(a) Additional information.

1. (1) The staff will review the application and, as authorized by Arkansas Code § 23-55-403, investigate the applicant and all related facts to determine if the applicant possesses the qualifications and satisfies the requirements for the license.
2. (2) At any time during the review and investigation process, the State Securities Department may require such information as the staff considers necessary to evaluate the application, including opinion of counsel or an opinion, review, or audited financials prepared by a certified public accountant.
3. (3) It is the applicant’s responsibility to provide or cause to be provided all the information the department requires.

(b) Extension of time.

1. (1) The Securities Commissioner may give the applicant a thirty-day extension to submit the additional information requested if the department receives a written extension request from the applicant within ten (10) days of the staff’s request for additional information.
2. (2) Upon a finding of good cause, the commissioner may give the applicant an additional extension if the department receives a written request and sworn affidavits to support the claimed facts before the expiration of the thirty-day period described in subdivision (b)(1) of this section.
3. (3) The request must explain in detail the reasons the extension is needed.
4. (4) The commissioner will notify the applicant of the decision by letter mailed via regular mail to the address provided by the applicant on or before the tenth day after the date the department receives the request.

5. (5)

   1. (A) In this rule, “good cause” means that the applicant acted diligently and took the steps reasonably necessary to enable the applicant to file the required information in a timely manner, but that circumstances beyond the applicant’s control prevented it from doing so.
   2. (B) Good cause cannot be based upon ignorance of the law or facts that could have been learned through the exercise of due diligence or failure to take the actions necessary to ensure timely and complete filing and payment.
6. (6) After reviewing the information provided in response to the staff’s initial request for additional information, the department may determine that still more information is required.

7. (7) The staff will:

   1. (A) Notify the applicant in writing by regular mail to the address provided by the applicant if further information is required; and
   2. (B) Specify the date by which the department must receive the information.

(c) Abandoned application.

1. (1) If the applicant fails to provide any and all additional information required within the specified timeframe, the commissioner may determine the application to be abandoned, without prejudice to an applicant’s rights to file a new application.
2. (2) The applicant will be notified that the application is considered abandoned.
3. (3) The commissioner’s determination may not be appealed.
4. (4) The department will not refund the fee paid in connection with the abandoned application.