SECTION 190.7. Cancellation, Withdrawal and Penalty Provisions

(a) If the issuer does not timely submit the bond authorization requirements described in §190.3(c) of this title (relating to Filing Requirements for Applications for Reservation), the issuer's reservation is cancelled. If the reservation is cancelled, then the issuer must follow the requirements outlined in Government Code §1372.039.

(b) If the closing documents are not received within five business days after the closing as described in §190.3(e) of this title, the issuer's reservation is cancelled. During the 150-day period beginning on the reservation date of the cancelled reservation for applications within the categories described by Government Code §1372.022(a)(3) and (5), excluding applications for qualified residential rental projects contained in category Government Code §1372.022(a)(5), the 180-day period for an application within the category described by Government Code §1372.022(a)(4), or an application for a qualified residential rental project contained in category Government Code §1372.022(a)(5), and the 210-day period for an application within the categories described by §1372.022(a)(1) and (2) as well as applications for qualified student loan bonds:

(1) the issuer or any other issuer may not submit an application for a reservation for the same project; and

(2) the issuer is eligible for a carryforward designation for the project only as provided by the Act.

(c) Notwithstanding §190.6(c) of this title (relating to Expiration Provisions), if an issuer withdraws an application for reservation prior to the expiration date, there is no penalty for such withdrawal.

(d) A certificate of allocation will not be issued until all required closing documents and the remaining two-thirds of the closing fee have been received by the board.

Source Note: The provisions of this §190.7 adopted to be effective January 3, 1992, 16 TexReg 7646; amended to be effective October 8, 1997, 22 TexReg 9895; amended to be effective October 6, 1999, 24 TexReg 8566; amended to be effective February 27, 2002, 27 TexReg 1338; amended to be effective September 18, 2003, 28 TexReg 8136; amended to be effective April 10, 2008, 33 TexReg 2831; amended to be effective December 2, 2019, 44 TexReg 7403; amended to be effective October 13, 2021, 46 TexReg 6948