The securities commissioner may by order summarily postpone or suspend the effectiveness of the registration statement pending final determination of any proceeding under this section. Upon the entry of the order, the securities commissioner shall promptly notify each person specified in Section 35-1-1040 that it has been entered and of the reasons therefor and that within fifteen days after the receipt of a written request the matter will be set down for hearing. If no hearing is requested and none is ordered by the securities commissioner, the order will remain in effect until it is modified or vacated by the securities commissioner. If a hearing is requested or ordered, the securities commissioner, after notice of and opportunity for hearing to each person specified in Section 35-1-1040, may modify or vacate the order or extend it until final determination.