1. (a) Within thirty (30) days of receiving the Arkansas Economic Development Commission notice of certification, the QCDE or any transferee shall issue the qualified equity investment and receive cash in the amount of the certified amount.
2. (b) The QCDE or any transferee must provide the commission with evidence of the receipt of the cash investment within ten (10) business days after receipt.

3. (c)

   1. (1) If the QCDE or any transferee does not receive the cash investment and issue the qualified equity investment within thirty (30) days following receipt of the certification notice, the certification shall lapse, and the qualified equity investment cannot be issued without reapplying to the commission for certification.

   2. (2) Lapsed certifications revert back to the commission and are reissued:

      1. (A) First, pro rata to any other applicants whose qualified equity investment allocations were reduced under Arkansas Code § 15-4-3605(d); and
      2. (B) Second, in accordance with the application process.

Codification Notes: "QCDE" means qualified community development entity.