Compilation of Rules and Regulations of the State of Georgia
Department 110 - RULES OF GEORGIA DEPARTMENT OF COMMUNITY AFFAIRS
Chapter 110-35 - GEORGIA AGRIBUSINESS AND RURAL JOBS ACT PROGRAM
Subject 110-35-1 - GEORGIA AGRIBUSINESS AND RURAL JOBS ACT
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.