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FL S1374
Bill
Status
Introduced
2/24/2011
Primary Sponsor
Christopher Smith
Click for details
AI Summary
- Extends certification period for Black Business Loan Program recipients from annual to 5 years, with recertification required once every 5 years
- Allows existing recipients to submit financial statement compilations instead of full audits during years 1-4 of recertification period, with full audits required in year 5
- Permits recipients 60 days to redress any material weaknesses or noncompliance found in audit reports before disqualification
- Changes funding agreements between recipients and the office from multi-year contracts to annual agreements with maximum 1-year terms
- Increases allowable use of funds for technical support and direct administrative costs combined from 12 percent to 27 percent of funds received
- Shifts rule adoption consultation from the board to presidents of black business investment corporations
Legislative Description
Black Business Loan Program
Last Action
Indefinitely postponed and withdrawn from consideration
5/7/2011
Committee Referrals
Commerce And Tourism3/7/2011
Full Bill Text
No bill text available