(a) Upon receipt of the application from the lender,
the Office shall review the application and determine:
  (1) the current availability of funds under the program;
  (2) the completeness of the application;
  (3) the eligibility of the applicant and the lender;
  (4) the qualified use of proceeds; and
  (5) compliance with the statute and rules.
(b) The Office shall notify the lender of any deficiencies
in the application 24 hours after receipt of the application. The
applicant and the lender may amend the application to comply with
the Office's comments or withdraw the application. Applications found
to be deficient will be considered withdrawn if the amended application
is not received by the Office within 15 business days of the date
the lending institution is notified of the deficiency.
(c) The Office shall retain a copy of the linked deposit
application and forward the original linked deposit application with
the Office's recommendation to the comptroller.


Source Note: The provisions of this §182.55 adopted to be effective February 2, 1994, 19 TexReg 345; amended to be effective November 3, 1997, 22 TexReg 10639; amended to be effective December 3, 2002, 27 TexReg 11142; amended to be effective August 5, 2012, 37 TexReg 5733