(1) Pursuant to 30-10-105(8) (b) , MCA,
securities offered or sold in accordance with all the conditions set forth in
this rule are exempt from the requirements of 30-10-201 through
30-10-207, MCA. This exemption may be cited as the "second tier
limited offering exemption."
(2) An issuer using the second tier limited
offering exemption shall file with the commissioner of securities:
(a) an original, manually signed copy of the
second tier limited offering exemption form;
filing fee of $50.00;
(c) a consent to service of process which is
attached to and made part of the second tier limited offering exemption form;
(d) such other information as the commissioner of
securities may require.
(3) Upon the entry to an order denying or revoking
the approval of this exemption, the commissioner of securities shall promptly
notify the issuer of the securities that an order has been entered and of the
reasons therefor and that, if requested by the issuer within 15 days after the
receipt of the commissioner of securities' order, the matter will be promptly
set down for hearing. If no hearing is requested within 15 days and none is
ordered by the commissioner of securities, the order will remain in effect
until it is modified or vacated by the commissioner of securities. If a hearing
is requested or ordered, the commissioner of securities, after notice of and opportunity
for hearing, may affirm, modify, or vacate the order.