CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 370 CORPORATE APPLICATIONS FOR BANKS AND CORPORATE FIDUCIARIES
SECTION 370.70 PROCESSING OF APPLICATIONS OR NOTICES; ACCEPTANCE; ABANDONMENT
Section 370.70 Processing of Applications or Notices; Acceptance; Abandonment
a) On or before the 15th business day after initial submission of an application, the Director shall issue a written notice informing the applicant either that the application is complete and accepted for processing or that the application is deficient and specific additional information is required. All required information necessary for the Director to declare that a submission is an accepted filing, including the filing fee, shall be provided to the Director on or before the 31st calendar day after the date of the Director's written information request. However, if, within the 30 day timeframe prescribed in the information request letter, the applicant submits a written request for an extension, the Director may grant an additional 30 days within which to submit the information, upon a finding of good and sufficient cause. If the applicant fails to submit the required information within the specified timeframe, the Director shall determine the application to be abandoned, without prejudice to the right to refile.
b) After the Director accepts an application, he or she may request additional information in order to make any required statutory findings and to make a fully informed decision. This request for additional information shall be in writing. All requested information shall be provided to the Director on or before the 31st calendar day after the date of the Director's letter. However, if, within the 30 day timeframe prescribed in the letter, the applicant submits a written request for an extension, the Director may grant an additional 30 days within which to submit the information, upon a finding of good and sufficient cause. If the applicant fails to submit the requested information within the specified timeframe, the Director shall determine the application to be abandoned, without prejudice to the right to refile.
c) The Director shall give written notice of any submitted or accepted filing determined to be abandoned. Notice of abandonment shall be effective upon the Director's mailing.