[Code of Federal Regulations]
[Title 49, Volume 4]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 49CFR365.409]

[Page 830]
 
                        TITLE 49--TRANSPORTATION
 
                      DEPARTMENT OF TRANSPORTATION
 
PART 365_RULES GOVERNING APPLICATIONS FOR OPERATING AUTHORITY--Table of 
Contents
 
      Subpart D_Transfer of Operating Rights Under 49 U.S.C. 10926
 
Sec. 365.409  FMCSA action and criteria for approval.

    A transfer will be approved under this section if:
    (a) The transaction is not subject to 49 U.S.C. 14303; and
    (b) The transaction is consistent with the public interest; however,
    (c) If the transferor or transferee has an ``Unsatisfactory'' safety 
fitness rating from DOT, the transfer may be denied. If an application 
is denied, the FMCSA will set forth the basis for its action in a 
decision or letter notice. If parties with ``Unsatisfactory'' safety 
fitness ratings consummate a transaction pursuant to the 10-day rule at 
Sec. 365.405 of this part prior to the notification of FMCSA action, 
they do so at their own risk and subject to any conditions we may impose 
subsequently. Transactions that have been consummated but later are 
denied by the FMCSA are null and void and must be rescinded. Similarly, 
if applications contain false or misleading information, they are void 
ab initio.

[53 FR 4852, Feb. 18, 1988, as amended at 56 FR 46735, Sept. 16, 1991; 
62 FR 49940, Sept. 24, 1997]