An interested person may submit to the Board of Trustees a petition for the adoption, amendment, or repeal of any regulation under this title. A copy of the petition shall also be filed with the Executive Director. The petition shall: Be in writing; Include: The name, address, and telephone number of the interested person, and If the interested person is an individual, the Social Security number of the interested person; State the regulation or amendment the petition proposes or refer to any existing regulation the petition seeks to have amended or repealed; and Contain a brief statement of the reasons in support of the proposed adoption, amendment, or repeal of the regulation. Within 60 days after receipt of the petition, the Secretary to the Board of Trustees shall notify the petitioner in writing that the Board of Trustees: Denied the petition, in whole or in part, stating the reasons for the denial; or Initiated appropriate procedures for adoption, amendment, or repeal of the regulation in accordance with the petition.