§ 7-11-214. Withdrawal.
(a) An application for a license may be withdrawn by the applicant without prejudice before the license becomes effective.
(b) Withdrawal from licensing as a broker dealer, sales representative, investment adviser, or investment adviser representative becomes effective thirty (30) days after receipt by the director of an application to withdraw or within any shorter period the director determines by order, unless:
(1) A revocation or suspension proceeding is pending when the application is filed;
(2) A proceeding to revoke or suspend or to impose conditions upon the withdrawal is instituted within thirty (30) days after the application is filed; or
(3) Additional information is requested by the director regarding the withdrawal application.
(c) If a proceeding is pending or instituted under subsection (b), withdrawal becomes effective at the time and upon the conditions the director determines by order. If additional information is requested, withdrawal is effective thirty (30) days after the additional information is filed. Although no proceeding is pending or instituted and withdrawal becomes effective, the director may institute a proceeding under § 7-11-212 within one year after withdrawal became effective and enter an order as of the last date on which licensing was effective.
(P.L. 1990, ch. 460, § 2.)