Section 195.200  Hearing Procedures

a)         Pursuant to Section 28 of the Act, request for a hearing subsequent to suspension of operation of a Development Credit Corporation shall be accompanied by a surety in which the applicant shall be the obligor in the amount of $1,000 guaranteeing payment of costs of such hearing.  This surety may be in the form of a bond, deposit in cash, or certified check payable to the Director of Financial Institutions, and shall be returned to the petitioner on proof of payment of costs.  If the costs are not paid within 20 days of the conclusion of the hearing, the Director may authorize their payment from the surety returning any balance to the petitioner.

b)         The Director shall notify the petitioner by registered or certified mail, return receipt requested, of the date, time and place of the hearing.

c)         The Director shall designate in writing, a Hearing Officer who shall have the authority to:

1)         Examine or permit examination of any witness under oath;

2)         Determine the order of appearance of all parties;

3)         Receive all evidence and testimony and rule on its admissibility as well as require the production of any relevant document or witness;

4)         Rule on objections to evidence;

5)         Require any party or his attorney to provide proposed findings of fact or conclusions of law for consideration in his report; and

6)         Make a written report with recommendations to the Director which shall include findings of fact and conclusions of law with respect to the claim. Findings of fact shall be based exclusively on the evidence and on matters officially noticed.