§ 7-11-706 - Declaratory orders and rulings.
SECTION 7-11-706
§ 7-11-706 Declaratory orders and rulings.– (a) Any person may petition the director for a declaratory order as to theapplicability to specified circumstances of a statute, rule, or order underthis chapter. The director may issue a declaratory order in response to apetition for that order unless the director determines that the petition failsto comply with the director's rules or, if the order was issued, wouldsubstantially prejudice the rights of a person who would be a necessary partyand does not consent to the determination of the matter by a declaratory order.
(b) The director, upon application by an interested party,may conduct a hearing and issue a declaratory ruling as to the applicability ofthis chapter or a rule or order of the director under this chapter to a person,security or transaction, or as to the meaning of a term used in this chapter.