Before entering an order revoking the registration of any securities as provided in section 10-04-09, the commissioner shall send to the issuer of the securities, and if the application for registration of the securities was filed by a registered broker -dealer, to the registered broker-dealer, a notice of opportunity for hearing. Before entering an order refusing to register any person as a broker -dealer, agent, investment adviser, or investment adviser representative, as provided in section 10 -04-10, or censuring, placing limitations, suspending, or revoking the registration of any person as a registered broker -dealer, agent, investment adviser, or investment adviser representative as provided in section 10 -04-11, the commissioner shall send to that person, and if that person is an agent or investment adviser representative or an applicant for registration as an agent or investment adviser representative, to the registered broker-dealer or investment adviser who employs or proposes to employ that agent or investment adviser representative, a notice of opportunity for hearing. 1. Notices of opportunity for hearing must be sent by registered mail, return receipt requested, to the addressee's business address, and the notice must state: a. The order the commissioner proposes to issue. b. The grounds for issuing the proposed order. c. That the person to whom the notice is sent may be afforded a hearing upon request to the commissioner if the request is made within fifteen days after receipt of the notice. 2. Whenever a person requests a hearing in accordance with this section, the commissioner shall immediately set a date, time, and place for the hearing and shall notify the person requesting the hearing. The date set for the hearing must be within thirty days, but not earlier than fifteen days, after the request for hearing has been made, unless otherwise agreed to by both the commissioner and the person requesting the hearing. 3. Any hearing conducted under this section must be conducted in accordance with chapter 28-32. 4. If the commissioner does not receive a request for a hearing within the prescribed time, the commissioner may enter a final order which must set forth the findings with respect to the matters involved.
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