HRS §485A-204
When the state can take away an exemption
The state can cancel, pause, or limit certain exemptions from securities rules for a specific security or deal, but not for federal covered securities. This can only happen by following specific procedures and only for future actions, not past ones.
businessesstate agencies
The statute, as written — Denial, suspension, revocation, condition, or limitation of exemptions
Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this chapter may deny, suspend application of, condition, limit, or revoke an exemption created under section 485A-201(3)(C), 485A-201(7), 485A-201(8), or 485A-202, or an exemption or waiver created under section 485A-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 485A-305(d) or 485A-604, and only prospectively.
Sections this one refers to
§485A-201 Which securities are exempt from registration requirements
§485A-203 Exemptions and waivers for securities and offers
§485A-305 When the state can stop, suspend, or cancel a securities registration
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