(1) Except as provided in subsection (2) of this section, the effective date of the registration, or any amendment thereto, shall be the sixtieth day after the filing thereof or such earlier date as the commission 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.

(2) If it appears to the commission that the application for registration, or any amendment thereto, is on its face incomplete or inaccurate in any material respect, the commission shall notify 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 sixtieth day after the developer files such additional information as the commission shall require. If the developer fails to provide additional information as required by the commission within ninety days after receiving notice, the commission may deny the application or amendment. Any developer, upon receipt of such notice of suspension may request a hearing, and such hearing shall be held within forty-five days after receipt of such request.

(3) If an application or amendment is denied by the commission, the developer shall submit a new application for registration or amendment and any filing fees pursuant to section 76-1734.