409.2-204. Denial, suspension, revocation, condition, or limitation of exemptions.
Denial, suspension, revocation, condition, or limitation ofexemptions.
409.2-204. (a) Except with respect to a federal covered security or atransaction involving a federal covered security, an order under this act maydeny, suspend application of, condition, limit, or revoke an exemption createdunder section 409.2-201(3)(C), (7) or (8) or 409.2-202 or an exemption orwaiver created under section 409.2-203 with respect to a specific security,transaction, or offer. An order under this section may be issued onlypursuant to the procedures in section 409.3-306(d) or 409.6-604 and onlyprospectively.
(b) A person does not violate section 409.3-301, 409.3-303 to 409.3-306,409.5-504, or 409.5-510 by an offer to sell, offer to purchase, sale, orpurchase effected after the entry of an order issued under this section if theperson did not know, and in the exercise of reasonable care could not haveknown, of the order.
(L. 2003 H.B. 380)Effective 9-01-03