15.15 Notice of Action

A. The Review Board’s final decision will be communicated in a Notice of Action within 10 business days of the receipt of the Lender’s information and/or the informal conference. The Notice of Action will be sent electronically and by overnight delivery to the MAP Lender’s contact person as listed on the MAP web site.

• B. The Notice of Action will:

1. State the nature and duration of the sanction.

2. State the violations and any factual findings.

3. Inform the MAP Lender of its right to an appeal conference; and

4. May add to or modify the reasons for the decision that were stated in the Notice of Violation.

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Chapter 15 Oversight of MAP Program Requirements 15.16 Appeal Conference and Procedures

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C. A copy of the administrative record will be sent to the Lender by overnight delivery within one business day after the issuance of the Review Board’s Notice of Action.

D. The Review Board may issue a Notice of Action to immediately place a Lender on probation or suspension, or to terminate a Lender, without first issuing a Notice of Violation when there is an imminent need to protect the financial interests of HUD and the U.S. Government. No such action shall be taken except upon the written recommendation of the Director of COB with the approval of the DAS for Multifamily Housing, and upon a determination by the Review Board that immediate action is necessary. In such a case, the Lender shall be promptly notified of the Board's decision and the reasons for it in accordance with Section 15.15.A and Section 15.15.B, above, and shall have the right to submit materials to the Board and appear before the Board to seek a prompt reconsideration of the Board's action.