1. (a) To protect the public interest or to protect investors, the commissioner may by order summarily deny or suspend an exemption provided under section 19 of this chapter for a qualified seller. Upon the entry of an order denying or suspending an exemption for a qualified seller, the commissioner shall promptly notify the person claiming the exemption:

   1. (1) that an order has been entered;
   2. (2) of the reasons for the entry of the order; and
   3. (3) that a date for a hearing concerning the order will be determined not later than thirty (30) days after the commissioner receives a written request for a hearing.
2. (b) The provisions of sections 39 and 40 of this chapter apply to all subsequent proceedings after the entry of an order under this section.

3. (c) The commissioner may by order deny or revoke an exemption provided under section 19 of this chapter for a qualified seller if the commissioner finds that an applicant or qualified seller:

   1. (1) is no longer in existence;
   2. (2) has ceased to do business;

   3. (3) is subject to:

      1. (A) an adjudication of mental incompetence; or
      2. (B) the control of a committee, conservator, or guardian; or
   4. (4) cannot be located after reasonable search.

As added by P.L.177-1991, SEC.10.