DAR File No. 42080
This notice was published in the October 1, 2017, issue (Vol. 2017, No. 19) of the Utah State Bulletin.
Workforce Services, Housing and Community Development
Rule R990-12
State Small Business Credit Initiative Program Fund
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 42080
Filed: 09/12/2017 09:26:55 AM
NOTICE OF REVIEW AND STATEMENT OF CONTINUATION
Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:
In 2010, Congress passed the State Small Business Credit Initiative Act of 2010, 12 U.S.C. 5701 et seq. This federal statute provides funding for state programs that support financing of small businesses. In response to Congress's action, the Utah Legislature created the State Small Business Credit Initiative Program Fund, Section 35A-8-1201 et seq. Per statute, the Fund may "make loans and guarantees...for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy but not receiving the loans needed to expand and create jobs". Subsection 35A-8-1201(1)(a). The Department of Workforce Services has the specific authority to make rules for administering the program in accordance with federal requirements as per Subsection 35A-8-1202(3).
Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:
No comments have been received during the last five years.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
The rule is necessary to administer the federal funds provided to the State for use in the State Small Business Credit Initiative Program Fund. Therefore, the rule should be continued.
The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:
Workforce ServicesHousing and Community Development
140 E BROADWAY
SALT LAKE CITY, UT 84111-2333
Direct questions regarding this rule to:
- Nathan White at the above address, by phone at 801-526-9647, by FAX at , or by Internet E-mail at nwhite@utah.gov
Effective:
09/12/2017
Authorized by:
Jon Pierpont, Executive Director
Additional Information
More information about a Five-Year Notice of Review and Statement of Continuation is available online.
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull_pdf/2017/b20171001.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.
For questions regarding the content or application of this rule, please contact Nathan White at the above address, by phone at 801-526-9647, by FAX at , or by Internet E-mail at nwhite@utah.gov. For questions about the rulemaking process, please contact the Office of Administrative Rules.