the securities was filed by a registered dealer, to the dealer, a notice of hearing or notice of opportunity for hearing.

B. Before entering an order denying, revoking or suspending except temporarily the registration of a dealer or salesman as provided in article 10 of this chapter, the commission shall send to the dealer or salesman, and, if a salesman, to the registered dealer who employs or intends to employ the salesman, a notice of hearing or notice of opportunity for a hearing.

C. Before entering an order to cease and desist or an order for rescission, restitution or penalties, the commission shall serve on each respondent a notice of a hearing or a notice of an opportunity for a hearing. The commission by rule may provide for temporary cease and desist orders where the public welfare requires immediate action.

D. Notices of hearing or notices of opportunity for a hearing shall be served as prescribed by rules adopted by the commission for service of subpoenas and cease and desist orders. The notice shall contain a statement of the matters to be considered and, if a notice of opportunity for a hearing, shall set forth that the person to whom the notice is sent will be afforded a hearing upon request to the commission if the request is made in writing within ten days after receipt of the notice.

E. When a person requests a hearing in accordance with this article, the commission shall set a date, time and place for the hearing and shall promptly notify the person requesting the hearing. The date set for the hearing shall be within sixty days, but not earlier than twenty days, after the request for a hearing has been made, unless otherwise agreed to by both the commission and the person requesting the hearing. If the hearing is initiated by the commission, the notice of hearing shall specify the date, time and place of the hearing.