1. (a) Each venture firm shall be required to make equity investments in an amount not less than 50% of the capital allocated to qualified businesses within 3 years of each capital allocation.
2. (b) In regards to venture firms that have received an allocation before June 1, 2019, the requirements of subsection (a) of this section shall apply as of June 1, 2019.

3. (c) In the event that a venture firm fails to meet the requirements of subsection (a) of this section, the Corporation shall:

   1. (1) rescind the allocation and authorization for that firm from the date of noncompliance with subsection (a) of this section and remove that firm's certification for participation in the program;
   2. (2) cease making the payment of management and other fees to the venture fund from the date of noncompliance with subsection (a) of this section; and
   3. (3) consult and coordinate with the Office of the Attorney General for the recovery of any funds, as may be necessary.

Added as Economic Development § 10-494 by Acts 2019, c. 487, § 1, eff. June 1, 2019; Acts 2019, c. 488, § 1, eff. June 1, 2019. Renumbered as Economic Development § 10-4A-22 by Acts 2020, c. 580, § 1, eff. Oct. 1, 2020.