Sec. 04.01.03.03. Consideration and Disposition

A. The Secretary shall consider the petition and may, at his discretion, issue the declaratory ruling requested. The Secretary may require argument on the petition. Any declaratory ruling issued shall plainly state that it is a declaratory ruling pursuant to this regulation. A written answer from the Secretary or any employee of the Department to an inquiry may not be construed to be a declaratory ruling unless made in conformity with this regulation.

B. As to the petitioner, a declaratory ruling shall be binding upon the Secretary as to any transaction covered thereby, entered into before the date of the declaratory ruling, and any transaction entered into in reliance upon the declaratory ruling unless, after the issuance of the declaratory ruling and before any affected transaction, a change in the legal basis of the declaratory ruling is made by statute, regulation, or judicial decision. With prospective effect only, a declaratory ruling may be revoked, altered, or amended by the Secretary, at any time.

C. The Secretary may publish declaratory rulings of general interest, subject to protection of the identity of the petitioner and any confidential information contained in the petition for declaratory ruling.