(a) Where the commissioner has issued any order forbidding the sale of securities under Code Section 10-5-7, he shall promptly send to the issuer of such securities and to all persons who have registered such securities a notice of opportunity for hearing. Before entering an order refusing to register any person under Code Section 10-5-3 and after the entering of any order for revocation or suspension, the commissioner shall promptly send to such person and, if such person is a salesman, limited salesman, or investment adviser representative, to the dealer, limited dealer, or investment adviser who employs or proposes to employ such salesman, limited salesman, or investment adviser representative a notice of opportunity for hearing. Hearings shall be conducted pursuant to this Code section by the commissioner.

(b) Notices of opportunity for hearing shall be served personally by investigators appointed by the commissioner, sent by registered or certified mail or statutory overnight delivery, return receipt requested, to the addressee's business mailing address or residential address as shown on the Central Registration Depository, or directed for service to the sheriff of the county where such person resides or is found; and such notice shall state:

(1) The order which has issued and which is proposed to be issued;

(2) The ground for issuing such order and proposed order; and

(3) That the person to whom such notice is sent will be afforded a hearing upon request if such request is made within ten days after receipt of the notice.

(c) Whenever a person requests a hearing in accordance with this Code section, there shall immediately be set a date, time, and place for such hearing and the person requesting such hearing shall forthwith be notified thereof. Except as provided in subsection (b) of Code Section 10-5-4, the date set for such hearing shall be within 15 days, but not earlier than five days after the request for hearing has been made, unless otherwise agreed to by the issuer of the notice and the person requesting the hearing.

(d) For the purpose of conducting any hearing as provided in this Code section, the commissioner shall have the power to administer oaths, to call any party to testify under oath at such hearings, to require the attendance of witnesses, the production of books, records, and papers, and to take the depositions of witnesses; and for such purposes the commissioner is authorized, at the request of the person requesting the hearing or upon his own initiative, to issue a subpoena for any witness or a subpoena for production of documentary evidence to compel the production of any books, records, or papers. The subpoenas may be served by registered or certified mail or statutory overnight delivery, return receipt requested, to the addressee's business mailing address or by investigators appointed by the commissioner or shall be directed for service to the sheriff of the county where such witness resides or is found or where the person in custody of any books, records, or papers resides or is found. The fees and mileage of the sheriff, witness, or person shall be paid from the funds in the state treasury for the use of the commissioner in the same manner that other expenses of the commissioner are paid. (e) At any hearing conducted under this Code section, a party or an affected person may appear in his own behalf or may be represented by an attorney. A stenographic record of the testimony and other evidence submitted shall be taken unless the commissioner and the person requesting the hearing shall agree that such a stenographic record of the testimony shall not be taken. The commissioner shall pass upon the admissibility of such evidence, but a party may at any time make objections to any such rulings thereon; and, if the commissioner refuses to admit evidence, the party offering the same shall make a proffer thereof and such proffer shall be made a part of the record of the hearing.

(f) In the case of any hearing conducted under this Code section, the commissioner may conduct the hearing or he may appoint a referee to conduct the hearing who shall have the same powers and authority in conducting the hearing as are in this Code section granted to the commissioner. The referee shall have been admitted to the practice of law in this state and possess such additional qualifications as the commissioner may require.

In any case where a hearing is conducted by a referee, the referee shall submit to the commissioner a written report including the transcript of the testimony and evidence (if such transcript is requested by the commissioner), the findings of fact and conclusions of law, and a recommendation of the action to be taken by the commissioner. A copy of such written report and recommendations shall within five days of the time of submission thereof to the commissioner be served upon the person who requested the hearing or his attorney or other representative of record by registered or certified mail or statutory overnight delivery. That person or his attorney may, within ten days of service of the copy of such written report and recommendations, file with the commissioner written objections to the report and recommendations which shall be considered by the commissioner before a final order is entered. No recommendation of the referee shall be approved, modified, or disapproved by the commissioner until after ten days after service of such report and recommendations as herein provided. The recommendations of the referee may be approved, modified, or disapproved by the commissioner. The commissioner may direct his referee to take additional testimony or to permit the introduction of further documentary evidence. In any hearing conducted by a referee, a transcript of testimony and evidence, and objections, if any, shall have the same force and effect as if such hearing or hearings had been conducted by the commissioner. All recommendations of the referee shall be advisory only and shall not have the effect of an order of the commissioner.

(g) If the commissioner does not receive a request for a hearing within the prescribed time, he may permit an order previously entered to remain in effect or he may enter a proposed order. If a hearing is requested and conducted as provided in this Code section, the commissioner shall issue a written order which shall:

(1) Set forth his findings with respect to the matters involved; and

(2) Enter an order in accordance with his findings.