3712  PROCEDURES REGARDING EXCESS CONTRIBUTIONS

3712.1  The Director shall determine whether any contribution made to a person was in excess of the aggregate maximum to which the person was entitled.

3712.2  Upon a determination of excess contribution, pursuant to §3712.1, the Director shall notify the person in writing of the following:

(a) The amount of the excess contribution;

(b) The expectation of repayment to the contributor of the amount equal to the excess contribution; and

(c ) Repayment should be accomplished within ten (10) days of the notice.

3712.3  Any person required by the Director to pay an excess contribution, pursuant to §3712.1, may apply in writing to the Director for an extension of time in which to repay the excess contribution.

3712.4  The Director may grant an extension for a reasonable amount of additional time for good cause to any person who files an application, pursuant to §3712.3.

3712.5  If the person disputes the Director’s determination, pursuant to §3712.1, the person shall advise the Director in writing within seven (7) days upon receipt of the notice issued pursuant to §3712.2.

3712.6  Within ten (10) days after receipt of the person’s notice, pursuant to §3712.5, the Director shall schedule and conduct an informal hearing, in accordance with §3709.