The commissioner may, without a hearing, issue a stop order denying or revoking any exemption specified in sections 3, 4, or 5 with respect to an offer or sale if he finds that it is in the public interest and either:

1. (a) that there has been a failure to comply with any of the provisions of this chapter; or

2. (b) that the offer or sale would constitute misrepresentation to, or deceit or fraud on, the purchaser or offeree.

   Formerly: Acts 1975, P.L.262, SEC.1.