(a)
No person shall publish any advertisement concerning any security in this state after the commissioner finds that the advertisement contains any statement that is false or misleading or omits to make any statement necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading and so notifies the person in writing. Such notification may be given summarily without notice or hearing. At any time after the issuance of a notification under this section, the person desiring to use the advertisement may in writing request that the order be rescinded. Upon the receipt of such a written request, the matter shall be set down for hearing to commence within 15 business days after such receipt unless the person making the request consents to a later date. After such hearing, which shall be conducted in accordance with the provisions of the Administrative Procedure Act, Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, the commissioner shall determine whether to affirm and continue or to rescind such order, and the commissioner shall have all the powers granted under such act.
(b)
This section does not apply to any advertisement for any security which is subject to the supervision, regulation or examination of any of the following:
(1)
The Insurance Commissioner.
(2)
The Commissioner of Financial Institutions.
(3)
The Public Utilities Commission.
(4)
The Office of Thrift Supervision.
(5)
The Comptroller of the Currency of the United States.
(6)
The Federal Deposit Insurance Corporation.
(7)
The Board of Governors of the Federal Reserve System.