The revision of this rule chapter will permit DEO to remove unnecessary language already defined by statute and more efficiently administer the Black Business Loan Program while ensuring compliance with the statutory intent of Section 288.7102, ...

 

DEPARTMENT OF ECONOMIC OPPORTUNITY

Division of Community Development

RULE NOS.:RULE TITLES:

73C-1.001Definitions and Forms

73C-1.002Application Process

73C-1.003Program Implementation

PURPOSE AND EFFECT: The revision of this rule chapter will permit DEO to remove unnecessary language already defined by statute and more efficiently administer the Black Business Loan Program while ensuring compliance with the statutory intent of Section 288.7102, Florida Statutes.

SUBJECT AREA TO BE ADDRESSED: Definitions for subject matter referenced within Section 288.7102, F.S., but not specifically defined; program application process; removal of unnecessary language.

RULEMAKING AUTHORITY: 288.7102(7) FS.

LAW IMPLEMENTED: 288.7094(2), 288.7102 FS.

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE REGISTER.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT IS: Stacy Bouie, Grants Specialist V, Department of Economic Opportunity, 107 East Madison Street, Caldwell Building, Tallahassee, Florida 32399, [phone]

 

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:

 

73C-1.001 Definitions and Forms.

(1) through (13) No change.

(14) “Program Funds” or “State Funds” are all funds provided by the Department to a Recipient under the Program as well as all income and return of equity generated through the use of those funds. All such funds shall revert back to the Department, and all evidence of an obligation to repay Program Funds including, but not limited to, promissory notes, mortgages, stock certificates, judgments, and liens, shall be assigned to the Department should any of the following occur: expiration or termination of the agreement between the Department and a Recipient, decertification of a Recipient, denial of recertification of an Existing Recipient, or the Program is allowed to sunset or is repealed by the Florida Legislature.

(15) “Reasonable Profit(s)” means the direct administrative costs authorized by Section 288.7102(8)(c), F.S., and which advance the purpose of the Program as defined in Section 288.7102(10), F.S., as well as those moneys collected through origination, closing, and servicing fees, charged by a Recipient and which are consistent with the industry standards for non-governmental lending. Money acquired by a Recipient through the charging of late fees or generated through the use of a collection agency do not fall under this definition.

(16) through (18) No change.

Rulemaking Authority 288.7102(7) FS. Law Implemented 288.7102 FS. History–New 9-1-08, Amended 10-10-10, Formerly 27M-3.001, Amended 6-25-14,________.

 

 

73C-1.002 Application Process.

(1) through (7) No change.

(8) A Certified Applicant shall submit a signed agreement to the Department within 45 days after its receipt of the agreement. A Certified Applicant’s failure to timely do so will result in a denial of its application. An extension of the 45 day deadline for the return of the agreement may be granted by the Department if good cause is provided by the Certified Applicant.

(9) No change.

Rulemaking Authority 288.7102(7) FS. Law Implemented 288.7102 FS. History–New 9-1-08, Amended 10-10-10, Formerly 27M-3.002, Amended 6-25-14,________.

 

 

73C-1.003 Program Implementation.

(1) through (4) No change.

(5) Financial Audits.

(a) through (b) No change.

(c) An Existing Recipient shall not employ the same independent certified public accountant or accounting firm for more than three consecutive years to prepare its annual financial audit. A Recipient’s failure to change its independent certified public accountant or accounting firm shall result in the Department denying the Existing Recipient’s Application for Recertification.

Rulemaking Authority 288.714, 288.7102(7) FS. Law Implemented 288.714, 288.7102 FS. History–New 9-1-08, Amended 10-10-10, Formerly 27M-3.003, Amended 6-25-14,________.