The registration of a registered seller of a business opportunity that is delinquent in any of the update filings referenced in §97.27 of this title (relating to Delinquent Update Filings) may be terminated by the following procedure.
- (1) After an update is 30 days past the required filing date, the secretary of state shall forward a notice of delinquency.
- (2) The notice will be sent by certified mail to the seller's registered agent or to the last known address shown in the most recent filing with the secretary of state made under the Business Opportunity Act.
- (3) The notice in paragraph (1) of this section shall inform the seller of the delinquency and give such seller the opportunity to show compliance with the required filing in order to retain its registration. Additionally, the notice will inform the seller of its right to request a hearing, present evidence, and be represented by counsel.
- (4) If, within 35 days of the date the notice is mailed, the seller does not respond, file the required updates, or request a hearing, the seller's registration will be terminated and a letter will be sent by certified mail notifying said seller of the termination.
Source Note:The provisions of this §97.28 adopted to be effective October 21, 1991, 16 TexReg 5593.