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date of service of the order, the order becomes final by operation | | of law. If a hearing is requested or ordered, the administrator, | | after notice of and opportunity for hearing to each person subject | | to the order, may modify or vacate the order or extend the order | | until final determination. |
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| | | 7.__Procedural requirements.__An order issued may not be | | issued under this section, except under subsection 6, without: |
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| | | A.__Appropriate notice to the applicant or licensee; |
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| | | B.__Opportunity for hearing; and |
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| | | C.__Findings of fact and conclusions of law in a record in | | accordance with Title 5, chapter 375. |
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| | | 8.__Control person liability.__A person that controls, | | directly or indirectly, a person not in compliance with this | | section may be disciplined by order of the administrator under | | subsections 1 to 3 to the same extent as the noncomplying person, | | unless the controlling person did not know, and in the exercise | | of reasonable care could not have known, of the existence of | | conduct that is a ground for discipline under this section. |
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| | | 9.__Limit on investigation or proceeding.__The administrator | | may not institute a proceeding under subsection 1, 2 or 3 based | | solely on material facts actually known by the administrator | | unless an investigation or the proceeding is instituted within | | one year after the administrator actually acquires knowledge of | | the material facts. |
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| | | It is unlawful for a person, in connection with the offer, | | sale or purchase of a security, directly or indirectly: |
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| | | 1.__Device, scheme, artifice.__To employ a device, scheme or | | artifice to defraud; |
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| | | 2.__Untrue statement of or omission of material fact.__To make | | an untrue statement of a material fact or to omit to state a | | material fact necessary in order to make the statements made, in | | light of the circumstances under which they were made, not | | misleading; or |
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