§ 7-11-214 - Withdrawal. - Rhode Island Statutes

SECTION 7-11-214

   § 7-11-214  Withdrawal. – (a) An application for a license may be withdrawn by the applicant withoutprejudice before the license becomes effective.

   (b) Withdrawal from licensing as a broker dealer, salesrepresentative, investment adviser, or investment adviser representativebecomes effective thirty (30) days after receipt by the director of anapplication to withdraw or within any shorter period the director determines byorder, unless:

   (1) A revocation or suspension proceeding is pending when theapplication is filed;

   (2) A proceeding to revoke or suspend or to impose conditionsupon the withdrawal is instituted within thirty (30) days after the applicationis filed; or

   (3) Additional information is requested by the directorregarding the withdrawal application.

   (c) If a proceeding is pending or instituted under subsection(b), withdrawal becomes effective at the time and upon the conditions thedirector determines by order. If additional information is requested,withdrawal is effective thirty (30) days after the additional information isfiled. Although no proceeding is pending or instituted and withdrawal becomeseffective, the director may institute a proceeding under § 7-11-212 withinone year after withdrawal became effective and enter an order as of the lastdate on which licensing was effective.