(a) Except as hereinafter provided, the effective date of the registration, or any amendment thereto, shall be the 45th day after the filing thereof or such earlier date as the agency may determine, having due regard to the public interest and the protection of purchasers. If any amendment to any such registration is filed prior to the effective date, the registration shall be deemed to have been filed when such amendment was filed.

(b) If it appears to the agency that the application for registration, or any amendment thereto, is on its face incomplete or inaccurate in any material respect, the agency shall so advise the developer prior to the date the registration would otherwise be effective. Such notification shall serve to suspend the effective date of the filing until the 45th day after the developer files such additional information as the agency shall require. Any developer, upon receipt of such notice of suspension may request a hearing, and such hearing shall be held within thirty (30) days of receipt of such request.