108.512. Notification of approval, rejection — expiration of approved allocation.

209 words·~1 min read·/mo/chapter-108/108-512

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

108.512. Notification of approval, rejection — expiration of approved allocation. — 1. Within ten business days after receipt of an application, the director shall notify the issuer (by first class mail) that:

(1)The application has been approved and the amount of the approved allocation;

(2)The application has been denied; or

(3)The application has been placed on hold pending receipt of additional information with respect to the application or pending a review of the effect of approving the application on the state ceiling for such year.

2. Unless an extension is approved by the director as provided in subsection 1 of section 108.518 or a carry-forward election is approved by the director pursuant to section 108.522 , such approved allocation shall expire on the earliest of:

(1)11:59 p.m. central standard time on the date which is sixty days from the date the approved allocation is mailed to the issuer or such other date as has been specified by the director in his notification of such approved allocation;

(2)The date upon which such approved allocation is voluntarily surrendered to the director by the issuer; or

(3)11:59 p.m. central standard time on December eighteenth of each year.

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(L. 1987 S.B. 351 § 108.509)

Effective 1-1-88