ARS § 44-3202

44-3202 - Entry of order of denial, suspension or revocation 44-3202 . Entry of order of denial, suspension or revocation A. If, after a hearing or notice and an opportunity for a hearing as provided in article 7 of this chapter, the commission finds grounds to deny, suspend or revoke the license of an investment adviser or investment adviser representative, the director shall enter an order denying, suspending or revoking the license of the investment adviser or investment adviser representative. The order shall state specifically the grounds for its issuance and shall be filed with docket control of the commission. B. A copy of the order shall be sent by certified mail to the investment adviser or investment adviser representative whose license is denied, suspended or revoked, and if the denial, suspension or revocation of the license is of an investment adviser representative, to the licensed investment adviser who employs the investment adviser representative. C. Denial, suspension or revocation of the license of an investment adviser also suspends or revokes the license of all of the investment adviser's investment adviser representatives, but suspension or revocation of the license of an investment adviser representative solely because the investment adviser representative was employed by an investment adviser whose license was denied, suspended or revoked does not prejudice subsequent applications for licensure by the investment adviser representative. D. An investment adviser or investment adviser representative that has voluntarily terminated or allowed the adviser's or representative's license to lapse shall continue to be subject to actions by the commission under this article in connection with conduct that began before the termination or lapse of the license. Any action by the commission under this article against an investment adviser or investment adviser representative shall begin within two years after termination or lapse of the license.