285—1.8 (17A) Petition to promulgate, amend or repeal a rule. An interested person or legal entity may petition the authority requesting promulgation, amendment or repeal of a rule. The petition shall be in writing, signed by or on behalf of the petitioner and shall contain a statement of:
	  1. 	 The rules sought to be promulgated, amended or repealed. A rule proposed to be amended shall be stated in full with proposed deletion enclosed in brackets and proposed additions underlined.
	  2. 	 Factual rationale for the proposed action.
	  3. 	 Any propositions of law to be asserted.
	  4. 	 Factual account of impact on petitioner of proposed action.
	  5. 	 Name and address of petitioner and any other person or entity known to be interested in the rule sought to be adopted, amended or repealed.
The petition should be typed or printed, and captioned BEFORE THE IOWA ADVANCE FUNDING AUTHORITY, and shall be deemed filed when received by the executive director. Upon receipt of the petition, the executive director shall:
	  1. 	 Within ten days, mail a copy of the petition to any parties named therein. The petition shall be deemed served on the date of mailing to the last known address of the party being served.
	  2. 	 Submit petition to the authority at the next scheduled meeting, with recommended action.
	  3. 	 Within 60 days after the date of receipt of petition, either deny the petition or initiate rule-making proceedings in accord with Iowa Code chapter 17A.
In the event of denial of a petition, the authority shall issue an order setting forth the reasons for denial of the petition. The order shall be mailed to the petitioner and all other persons upon whom a copy of the petition was served.