§ 11-415. Withdrawal from registration

   (a) In general. -- Withdrawal from registration as a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 90 days after receipt of an application to withdraw or within any shorter period of time which the Commissioner determines, unless:

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

   (2) A proceeding to revoke, suspend, or impose conditions on the withdrawal is instituted within 90 days after the application is filed.

(b) Pending proceeding. -- If a proceeding is pending or instituted, withdrawal becomes effective at the time and on the conditions the Commissioner by order determines.

(c) Commissioner's right to institute proceedings. -- If no proceeding is pending or instituted and withdrawal automatically becomes effective, the Commissioner nevertheless may institute a revocation or suspension proceeding under § 11-412(a)(2) of this subtitle within 2 years after withdrawal became effective and enter a revocation or suspension order as of the last date on which registration was effective.

HISTORY: An. Code 1957, art. 32A, § 18; 1975, ch. 311, § 2; 1989, ch. 805, § 2; 1997, ch. 613, § 2.