1. Short title This Act may be cited as the Consumer Access to Broadband for Local Economies and Competition Act or the CABLE Competition Act . 2. Sales of cable systems (a) In general Section 627 of the Communications Act of 1934 ( 47 U.S.C. 547 ) is amended to read as follows: 627. Conditions of sale or transfer (a) Value of cable system upon sale or transfer (1) After denial of franchise renewal If a renewal of a franchise held by a cable operator is denied and the franchising authority acquires ownership of the cable system or effects a transfer of ownership of the system to another person, any such acquisition or transfer shall be at fair market value, determined on the basis of the cable system valued as a going concern but with no value allocated to the franchise itself. (2) After revocation of franchise for cause If a franchise held by a cable operator is revoked for cause and the franchising authority acquires ownership of the cable system or effects a transfer of ownership of the system to another person, any such acquisition or transfer shall be at fair market value, determined on the basis of the cable system valued as a going concern but with no value allocated to the franchise itself. (b) Limitations on authority of franchising authority with respect to transfer of franchise (1) In general A franchising authority may not— (A) preclude a cable operator from transferring a franchise to any person to which such franchise was not initially granted