1. (a) Within 14 days of receipt by the Agency of an application and a fee that is sufficient for registration as a dealer, the Dealer Registration Division shall send by United States mail at the Agency's expense, a deficiency letter to the applicant setting forth a list of items or exhibits which either have not been filed or that contain errors or omissions. If the applicant is filing through the central registration depository, deficiency corrections of a procedural, non-disciplinary nature will be handled by the central registration depository.

   1. (1) If an insufficient fee is submitted with the application, the fee will be returned to the applicant along with immediate notification as to the correct amount owed.
   2. (2) The application will be held in abeyance until the correct fee is received by the Agency.
2. (b) Within 14 days of receipt by the Agency of all requested items and exhibits, the division staff shall review the file and, if necessary, shall send by United States mail at the Agency's expense a comment letter setting forth any deviations from the substantive requirements of the Texas Securities Act or Board rules relating to the registration of dealers. This process may be repeated to raise subsequent comments.

3. (c) An application is complete and accepted for filing upon receipt by the agency of the following:

   1. (1) all items required to be filed with the Agency as set forth in the deficiency letter referred to in subsection (a) of this section; and
   2. (2) complete responses to all comments raised by the division during review of the application.
4. (d) Within 14 days of receipt by the Agency of a complete application, the division staff shall review the application and the applicant's responses to initial comments and make a recommendation to grant, deny, or allow withdrawal of the application.
5. (e) Within 14 days of the division staff's recommendation, any remaining issues shall be addressed by the director of the Dealer Registration Division. Additional comments, if any, raised at this stage of review must be communicated to the applicant immediately.
6. (f) The final decision to grant, deny, or allow withdrawal of the application must be made and communicated to the applicant within 14 days of the latter of: the division's recommendation; or receipt by the Agency of complete responses to any remaining comments.

Source Note:The provisions of this §104.5 adopted to be effective May 17, 1988, 13 TexReg 2160; amended to be effective March 14, 1999, 24 TexReg 1769.