[§485-14.2]  Withdrawal.  (a)  An application for registration as a dealer, investment adviser, salesperson, or investment adviser representative, may be withdrawn without prejudice by the applicant upon notice to the commissioner in such form as the commissioner may prescribe before the registration becomes effective, unless a proceeding under section 485-15 is pending.

     (b)  Withdrawal from registration as a dealer, investment adviser, salesperson, or investment adviser representative shall be effective ninety days after receipt by the commissioner of an application to withdraw, or at such earlier time as the commissioner may allow, unless:

     (1)  A proceeding under section 485-15 against the registered person is pending when the application to withdraw is received or is instituted within ninety days thereafter; or

     (2)  Additional information regarding the application to withdraw is requested by the commissioner within ninety days after the application is filed.

     (c)  If a proceeding is pending or instituted under section 485-15 or if additional information is requested, withdrawal shall be effective at the time and upon the conditions imposed by order of the commissioner.  If no proceeding is pending or instituted under section 485-15 or if no additional information is requested and withdrawal becomes effective, the commissioner may institute a proceeding under section 485-15 within two years after the withdrawal became effective and enter an order as of the last date on which registration was effective.

     (d)  Unless another date is specified by the federal covered adviser, withdrawal of a notice filing by a federal covered adviser becomes effective upon receipt by the commissioner of notice from the adviser of the withdrawal. [L 2000, c 149, §1]