The review includes whether the company is abiding by the requirements for certification and advising on the eligibility status of qualified investments. Written notice is required to inform of noncompliance. There is a 120 day grace period for the capital company to correct the deficiencies. Limits each certified capital company qualified investment to 15 per cent of the total certified capital of the company, at the time of investment. For continued certification, requires certified capital companies to make cumulative qualified investments of at least 30 per cent of its certified capital within three years and at least 50 per cent of its certified capital within five years.
Cumulative investment includes reinvestment of proceeds received from a qualified investment.
Specifies that any business that is classified as a qualified business at the time of first investment remains classified as a qualified business. Authorizes requests to the Department of Commerce, prior to investment, as to whether a business should be considered a qualified business. The Department has ten working days to make the determination and notify the capital company. Failure to notify within the prescribed period results in the business being deemed a certified business. Authorizes the Department of Commerce to consider a business, that does not meet the definitional requirement, a qualified business and approve investment if the Department determines that the investment will further economic development in Arizona.