(1) Pursuant to 30-10-105(8) (b) , MCA, securities offered or sold in accordance with all the conditions set forth in this rule are exempt from the requirements of 30-10-201 through 30-10-207, MCA. This exemption may be cited as the "second tier limited offering exemption."

(2) An issuer using the second tier limited offering exemption shall file with the commissioner of securities:

(a) an original, manually signed copy of the second tier limited offering exemption form;

(b) a filing fee of $50.00;

(c) a consent to service of process which is attached to and made part of the second tier limited offering exemption form;

(d) such other information as the commissioner of securities may require.

(3) Upon the entry to an order denying or revoking the approval of this exemption, the commissioner of securities shall promptly notify the issuer of the securities that an order has been entered and of the reasons therefor and that, if requested by the issuer within 15 days after the receipt of the commissioner of securities' order, the matter will be promptly set down for hearing. If no hearing is requested within 15 days and none is ordered by the commissioner of securities, the order will remain in effect until it is modified or vacated by the commissioner of securities. If a hearing is requested or ordered, the commissioner of securities, after notice of and opportunity for hearing, may affirm, modify, or vacate the order.