(a) Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this act may deny, suspend application of, condition, limit, or revoke an exemption created under section 409.2-201(3)(C), (7) or (8) or 409.2-202 or an exemption or waiver created under section 409.2-203 with respect to a specific security, transaction, or offer. An order under this section may be issued only pursuant to the procedures in section 409.3-306(d) or 409.6-604 and only prospectively.

(b) A person does not violate section 409.3-301, 409.3-303 to 409.3-306, 409.5-504, or 409.5-510 by an offer to sell, offer to purchase, sale, or purchase effected after the entry of an order issued under this section if the person did not know, and in the exercise of reasonable care could not have known, of the order.