(1) Except as otherwise provided, the effective date of the registration or any amendment is forty-five (45) days after its filing or such earlier date as the Arkansas Real Estate Commission may determine, having regard for the public interest and the protection of purchasers.
(2) If an amendment to a registration is filed before the effective date, the registration is considered to have been filed when the amendment was filed.
(3) If it appears to the commission that the application for registration or an amendment to the registration is on its face incomplete or inaccurate in any material respect, the commission shall so advise the developer by listing each deficiency in writing before the date the registration would otherwise be effective.
(4) The notification of the deficiency serves to suspend the effective date of the filing until ten (10) days after the developer files the additional information as required by the commission.
(5) Any developer, upon receipt of the notice of deficiencies, may request a hearing.
(6) The hearing shall be held within thirty (30) days of receipt of the request.