Rule 110-35-1-.11. Exiting the Program
Rule 110-35-1-.11. Exiting the Program
- (1) On or after the sixth anniversary of the closing date, a rural fund may apply to the Department to exit the program and no longer be subject to regulation under O.C.G.A. § 33-1-25. Such application shall be made on forms promulgated by the Department.
- (2) The Department shall review each application to determine whether credits have been recaptured or whether the rural fund has received a notice of recapture that has not been cured.
- (3) The Department shall notify the rural fund within 30 days of receipt of application to exit the program as to whether the request is approved or denied.
- (4) Denial notices shall include the reason(s) for the determination.
- (5) The state shall receive a 10 percent share of any distributions annually from a rural fund that made a capital investment, other than the amount in excess of equity invested in the rural fund and tax distributions made by the rural fund.
- (6) A rural fund shall distribute all amounts not held in qualified investments no later than the fourteenth anniversary of the closing date.
Authority: O.C.G.A. § 33-1-25.
History. Original Rule entitled "Exiting the Program" adopted. F. Feb. 16, 2018; eff. Mar. 9, 2018, as specified by Agency.