(a) In general. A timely motion for rehearing is a prerequisite to an appeal in a contested case except that a motion for rehearing of a decision or order that is final under the Act, §23-2.E, is not a prerequisite for appeal. Rather, a decision or order affirming or modifying an emergency order under the Act, §23-2.E, is immediately final and appealable.     
      (b) A party's motion for rehearing must be filed with the Securities Commissioner not later than the 20th day after the date on which the party or the party's attorney of record is notified of the Commissioner's decision or order on the Administrative Law Judge's Proposal for Decision in the manner prescribed by the APA. A motion for rehearing must set forth the particular finding(s) of fact, conclusion(s) of law, ruling(s), or other action(s) which the complaining party asserts were in error, such as violation of a constitutional or statutory provision(s), lack of authority, unlawful procedure(s), lack of substantive evidence, abuse of discretion or other error(s) of law, or other good cause specifically described in the motion. In the absence of specific grounds in the motion, the Commissioner shall presume that the motion should be overruled.     
      (c) A reply to a motion for rehearing must be filed not later than the 30th day after the date on which the party or the party's attorney of record is notified of the Commissioner's decision or order on the Administrative Law Judge's Proposal for Decision in the manner prescribed by the APA.     
      (d) The Commissioner shall act on a motion for rehearing not later than the 45th day after the date on which the party or the party's attorney of record is notified of the Commissioner's decision or order on the Administrative Law Judge's Proposal for Decision in the manner prescribed by the APA or the motion for rehearing is overruled by operation of law.     
      (e) The Commissioner may by written order extend the time for filing a motion for rehearing, for filing a reply thereto, or for taking action in relation thereto under this section, except that an extension may not extend the period for action beyond the 90th day after the date on which the party or the party's attorney of record is notified of the Commissioner's decision or order on the Administrative Law Judge's Proposal for Decision in the manner prescribed by the APA.     
      (f) In the event of an extension, a motion for rehearing is overruled by operation of law on the date fixed by the order or, in the absence of a fixed date, 90 days after the date on which the party or the party's attorney of record is notified of the Commissioner's decision or order on the Administrative Law Judge's Proposal for Decision in the manner prescribed by the APA.     
     Source Note:        The provisions of this §105.17 adopted to be effective April 3, 2012, 37 TexReg 2165