(a) The commissioner, by order, may deny, suspend, or revoke a registration, limit the securities or investment advisory activities that an applicant or registered person may perform in this state, bar an applicant or registered person from association with a registered dealer, limited dealer, or investment adviser, or bar a person who is a partner, officer, director, or a person occupying a similar status or performing a similar function for an applicant or registered person from employment with a registered dealer, limited dealer, or investment adviser, if the commissioner finds that the order is in the public interest and that the applicant or registered person or, in the case of a dealer, limited dealer, or investment adviser, a partner, officer, or director, a person occupying a similar status or performing similar functions, or a person directly or indirectly controlling the dealer, limited dealer, or investment adviser:

(1) Has filed an application for registration with the commissioner which, as of its effective date or any date after filing in the case of an order denying effectiveness, was incomplete in a material respect or contained a statement that was, in light of the circumstances under which it was made, false or misleading with respect to a material fact;

(2) Has willfully violated or willfully failed to comply with this chapter, a prior enactment, or a rule promulgated by the commissioner under this chapter or a prior enactment;

(3) Is the subject of an adjudication or determination, after notice and opportunity for hearing, within the last five years by a securities agency or administrator of another state or a court of competent jurisdiction that the person has willfully violated the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Commodity Exchange Act, or the securities law of another state, but only if the acts constituting the violation of that state's law would constitute a violation of this chapter had the acts occurred in this state;

(4) Within the last ten years has been convicted of a felony or misdemeanor, which the commissioner finds:

(A) Involves the purchase or sale of a security, the taking of a false oath, the making of a false report, bribery, perjury, burglary, or conspiracy to commit any of the foregoing offenses;

(B) Arises out of the conduct of business as a dealer or limited dealer, investment adviser, financial institution, insurance company, or fiduciary; or

(C) Involves the larceny, theft, robbery, extortion, forgery, counterfeiting, fraudulent concealment, embezzlement, fraudulent conversion, or misappropriation of funds or securities;

(5) Is permanently or temporarily enjoined by a court of competent jurisdiction from acting as an investment adviser, underwriter, dealer or limited dealer or as an affiliated person or employee of an investment company, depository institution, or insurance company or from engaging in or continuing conduct or practice in connection with any of the foregoing activities or in connection with the purchase or sale of a security;

(6) Is the subject of an order of the commissioner denying, suspending, or revoking the person's registration as a dealer, limited dealer, salesman, limited salesman, investment adviser, or investment adviser representative;

(7) Is the subject of any of the following orders which are effective at the time of the commissioner's order and were issued within five years before the commissioner's order:

(A) An order by the securities agency or administrator of another state, a Canadian province or territory, or the Securities and Exchange Commission, entered after notice and opportunity for hearing, denying, suspending, or revoking the person's registration as a dealer, limited dealer, salesman, limited salesman, investment adviser, or investment adviser representative, or the substantial equivalent of those terms as defined in this chapter;

(B) A suspension or expulsion from membership in or association with a member of a self-regulatory organization registered under the Securities Exchange Act of 1934 or the Commodity Exchange Act;

(C) A United States Postal Service fraud order;

(D) A cease and desist order entered after notice and opportunity for hearing by the commissioner, the securities agency or administrator of another state, a Canadian province or territory, the Securities and Exchange Commission, or the Commodity Futures Trading Commission; or

(E) An order by the Commodity Futures Trading Commission denying, suspending, or revoking registration under the Commodity Exchange Act;

(8) Has engaged in unethical or dishonest practices in the securities business, as defined in the rules and regulations of the commissioner;

(9) Is insolvent, either in the sense that liabilities exceed assets or in the sense that obligations cannot be met as they mature, but the commissioner may not enter an order against a dealer, limited dealer, or investment adviser under this paragraph without a finding of insolvency as to the dealer, limited dealer, or investment adviser;

(10) Is determined by the commissioner, in compliance with Code Section 10-5-3, not to be qualified on the basis of the lack of training, experience, and knowledge of the securities business;

(11) Has failed reasonably to supervise salesmen, limited salesmen, investment adviser representatives, or employees; or

(12) Has failed to pay the proper filing fee within 30 days after being notified by the commissioner of a deficiency, but the commissioner shall vacate an order under this paragraph when the deficiency is corrected. (b) The commissioner may not begin a proceeding on the basis of a fact or transaction known to the commissioner when the registration became effective unless the proceeding is begun within 90 days after effectiveness of the registration.

(c) If the commissioner finds that an applicant or registered person is no longer in existence; has ceased to do business as dealer, salesman, limited dealer, limited salesman, investment adviser, or investment adviser representative; is adjudicated mentally incompetent or subjected to the control of a committee, conservator, or guardian; or cannot be located after reasonable search, the commissioner, by order, may deny the application or revoke the registration.

(d) The commissioner may at any time require a dealer, limited dealer, or investment adviser to file with him a financial statement showing the financial condition of such dealer, limited dealer, or investment adviser as of the most recent practicable date but such financial statement need not be certified.

(e) The commissioner, by order, may deny, suspend, deny renewal of, or revoke the registration of a salesperson or investment adviser representative upon notice to the commissioner by either a court of competent jurisdiction or the child support agency within the Department of Human Resources that the applicant for or holder of such a registration is not in compliance with an order for child support as defined in Code Section 19-6-28.1 or Code Section 19-11-9.3. Notwithstanding the provisions of Code Section 10-5-16, the hearings and appeals procedures provided in Code Section 19-6-28.1 or Code Section 19-11-9.3, where applicable, shall be the only such procedures required under this subsection.

(f) The commissioner, by order, may deny, suspend, deny renewal of, or revoke the registration of a salesperson or investment adviser representative upon notice to the commissioner by the Georgia Higher Education Assistance Corporation that the applicant for or holder of either such license is a borrower in default who is not in satisfactory repayment status as defined in Code Section 20-3-295. Notwithstanding the provisions of Code Section 10-5-16, the hearings and appeals procedures provided in Code Section 20-3-295, where applicable, shall be the only such procedures required under this subsection.