§  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]