R357-21-7. Full Funded Applicant

  (1) A notice of full funding pursuant to Utah Code Subsection 63N-4-303(7) shall be provided on official letterhead of the applicant and follow the format, documentation, and other requirements below:

  (a) Bank statements, credit instruments, and all other supporting documentation to show full funding was achieved pursuant to all the requirements outlined in 63N-4-303(7); and

  (b) any other documentation the office may request.

  (2) If the approved applicant does not meet the requirements found in 63N-4-303(7) and/or is found to have lacking documentation as described in subsection 1 of this part, the office shall notify the applicant that its investment authority allocation has lapsed by issuing a Notice of Agency Action for Lapsed Allocation.

  (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 Allocation.

  (i) Any challenge to a Notice of Agency Action for Lapsed Allocation shall provide documentation that the requirements of Utah Code Subsection 63N-4-303(7) were met within sixty-five (65) days of notice of approval for investment authority allocation.

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