1. (a) By order, the Commissioner may cancel a registration or application, if the Commissioner finds that the applicant or registrant:

   1. (1) Has abandoned the application;
   2. (2) Is no longer in existence;
   3. (3) Has ceased to do business as a broker-dealer, agent, investment adviser, or investment adviser representative;
   4. (4) Is subject to an adjudication of mental incompetence or the control of a committee, conservator, or guardian; or
   5. (5) Cannot be located after reasonable search.

2. (b) The Commissioner may deem abandoned a notice filing that a federal covered adviser has filed under § 11-405 of this subtitle, if the Commissioner finds that the federal covered adviser:

   1. (1) Has abandoned the notice filing;
   2. (2) Is no longer in existence;
   3. (3) Has ceased to do business as a federal covered adviser;
   4. (4) Is subject to adjudication of mental incompetence or to the control of a committee, conservator, or guardian; or
   5. (5) Cannot be located after a reasonable search.

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1989, c. 805, § 2; Acts 1992, c. 619; Acts 1997, c. 613, § 2, eff. Oct. 1, 1997.

Formerly Art. 32A, § 18.