(a) An issuer may:
(1) refuse to accept a reservation if the amount of state ceiling available is less than the amount for which the issuer applied; or
(2) refuse to accept a reservation for any amount if the reservation is granted after September 23.
(b) The amount of available state ceiling is subject to the grant of a reservation to each succeeding issuer eligible to be granted a reservation of that available state ceiling in the order of priority under this subchapter.

(c) An issuer’s refusal to accept a reservation does not affect the issuer’s order of priority for a subsequent grant of a reservation.