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Electronic Code of Federal Regulations

e-CFR data is current as of January 15, 2020

Title 12Chapter XPart 1012Subpart D → §1012.220


Title 12: Banks and Banking
PART 1012—SPECIAL RULES OF PRACTICE (REGULATION L)
Subpart D—Adjudicatory Proceedings


§1012.220   Hearings—notice of proceedings subsequent to effective date.

(a) A developer, upon receipt of a notice of proceedings issued pursuant to §1010.45(b)(1) of this chapter, may obtain a hearing by filing a written request in accordance with the instructions regarding such request contained in the notice of proceedings. Such a request must be filed within 15 days of receipt of the notice of proceedings and must be accompanied by an answer conforming to the requirements of §1081.201(b) and (c).

(b) When a hearing is requested pursuant to paragraph (a) of this section, such hearing shall be held within 45 days of receipt of the request by the Director unless it is determined that it is not in the public interest. The time and place for hearing shall be fixed with due regard for the public interest and the convenience and necessity of the parties or their representatives.

(c) Failure to answer within the time allowed by paragraph (a) of this section or failure of a developer to appear at a hearing duly scheduled shall result in an appropriate order under §1010.45(b)(1) of this chapter suspending the statement of record. Such order shall be effective as of the date of service or receipt.

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