FL H1551

Removes description of the Florida Black Business Investment Board as a "public-private entity" and instead defines it as a not-for-profit corporation assisting in development and expansion of black business enterprises.

Revises board membership to include four (instead of five) Governor-appointed members, two at-large members selected by the board, and makes the Enterprise Florida vice chair an ex officio nonvoting member; changes chair and vice chair selection from Governor appointment to board election with two-thirds removal authority.

Modifies Black Business Loan Program application deadlines from July 1/September 30 to June 1/July 31 and adds financial audit requirements for existing program recipients.

Increases allowable percentages for technical support to black business enterprises from 7 percent to 9 percent and direct administrative costs from 10 percent to 12 percent of program funds.

Requires quarterly reports from loan recipients to the Office of Tourism, Trade, and Economic Development (not the board) and establishes separate annual reporting requirements for both the office and board to the Governor and Legislature by August 31.

Authorizes the Office of Tourism, Trade, and Economic Development to bring civil actions against entities unlawfully holding themselves out as certified black business investment corporations.