Connecticut General Statutes 47-94 – Grounds for refusal of permit. Appeal, hearing
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(a) The commission may refuse, suspend or revoke any permit issued under section 47-92 if it finds that the proposed plan of business of the issuer, the securities proposed to be issued or the method to be used in issuing them will tend to work a fraud upon the purchaser thereof.
Terms Used In Connecticut General Statutes 47-94
- Commission: means the Real Estate Commission. See Connecticut General Statutes 47-91
- Fraud: Intentional deception resulting in injury to another.
- Issuer: means any person who issues or proposes to issue any real estate syndicate security. See Connecticut General Statutes 47-91
- Permit: means a permit to sell real estate syndicate securities. See Connecticut General Statutes 47-91
(b) Any applicant objecting to the denial of a permit or to any condition therein may, within ten days after receipt of such denial or order, file a written request for a hearing. Said hearing shall be held within the time period and in accordance with the procedures set forth for hearings contained in section 20-321.