Section 54-7-720 - Exclusive license; delayed issuance or denial ; reconsideration(A)(1) The institute may approve an exclusive license application from a commercial applicant but delay issuance of the license until the following conditions have been satisfied within a time period determined by the institute: (a) the applicant has designated and, if required, placed into escrow the costs associated with the institute's monitoring of the work undertaken, if monitoring is required by the institute;(b) the applicant has identified and received the institute's approval of the facility proposed to conduct conservation of any recovered artifacts and fossils needing stabilization or articulation;(c) in the case of a data recovery license, the institute and the applicant have agreed upon all issues of disposition and title to submerged archaeological historic property or submerged paleontological property which may be recovered by the applicant;(d) the applicant has furnished the institute with a form of assurance acceptable to the institute and adequate to guarantee that if work under the license is interrupted or abandoned, the necessary archaeological and/or paleontological fieldwork, analysis, report preparation, conservation, and curation will be carried out in accordance with the research plan approved by the institute. This assurance may be in the form of escrowed funds, a letter of credit, a performance bond, or other type of assurance acceptable to the institute. The type and amount of assurance may be negotiated between the applicant and the institute, but the amount normally must be a sum equal to at least one-third the amount budgeted and approved by the institute for field recovery, unless a lesser amount is determined by the institute to be acceptable; and(e) any other condition that the institute considers necessary to protect the integrity of submerged archaeological historic property or submerged paleontological property.(2) The requirements of item (1) of this subsection also apply to noncommercial applicants for exclusive licenses who are seeking title to submerged archaeological historic property or submerged paleontological property, other than an agency or unit of the State.(B) If the institute determines not to issue a license, the institute shall issue a written notice of denial.(C)(1) An applicant may request reconsideration of a denial by submitting a written request to the institute which must be received within thirty days following the date of the institute's denial notice. The request for reconsideration must address each reason for the denial and provide documentation supporting reasons for reconsideration of the issues.(2) Any person aggrieved by the decision of the institute may request an institute hearing.(3) The hearing must be held and the institute's final decision issued within sixty days of the date of the hearing.1991 Act No. 169, Section 1.