California Code, Corporations Code - CORP § 25302

(a) A person shall not publish any advertisement concerning any security in this state after the commissioner finds that the advertisement contains any statement that is false or misleading or omits to make any statement necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading and so notifies the person in writing.  This notification may be given summarily without notice or hearing.  At any time after the issuance of a notification under this section, the person desiring to use the advertisement may in writing request that the order be rescinded.  Upon the receipt of the written request, the matter shall be set for hearing to commence within 15 business days after receipt unless the person making the request consents to a later date.  After the hearing, which shall be conducted in accordance with the provisions of the Administrative Procedure Act (Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code ), the commissioner shall determine whether to affirm and continue or to rescind the order, and the commissioner shall have all the powers granted under the act.

(b) This section does not apply to any advertisement for any security which is subject to the supervision, regulation or examination of any of the following:

(1) The Insurance Commissioner.

(2) The Commissioner of Business Oversight.

(3) The Public Utilities Commission.

(4) The Comptroller of the Currency of the United States.

(5) The Federal Deposit Insurance Corporation.

(6) The Board of Governors of the Federal Reserve System.

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