Section 37-25A-20 - Summary suspension or postponement of effectiveness of registration--Notice--Hearing--Modification. - South Dakota Statutes

37-25A-20. Summary suspension or postponement of effectiveness of registration--Notice--Hearing--Modification. The director of the Division of Securities may by order summarily postpone or suspend the effectiveness of the registration pending final determination of any proceeding under this chapter. Upon the entry of the order, the director shall promptly notify the seller that the order has been entered and of the reasons therefor and that within fifteen days after the receipt of a written request the matter shall be set for hearing. If no hearing is requested and none is ordered by the director, the order shall remain in effect until it is modified or vacated by the director. If a hearing is requested or ordered, the director, after notice of an opportunity for hearing to the seller, may modify, vacate, or extend the order until final determination.

Source: SL 1985, ch 305, § 20.