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Current as of December 31, 2021 | Updated by FindLaw Staff
(a) 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) If a proceeding is pending or instituted, withdrawal becomes effective at the time and on the conditions the Commissioner by order determines.
(c) 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.
Cite this article: FindLaw.com - Maryland Code, Corporations and Associations § 11-415 - last updated December 31, 2021 | https://codes.findlaw.com/md/corporations-and-associations/md-code-corp-and-assns-sect-11-415/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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