A. A parent company may apply for and be granted a certificate of exemption on behalf of an entity that allows a responsible individual, as prescribed in section 6-903, subsection H, to reside out of state if the responsible individual meets the following criteria:

1. Is a natural person.

2. Meets all of the requirements pursuant to this article.

3. Receives notification from the parent company that the parent company was granted a certificate of exemption by the director.

B. The parent company must apply on behalf of the entity and submit an attestation form as prescribed by the director that the parent company meets all of the following requirements:

1. Maintains a physical presence in this state.

2. Does not have any disciplinary actions by the department.

3. Has a class of securities registered with the United States securities and exchange commission.

C. The applicant shall pay all applicable fees as prescribed in rule.

D. The director may revoke the certificate if the director finds either of the following:

1. The interests of the consumer are not met.

2. The requirements of the responsible individual prescribed by this section are not met.

E. The duration of the certificate of exemption is continuous during the license period unless the certificate of exemption is revoked pursuant to this section.

F. If the director denies the application for or revokes a certificate of exemption, the director shall issue an order outlining the findings of fact, conclusions of law and reasons for the denial or revocation. The applicant has a right to a hearing pursuant to Title 41, Chapter 6, Article 10.

G. The director may prescribe rules to carry out this section.