Ga. Comp. R. & Regs. R. 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.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.