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]