The Secretary of Development shall prepare, in consultation with the Secretary of the Treasury and the Executive Director, those regulations as necessary to render the provisions and purposes of this chapter effective. The Secretary of the Treasury shall approve regulations, in consultation with the Secretary of Development and the Executive Director, on matters concerning the granting and assignment or sale of tax credits under §§ 10645 and 10646 of this title. Said regulations shall also be subject to the provisions of §§ 2101 et seq. of Title 3, known as the 'Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico'. Except to the extent these are inapplicable or inconsistent with the provisions of this chapter, the regulations submitted under §§ 10101 et seq. of this title, shall continue to be in effect until new regulations are approved. The absence of any of the regulations contemplated by this chapter shall not impede the application thereof. Any regulations required or allowed under this chapter shall be submitted to the Office of the Clerk of the House of Representatives and to the Office of the Secretary of the Senate of Puerto Rico for their approval.

equired or allowed under this chapter shall be submitted to the Office of the Clerk of the House of Representatives and to the Office of the Secretary of the Senate of Puerto Rico for their approval. Both Chambers shall consider such regulations within thirty (30) days as of their receipt. In the event that both Chambers fail to make a determination within the terms provided for above, the regulations shall be deemed to be approved. History —May 28, 2008, No. 73, art. 1, § 19, eff. July 1, 2008.