108.512. Notification of approval, rejection--expiration of approved allocation. - Missouri Statutes

Notification of approval, rejection--expiration of approvedallocation.

108.512. 1. Within ten business days after receipt of anapplication, the director shall notify the issuer (by first classmail) that:

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

(2) The application has been denied; or

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

2. Unless an extension is approved by the director asprovided in subsection 1 of section 108.518 or a carry-forwardelection 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 issixty days from the date the approved allocation is mailed to theissuer or such other date as has been specified by the directorin his notification of such approved allocation;

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

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

(L. 1987 S.B. 351 § 108.509)

Effective 1-1-88