23 CAR § 302-926 – Commencement of contested case — Final decision

(a) All decisions and orders of the Securities Commissioner concluding a contested case shall be in writing.
(b) If a final decision is adverse to a party, the decision shall include all findings of fact and conclusions of law relied upon by the commissioner in arriving at the decision, the findings of fact and conclusions of law to be separately stated.
(c) The findings of fact shall also set forth a concise and explicit statement of the underlying facts supporting the findings of fact, where appropriate.