R357-10-7. Designation of Qualified Equity Investments

  (1) A notice of receipt of cash investment and designation of qualified equity investment pursuant to Utah Code Section 63M-1-3503(8)(b) shall be provided on a notice form supplied by the office. The form shall also include at least one of the following attachments to show that the qualified equity investment was issued, including:

  (a) Bank statements, credit instruments, and all other supporting documentation to show qualified equity investment was issued; or

  (b) A "screen shot" that shows that the required amount of qualified equity investment was designated as a federal qualified equity investment.

  (2) A notice of transfer of a certified qualified equity investment made pursuant to Utah Code Section 63M-1-3503(8)(b) shall be made on official letterhead, indicate satisfaction of the federal match, and be signed by an authorized agent of the qualified community development entity initiating the transfer. Such notice may be sent as a PDF file via electronic mail to the office.

  (3) If the qualified community development entity or transferee fails to issue a qualified equity investment within forty-five (45) days of notice of certification, the office shall notify the applicant that its certification has lapsed by issuing a Notice of Agency Action for Lapsed Certification.

  (a) The applicant will have ten (10) business days to submit to the Executive Director a challenge to a Notice of Agency Action for Lapsed Certification.

  (i) Any challenge to a Notice of Agency Action for Lapsed Certification shall provide documentation that the requirements of Utah Code Section 63M-1-3503(8) were met within forty-five (45) days of notice of certification.

  (ii) The executive director shall issue a final determination within 5 business days of receipt of such challenge.