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Rules and Regulations of the State of Georgia
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Subject 590-4-2 EXEMPTIONS

Rule 590-4-2-.01 Federal Covered Security Notice Filing Requirement for Investment Companies

(1) An issuer of a federal covered security under Section 18(b)(2) of the Securities Act of 1933 (i.e., an investment company that is registered, or that has filed a registration statement, under the Investment Company Act of 1940), that is not otherwise exempt under Sections 10-5-10 through 10-5-12 of the Act, is required to submit a notice filing as set forth in subsection (2) with respect to each security sold before the initial offer of the federal covered security in this state.
(2) Each required notice filing under this Rule shall include the following:
(a) All records that are part of the federal registration statement filed with the Securities and Exchange Commission under the Securities Act of 1933, 15 U.S.C. Section 77 a, et seq.;
(b) A consent to service of process complying with Section 10-5-80 of the Act; and
(c) A non-refundable filing fee of $250.00.
(3) A notice filing under this Rule is effective for one (1) year commencing on the later of the notice filing or the effectiveness of the Offering filed with the Securities and Exchange Commission. On or before expiration, the issuer may renew a notice filing by filing a copy of those records filed by the issuer with the Securities and Exchange Commission and by paying a renewal fee of $100.00. A previously filed consent to service of process complying with Section 10-5-80 of the Act may be incorporated by reference in a renewal. A renewed notice filing becomes effective upon the expiration of the filing being renewed and shall be effective for one (1) year after effectiveness.
(4) This Rule shall apply to all Offerings in which any sale is made within, or to any person in, the State of Georgia on or after the thirtieth (30th) day following the date of adoption hereof.

Rule 590-4-2-.02 Federal Covered Security Notice Filing Requirement for Offerings Pursuant to Rule 506

(1) An issuer of a federal covered security under Section 18(b)(4)(D) of the Securities Act of 1933, that is not otherwise exempt under Sections 10-5-10 through 10-5-12 of the Act, is required to submit a notice filing pursuant to subsection (2) hereof not later than fifteen (15) days after the first sale of the federal covered security in this State or the first Business Day following the fifteenth (15th) day after the first sale of the federal covered security in this State if the fifteenth (15th) day is not a Business Day.
(2) Each required notice filing under this Rule shall include the following:
(a) A copy of the most recently filed Form D as filed with the SEC; and
(b) Payment of a non-refundable fee of $250.00.
(3) The notice filing and fees required by this Rule may be made electronically as permitted by the Commissioner.
(4) This Rule shall apply to all Offerings in which any sale is made within, or to any person in, the State of Georgia on or after the thirtieth (30th) day following the date of adoption hereof.
(5) Nothing in this exemption is intended to or should be construed as in any way relieving issuers or persons acting on behalf of issuers from providing disclosure to prospective investors adequate to satisfy the antifraud provisions of Section 10-5-50 of the Act in view of the objective of this section, and the purposes and policies underlying the Act.
(6) Nothing in this section is intended to relieve broker-dealers or agents from due diligence, suitability, or "know your customer" standards or any other requirements of law otherwise applicable to these persons.

Rule 590-4-2-.03 Georgia Uniform Limited Offering Exemption

(1) Pursuant to the authority delegated to the Commissioner by Section 10-5-12 of the Act, any offer or sale of securities offered or sold in compliance with SEC Rule 505 adopted pursuant to the Securities Act of 1933, including those exempt by application of Rule 508 under the Securities Act of 1933, that is made in accordance with the conditions and limitations set forth below, is determined to be exempt from the registration provisions of Section 10-5-20 of the Act if:
(a) No commission, fee, or other remuneration is paid or given, directly or indirectly, to any broker-dealer for soliciting any prospective purchaser in this State unless the broker-dealer is appropriately registered under the Act. It is a defense to a violation of this subsection if the issuer sustains the burden of proof that the issuer did not know and in the exercise of reasonable care could not have known that the person who received a commission, fee, or other remuneration was not properly registered;
(b) The issuer shall file with the Commissioner no later than fifteen (15) Business Days after the receipt of consideration or the delivery of a subscription agreement by an investor in this State that is the result of any offer made in reliance upon this exemption:
1. A copy of the most recently filed Form D as filed with the SEC, and
2. A non-refundable filing fee of $250.00.
(c) In all sales to investors, other than Accredited Investors, in this State, one (1) of the following conditions must be satisfied or the issuer and any person acting on its behalf shall have reasonable grounds to believe, and after making reasonable inquiry shall believe, that one (1) of the following conditions is satisfied:
1. The investment is suitable for the purchaser upon the basis of facts, if any, disclosed by the purchaser as to the purchaser's other security holdings, financial situation, and needs. For purposes of this condition only, it may be presumed that, if the investment does not exceed ten percent (10%) of the investor's net worth, it is suitable; or
2. The purchaser, either alone or with his or her Purchaser Representative or representatives, has the knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment.
(d) A failure to comply with a term, condition, or requirement of subdivisions (a), (b) or (c) will not result in loss of the exemption from the requirements of Section 10-5-20 of the Act for any offer or sale to a particular individual or entity if the person relying on the exemption shows:
1. The failure to comply did not pertain to a term, condition, or requirement directly intended to protect that particular individual or entity;
2. The failure to comply was insignificant with respect to the Offering as a whole; and
3. A good faith and reasonable attempt was made to comply with all applicable terms, conditions, and requirements of subdivisions (a), (b), and (c).
(e) The Commissioner, at his or her discretion, may waive one or more conditions of this Rule if the Commissioner determines, upon a showing of good cause, that it is not necessary under the circumstances.
(2) In the event the Offering is to continue pursuant to this exemption more than twelve (12) months after the date of the initial filing made pursuant to this exemption, then it shall be necessary for the issuer to file a renewal notice on or prior to the one year anniversary of the original filing date, containing a completed SEC Form D and a non-refundable filing fee in the amount of $100.00.
(3) The filings and fees required by this Rule may be made electronically if permitted by the Commissioner.
(4) Nothing in this exemption is intended to or should be construed as in any way relieving issuers or persons acting on behalf of issuers from providing disclosure to prospective investors adequate to satisfy the antifraud provisions of Section 10-5-50 of the Act in view of the objective of this section, and purposes and policies underlying the Act.
(5) This exemption shall not apply to those transactions offered and sold in reliance upon 506 of SEC Regulation D or any other Offering or security otherwise exempt under Sections 10-5-10 through 10-5-12 of the Act or Rule or Order of the Commissioner.
(6) The exemption authorized by this section shall be known and may be cited as the "Georgia Uniform Limited Offering Exemption" or "Georgia ULOE".

Rule 590-4-2-.04 Non-issuer Transactions Manual Exemption

For purposes of exempt non-issuer transactions by or through a broker-dealer registered or exempt from registration under this Chapter, the following securities manuals are designated as nationally recognized securities manuals:

(a) Standard & Poor's Standard Corporations Descriptions,
(b) Best's Insurance Reports Life-Health;
(c) Mergent's Bank and Finance Manual and News Reports;
(d) Mergent's Industrial Manual and News Reports;
(e) Mergent's Public Utility Manual and News Reports;
(f) Mergent's Transportation Manual and News Reports;
(g) Mergent's Municipal and Government Manual and News Reports;
(h) Mergent's International Manual and News Reports;
(i) Fitch's Individual Stock Bulletin;
(j) The OTCQX Market;
(k) The OTCQB Market; and
(l) Any other securities manual as determined in the discretion of the Commissioner to be a nationally recognized securities manual, which shall require the continuous disclosure by any issuer relying on such manual for the purpose of the registration exemption.

Rule 590-4-2-.05 Nonpublic Offering Exemption

(1) For purposes of calculating the number of purchasers under Section 10-5-11(14) of the Act, the following rules shall apply:
(a) The following purchasers shall be excluded:
1. Any person related to the purchaser by blood or marriage having the same principal residence as the purchaser.
2. Any trust or estate in which a purchaser and any of the persons related to the purchaser (as specified in clause (1) or (3)) collectively have more than fifty percent (50%) of the beneficial interest (excluding contingent interests).
3. Any corporation or other organization of which a purchaser and any of the persons related to the purchaser (as specified in clause (1) or (2)) collectively are beneficial owners of more than fifty percent (50%) of the equity securities (excluding directors' qualifying shares) or equity interest.
(b) A corporation, partnership, or other entity shall be counted as one (1) purchaser; however, if such entity is organized for the specific purpose of acquiring the securities offered and such entity is not an Accredited Investor, then each beneficial owner of equity securities or equity interests in the entity shall count as separate purchasers for purposes of calculating the number of purchasers pursuant to Section 10-5-11(14) of the Act.
(2) The issuer must satisfy all necessary provisions of Section 10-5-11(14) of the Act for all purchasers whether or not they are included in calculating the number of purchasers. Clients of an investment adviser or customers of a broker-dealer shall be considered the purchasers under Section 10-5-11(14) of the Act regardless of the amount of discretion given to the investment adviser or broker-dealer to act on behalf of the client or customer.
(3) In all Offerings and sales under Section 10-5-11(14) of the Act, the issuer shall make itself available to each purchaser and Purchaser Representative, if any, at a reasonable time prior to the purchase of securities, the opportunity to:
(a) Ask questions and receive answers concerning the terms and conditions of the Offering;
(b) Inspect and copy all material documents relating to the Offering; and
(c) Inspect and copy additional information that the issuer possesses or can acquire without unreasonable effort or expense that is necessary to verify the accuracy of information furnished in connection with the Offering.
(4) Offers and sales that are exempt under Section 10-5-11(14) of the Act may not be combined with offers and sales exempt under any other section or provision of the Act, provided, however, that this limitation shall not require an issuer to make an election and an issuer failing to satisfy Section 10-5-11(14) of the Act may claim the availability of any other applicable exemption. In any proceeding involving the availability of an exemption under Section 10-5-11(14) of the Act, the burden of proving compliance with the conditions of the exemption is upon the person claiming the exemption.
(5) The exemption provided by Section 10-5-11(14) of the Act is only an exemption for the initial Offering from the registration requirements of Section 10-5-20 of the Act. It is not an exemption for subsequent offers or resales of the securities from the initial Offering.
(6) Section 10-5-11(14) of the Act does not provide an exemption from any section of the Act other than Section 10-5-20 of the Act, including the antifraud and civil liability provisions.

Rule 590-4-2-.06 Disqualification from Use of Exemption

(1) No exemption under Section 10-5-11(14) of the Act, the Georgia ULOE or the Invest Georgia Exemption shall be available for any Offering if the issuer; any predecessor of the issuer; any affiliate of the issuer; any member of the board of directors, officer, general partner, limited liability company manager or managing member of the issuer; or any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with such sale of securities pursuant to the Offering:
(a) Has filed a registration statement which is the subject of any pending proceeding or examination under Section 8 of the Securities Act of 1933, or has been the subject of any refusal order or stop order thereunder within five (5) years prior to the Offering;
(b) Is subject to any pending proceeding under SEC Rule 258 promulgated under the Securities Act of 1933, or any similar section adopted under Section 3(b) of the Securities Act of 1933, or to an order entered thereunder within five (5) years prior to the Offering;
(c) Has been convicted within five (5) years prior to the Offering of any felony or misdemeanor in connection with the purchase or sale of any security or involving the making of any false filing related to the offer or sale of any security;
(d) Is subject to any order, judgment, or decree of any court of competent jurisdiction or regulatory authority (including non-U.S. regulatory authorities) temporarily or preliminarily restraining or enjoining, or is subject to any order, judgment or decree of any court of competent jurisdiction or regulatory authority entered within five (5) years prior to the Offering permanently restraining or enjoining, such person from engaging in or continuing any conduct or practice in connection with the purchase or sale of any security or involving the making of any false filing related to the offer or sale of any security; or
(e) Is subject to a United States Postal Service false representation order entered under § 39 U.S.C. 3005 within five (5) years prior to the Offering, or is subject to a temporary restraining order or preliminary injunction entered under § 39 U.S.C. 3007 with respect to conduct alleged to have violated § 39 U.S.C. 3005.
(2) Paragraph (1) of this section shall not apply:
(a) Upon a showing of good cause and without prejudice to any other action by the Commissioner, if the Commissioner determines that it is not necessary under the circumstances that an exemption be denied; and
(b) If the issuer establishes that it did not know, and in the exercise of reasonable care could not have known, that a disqualification existed under paragraph (1) of this section. An issuer will not be able to establish that it has exercised reasonable care unless it has made factual inquiry into whether any disqualifications exist. The nature and scope of the requisite inquiry will vary based on the circumstances of the issuer and the other offering participants.
(3) This Rule shall apply to all Offerings in which any sale is made within, or to any person in, the State of Georgia on or after the thirtieth (30th) day following the date of adoption hereof.
(4) For purposes of paragraph (a) of this Section, events relating to any Affiliate Of the issuer that occurred before the affiliation arose will not be considered disqualifying if the affiliated entity is not:
(a) In control of the issuer; or
(b) Under common control with the issuer by a third party that was in control of the affiliated entity at the time of such events.

Rule 590-4-2-.07 Not-For-Profit Securities Registration

(1) With respect to the offer or sale of a note, bond, debenture, or other evidence of indebtedness, such issuers relying upon the exemption from registration provided in Section 10-5-10(7) of the Act shall file a notice as set forth in subsections (2) below with the Secretary of State at least ten (10) full business days prior to the first offer of sale pursuant to such claim. Such exemption shall become effective ten (10) full business days after the filing of a complete notice if the Secretary of State has not disallowed the exemption.
(2) The notice required in this Rule shall specify, in writing, the material terms of the proposed offer or sale to include, although not limited to, the following:
(a) The identity of the issuer;
(b) The amount and type of securities to be sold pursuant to the exemption;
(c) A description of the use of the proceeds of the Offering;
(d) The person or persons by whom the offers and sales will be made;
(e) The offering statement, if any; and
(f) A consent to service of process complying with Section 10-5-80 of the Act.
(3) All proposed Sales and Advertising Literature to be used in connection with the proposed offer or sale of the securities shall be filed with the Secretary of State only upon request.
(4) The Statement of Policy regarding Church Bonds adopted by NASAA on April 14, 2002 (available at http://www.nasaa.org/wp-content/uploads/2011/07/40-Church_Bonds.pdf [File Link Not Available] [File Link Not Available]), and the Statement of Policy regarding Church Extension Fund Securities adopted by NASAA on April 17, 1994, and amended on April 18, 2004, (available at http://www.nasaa.org/wp-content/uploads/2011/07/39-Church_Extension_Fund_Securities.pdf) shall be applied, as applicable, to the proposed offer or sale of a security for which a notice must be filed pursuant to this Rule. Failure to comply with the provisions of an applicable Statement of Policy promulgated by NASAA shall serve as the grounds for disallowance of the exemption from registration provided by Section 10-5-10(7) of the Act.
(5) The Commissioner may also waive any term or condition set forth in this Rule.
(6) The Commissioner may by Order set forth certain requirements for the escrow of proceeds in any Offering under this Rule.

Rule 590-4-2-.08 Invest Georgia Exemption

(1) The offer or sale of a security by an issuer shall be exempt from the requirements of Article 3 and Section 10-5-53 of the Act, and each individual who represents an issuer in an offer or sale shall be exempt from the requirements of Section 10-5-30, if the offer or sale is conducted in accordance with each of the following requirements:
(a) The issuer of the security shall be a for-profit business entity registered with the Secretary of State.
(b) The transaction shall meet the requirements of the federal exemption for intrastate offerings in either:
1. Section 3(a)(11) of the Securities Act of 1933, 15 U.S.C. § 77 c(a)(11), and SEC Rule 147, 17 C.F.R. 230.147; or
2. Rule 147A, 17 C.F.R. 230.147(A).
(c) The sum of all cash and other consideration to be received for all sales of the security in reliance upon this exemption shall not exceed $5,000,000, less the aggregate amount received for all sales of securities by the issuer within the 12 months before the first offer or sale made in reliance upon this exemption.
(d) The issuer shall not accept more than $10,000 from any single purchaser unless the purchaser is an accredited investor as defined by rule 501 of SEC regulation D, 17 C.F.R. 230.501.
(e) All funds received from investors shall be deposited into a bank or depository institution authorized to do business in Georgia, and all the funds shall be used in accordance with representations made to investors.
(f) Before an offer is made in reliance on this exemption, the issuer shall file a notice with the Commissioner in writing or in electronic form. The notice shall specify that the issuer is conducting an offering in reliance upon this exemption and shall contain the names and addresses of the following persons:
1. The issuer;
2. All persons who will be involved in the offer or sale of securities on behalf of the issuer; and
3. The bank or other depository institution in which investor funds will be deposited.
(g) The issuer shall not be, either before or as a result of the offering, an investment company as defined in section 3 of the Investment Company Act of 1940, 15 U.S.C. § 80a-3, or subject to the reporting requirements of section 13 or 15(d) of the Securities Exchange Act of 1934, 15 U.S.C. § 78 m and 78o(d).
(h) The issuer shall inform all purchasers that the securities have not been registered under the Act and that the securities are subject to the limitation on resales contained in either:
1. subsection (e) of SEC Rule 147, 17 C.F.R. 230.147(e), in the manner described in subsection (f) of SEC Rule 147, 17 C.F.R. 230.147(f); or
2. (ii) subsection (e) of SEC Rule 147A, 17 C.F.R. 230.147A(e), in the manner described in subsection (f) of SEC Rule 147A, 17 C.F.R. 230.147A(f).
(2) Offers and sales to controlling persons. This exemption shall not be used in conjunction with any other exemption under these rules or the Act, except for offers and sales to the following persons, who shall not count toward the limitation in paragraph (1)(c)
(a) An officer, director, partner, or trustee or an individual occupying similar status or performing similar functions; or
(b) A person owning 10 percent or more of the outstanding shares of any class or classes of securities
(3) Disqualifications. This exemption shall not be available if the issuer is subject to a disqualifying event specified in Rule 590-4-2-.06.
(4) The exemption authorized by this section shall be known and may be cited as the "Invest Georgia Exemption".
(5) "Individual," for the purpose of paragraph (1) of this Rule, means a natural person, or a corporation, trust, partnership, association, or any other legal entity authorized to do business under the laws of the state of Georgia, that does not:
(a) offer investment advice or recommendations;
(b) compensate employees, agents, or other persons for this solicitation of purchases, sales, or offers to purchase the securities exempted by this Rule; or
(c) take custody of investor funds or securities.
(6) If the information contained on the notice filed with the Commissioner becomes inaccurate for any reason, the issuer shall file an amendment in writing with the Commissioner within 30 (thirty) days. Said amendment shall be made on a form prescribed by the Commissioner.

Rule 590-4-2-.09 Request for Transactional Exemption Pursuant to a Fairness Determination

(1) Any person seeking the Commissioner's approval, pursuant to O.C.G.A. § 10-5-11(9), of the fairness of the terms and conditions of the issuance and delivery of securities in exchange for outstanding securities, claims, or property interests, shall make application with the Commissioner as described in paragraph (2) below. The Commissioner may in his sole discretion reject any application. The Commissioner will only consider an application for a proposed exchange transaction where fifty one percent (51%) or more of the persons to whom it is proposed to issue securities or to deliver other consideration in an exchange under O.C.G.A. § 10-5-11(9)are persons who are Georgia residents, and:
(a) The applicant is a domestic business entity formed, organized or incorporated under the laws of Georgia; or
(b) The applicant is a business entity whose headquarters or principal place of business is located in Georgia.
(2) The application and all accompanying documents shall be type-written and submitted to the Commissioner in triplicate. The application shall be signed and dated by the applicant or by a person authorized to act in the applicant's behalf. The application shall request that the Commissioner conduct a hearing pursuant to O.C.G.A. § 10-5-11(9) and shall contain the following information:
(a) The full legal name, state of incorporation, and principal office address of any person proposing to issue securities or deliver other consideration in the proposed exchange.
(b) A description of the proposed transaction, including but not limited to all parties to the transaction, all major lines of business engaged in by such parties, expected benefits of the transaction, a chronological description of the transaction to date, a projected timetable and description of all events necessary to consummate the transaction, all legal and financial advisors providing advice to any party to the transaction, and identification of any persons providing any valuation or fairness opinions to any party with respect to the securities or other consideration to be issued or exchanged in the proposed transaction.
(c) A description of the securities or other consideration to be issued or delivered in the proposed exchange.
(d) A description of the bona fide securities, claims or property interests for which the securities or other consideration referred to in paragraph (2)(c) are to be exchanged, including the full legal name, state of incorporation, and principal office address of the issuer of any such bona fide securities.
(e) A brief statement of the terms and conditions under which the securities or other consideration referred to in paragraph (2)(c) will be issued and exchanged or delivered and exchanged for the bona fide securities, claims or property interests.
(f) A list of the full legal names, addresses, and percentage interest owned of all persons to whom the securities will be issued or other consideration delivered in the exchange. If some or all of such persons are to receive the securities or other consideration by virtue of their ownership of shares of stock in a corporation, the applicant may comply with this requirement by submitting a list which shows the shareholders of the corporation and the number of shares and percentage of total shares held by each shareholder as of a date not more than 30 days prior to the filing of the application.
(g) A statement setting forth the distinct number of and percentage total of all persons named on the list to be provided pursuant to paragraph (2)(f) who are residents of Georgia.
(h) A statement setting forth proposed findings of fact which the applicant requests that the Commissioner find and incorporate in the Commissioner's written decision with respect to the application.
(i) A statement as to whether the applicant intends to rely on the exemption from federal securities registration provided for in Section 3(a)(10) of the Securities Act of 1933, 15 U.S.C. § 77 c(a)(10).
(j) Any additional information which the applicant desires the Commissioner to consider. The Commissioner may require the applicant to submit other information in addition to the information required by this Rule. The Commissioner may also waive or modify the requirements of this Rule by allowing the applicant to submit less information than this Rule would otherwise require.
(3) The application shall be accompanied by the following documents:
(a) All written agreements, and accompanying appendices, exhibits and/or attachments, governing the proposed transaction.
(b) All press releases or other media announcements regarding the proposed transaction disseminated by any party to the proposed transaction.
(c) A draft copy of the notice of the requested hearing to be held by the Commissioner in connection with the application that the applicant plans to mail to all persons to whom the applicant proposes to issue securities or to deliver other consideration in the proposed transaction.
(d) An audited balance sheet, prepared in accordance with generally accepted accounting principles applicable in the United States ("US GAAP"), as of the close of the most recent fiscal year of any person whose securities will be issued or exchanged in the proposed transaction.
(e) An audited income statement, prepared in accordance with US GAAP, for the most recent fiscal year of any person whose securities will be issued or exchanged in the proposed transaction.
(f) All valuation or fairness opinions identified in paragraph (2)(c), including all materials supporting any parties' valuation of the securities or other consideration to be issued or exchanged in the proposed transaction.
(g) Any other documents which the applicant desires the Commissioner to consider. The Commissioner may require the applicant to submit other documents in addition to the documents required by this Rule. The Commissioner may also waive or modify the requirements of this Rule by allowing the applicant to submit fewer documents other than those which this Rule would otherwise require.
(h) A non-refundable filing fee of five hundred dollars ($500.00).
(i) A written undertaking to pay, upon receipt of an invoice from the Commissioner, the fees and costs required by paragraph (4)(d) of this Rule.
(j) A completed and notarized Form U-2, Uniform Consent to Service of Process.
(4) The procedure following application shall be as follows:
(a) The Commissioner may inform the applicant of any deficiencies in the application or of any additional information or documents required and may require the applicant to amend or resubmit the application prior to setting a date for the hearing.
(b) The Commissioner, in his sole discretion, may retain an independent valuation consultant to review all of the materials submitted in paragraph (2)(f) of this Rule.
(c) Upon the filing of an application complying with the provisions of this Rule, correction of any deficiencies and/or amendment of the application as necessary, and receipt of all materials requested by the Commissioner, the Commissioner will, within a reasonable period of time, inform the applicant of the date, hour and place of the hearing.
(d) Upon the Commissioner's issuance of a Notice of Hearing pursuant to Rule 590-4-6-.07, the applicant shall remit to the Commissioner a non-refundable fairness proceeding fee of seven thousand five hundred dollars ($7,500.00) and shall reimburse the Commissioner for all costs incurred by the Commissioner in connection with the fairness proceeding, including any costs in connection with the retention of any independent valuation consultant.
(e) The applicant shall mail by United States Mail, Postage Prepaid, notice of such hearing to all persons to whom it is proposed to issue securities or to deliver such other consideration in such exchange, not less than 14 days prior to such hearing. The applicant shall provide to the Commissioner, on or before the date of the hearing, a certification that the notice of hearing has been so mailed.
(f) An evidentiary hearing shall be held by the Commissioner pursuant to Chapter 590-4-6 of the Commissioner's Rules, and the Georgia Administrative Procedure Act, O.C.G.A. § 50-13-1, et seq.
(g) The applicant shall have the burden of proving the applicability of its claim for exemption under O.C.G.A. § 10-5-11(9).

Rule 590-4-2-.10 Repealed

Rule 590-4-2-.11 Repealed

Rule 590-4-2-.12 Repealed

Rule 590-4-2-.13 Repealed

Rule 590-4-2-.14 Repealed

Rule 590-4-2-.15 Repealed

Rule 590-4-2-.16 Repealed

Rule 590-4-2-.17 Repealed

Rule 590-4-2-.18 Repealed

Rule 590-4-2-.19 Repealed

Rule 590-4-2-.20 Repealed