73C-1.001. Definitions and Forms  


Effective on Monday, August 25, 2014
  • 1The terms and phrases defined herein and used throughout section 11288.7102, F.S., 13and chapter 73C-1, F.A.C., apply only during the fiscal year in which a Certified Applicant receives an award of funds under the Program. Terms and phrases not defined by statute or rule shall be construed according to their plain meaning.

    53(1) “Applicant” means a corporation registered in Florida that seeks certification or recertification to become a Recipient or a New Recipient of funds appropriated by the legislature for the purpose of providing loans, loan guarantees, or investments, in black business enterprises under the Program.

    97(2) “Application Period” means the annual period during which an Applicant may submit an application to the Department, which is May 1 through June 1 (or the next business day if June 1 is a Saturday, Sunday, or legal holiday) of each year.

    140(3) “Certified Applicant” means an Applicant that has received notice from the Department certifying that the Applicant is qualified to receive an award of funds under the Program.

    168(4) 169“Conflict Statement” means the Florida Department of Economic Opportunity Form DEO/CD 7102-3, 181http://www.flrules.org/Gateway/reference.asp?No=Ref-04103; 183effective date: June 25, 2014, which is hereby adopted and incorporated by reference.

    196(5) “Department” means the Department of Economic Opportunity, whose address is 107 East Madison Street, Caldwell Building, Tallahassee, Florida 32399-4128.

    216(6) “Direct Administrative Cost” means a Recipient’s expenses, as authorized and limited by section 230288.7102(8)(c), F.S., 232which are made or incurred by a Recipient, in order to operate its business in compliance with the Program.

    251(7) “Direct Investment” means a Recipient’s purchase of stock, common or preferred, voting or nonvoting, in a black business enterprise.

    271(8) “Existing Recipient” is an Applicant that was a Recipient during the fiscal year immediately preceding the submittal of its Application for Recertification, Form DEO/CD 7102-2.

    297(9) “Instance(s) of Material Noncompliance” occur(s) when a financial audit reveals a violation of, or a failure by an Applicant to follow, the compliance requirements of state or federal law or the Applicant’s most recent fiscal year program agreement. An Instance of Material Noncompliance can occur through an individual violation, through the failure to follow compliance requirements, or can be aggregated with multiple violations or failures to follow compliance requirements. An audit which reveals or has a finding that is not specifically labeled as an Instance of Material Noncompliance shall be considered to be an Instance of Material Noncompliance if it otherwise meets this definition.

    402(10) “Material Weakness” occur(s) where a financial audit reveals an area of concern in a Recipient’s internal compliance controls such that the Department determines that there has been, will be, or that a Recipient cannot prevent, an Instance of Material Noncompliance. A Material Weakness also occurs where a financial audit reveals information, facts, or circumstances, that give rise to a concern regarding the entity’s business practices or financial stability that impairs the ability of the entity to implement the Program. An audit which reveals or has a finding that is not specifically labeled as a Material Weakness shall be considered to be a Material Weakness if it otherwise meets this definition.

    513(11) “New Recipient” is an Applicant that was not a Recipient during the fiscal year immediately preceding the submission of its Application for Certification, Form DEO/CD 7102-1.

    540(12) “Program” means the Black Business Loan Program as established in sections 552288.7094 553through 554288.714, F.S.

    556(13) “Recipient” is a Certified Applicant that has entered into an agreement with the Department to receive funds under the Program.

    577(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.

    693(15) “Reasonable Profit(s)” means the direct administrative costs authorized by section 704288.7102(8)(c), F.S., 706and which advanced the purpose of the Program as defined in section 718288.7102(10), F.S., 720as 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.

    773(16) “Submit” or “Submitted” means the business date a document is received by the Department during normal business hours: Monday through Friday, 8:00 a.m. to 5:00 p.m. If a document is received after 5:00 p.m. or on a weekend or legal holiday, it shall be deemed submitted on the next business day (a day that is not a Saturday, Sunday or legal holiday).

    836(17) “Technical support” or “Technical Assistance” as authorized and limited by sections 848288.7102(8)(c) 849and 850288.714, F.S., 852means any support or assistance provided by a Recipient to a black business enterprise in furtherance of the intent and purpose of the Program. Any support or assistance provided by a Recipient must be specifically related to the Program. Support or assistance being undertaken on behalf of non-Program business does not qualify under this definition.

    907(18) “Unobligated Program Funds” are State Funds, as well as all Income from such funds, held by a Recipient, which are not currently obligated by a loan, loan guarantee, or Direct Investment under the Program.

    942Rulemaking Authority 944288.7102(7) FS. 946Law Implemented 948288.7102 FS. 950History–New 9-1-08, Amended 10-10-10, 954Formerly 95527M-3.001, 956Amended 6-25-14, 5-25-14.

     

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