Sec.  76.502   Time limits applicable to franchise authority consideration of
transfer applications.

   (a) A franchise authority shall have 120 days from the date of submission of
   a completed FCC Form 394, together with all exhibits, and any additional
   information required by the terms of the franchise agreement or applicable
   state or local law to act upon an application to sell, assign, or otherwise
   transfer controlling ownership of a cable system.

   (b) A franchise authority that questions the accuracy of the information
   provided under paragraph (a) must notify the cable operator within 30 days
   of the filing of such information, or such information shall be deemed
   accepted, unless the cable operator has failed to provide any additional
   information reasonably requested by the franchise authority within 10 days
   of such request.

   (c) If the franchise authority fails to act upon such transfer request
   within 120 days, such request shall be deemed granted unless the franchise
   authority and the requesting party otherwise agree to an extension of time.

   [ 61 FR 15388 , Apr. 8, 1996]