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Electronic Code of Federal Regulations

e-CFR data is current as of February 27, 2020

Title 12Chapter XPart 1012Subpart D → §1012.238


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


§1012.238   Notices of proceedings to terminate exemptions.

A proceeding to terminate a self-determining exemption under §1010.14 or an exemption order under §1010.15 or §1010.16 is commenced by issuance and service of a notice which shall contain:

(a) In the case of an exemption under §1010.14, an identification of the developer and subdivision to which this notice applies. In the case of an exemption under either §1010.15 or §1010.16, an identification of the exemption order to which the notice applies.

(b) A clear and concise statement of material facts, sufficient to inform the respondent with reasonable definiteness of the basis for the Director's determination that further exemption from the registration and disclosure requirements is not in the public interest or that the sales or leases do not meet the requirements for exemption, or both.

(c) A notice of hearing rights of the respondent under §1012.239 and of the procedures for invoking those rights.

(d) A notice that failure to file an answer conforming to the requirements of §1081.201(b) and (c) will result, in the case of a notice issued under §1010.14, in an order terminating eligibility for the exemption, or, in the case of a notice issued under either §1010.15 or §1010.16, in an order terminating the exemption order.

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