Florida Administrative Code › 73 - DEPARTMENT OF COMMERCE › 73C - Division of Community Development › Chapter 73C-1 - BLACK BUSINESS LOAN PROGRAM › Section 73C-1.001 - Definitions and Forms

Current through Reg. 50, No. 138; July 16, 2024
The terms and phrases defined herein and used throughout
				  section  288.7102, F.S., and chapter
				  73C-1, F.A.C., apply only during the fiscal year in which a Certified Applicant
				  receives an award of funds under the Program. Terms and phrases not defined by
				  statute or rule shall be construed according to their plain meaning.
(1) "Applicant" means a corporation
				registered in Florida that seeks certification or recertification to become a
				Recipient or a New Recipient of funds appropriated by the legislature for the
				purpose of providing loans, loan guarantees, or investments, in black business
				enterprises under the Program.
(2)
				"Application Period" means the annual period during which an Applicant may
				submit an application to the Department, which is May 1 through June 1 (or the
				next business day if June 1 is a Saturday, Sunday, or legal holiday) of each
				year.
(3) "Certified Applicant"
				means an Applicant that has received notice from the Department certifying that
				the Applicant is qualified to receive an award of funds under the
				Program.
(4) "Conflict Statement"
				means the Florida Department of Economic Opportunity Form DEO/CD 7102-3,
http://www.flrules.org/Gateway/reference.asp?No=Ref-04103
;
				effective date: June 25, 2014, which is hereby adopted and incorporated by
				reference.
(5) "Department" means
				the Department of Economic Opportunity, whose address is 107 East Madison
				Street, Caldwell Building, Tallahassee, Florida 32399-4128.
(6) "Direct Administrative Cost" means a
				Recipient's expenses, as authorized and limited by section
				 288.7102(8)(c),
				F.S., which are made or incurred by a Recipient, in order to operate its
				business in compliance with the Program.
(7) "Direct Investment" means a Recipient's
				purchase of stock, common or preferred, voting or nonvoting, in a black
				business enterprise.
(8) "Existing
				Recipient" is an Applicant that was a Recipient during the fiscal year
				immediately preceding the submittal of its Application for Recertification,
				Form DEO/CD 7102-2.
(9)
				"Instance(s) of Material Noncompliance" occur(s) when a financial audit reveals
				a violation of, or a failure by an Applicant to follow, the compliance
				requirements of state or federal law or the Applicant's most recent fiscal year
				program agreement. An Instance of Material Noncompliance can occur through an
				individual violation, through the failure to follow compliance requirements, or
				can be aggregated with multiple violations or failures to follow compliance
				requirements. An audit which reveals or has a finding that is not specifically
				labeled as an Instance of Material Noncompliance shall be considered to be an
				Instance of Material Noncompliance if it otherwise meets this
				definition.
(10) "Material
				Weakness" occur(s) where a financial audit reveals an area of concern in a
				Recipient's internal compliance controls such that the Department determines
				that there has been, will be, or that a Recipient cannot prevent, an Instance
				of Material Noncompliance. A Material Weakness also occurs where a financial
				audit reveals information, facts, or circumstances, that give rise to a concern
				regarding the entity's business practices or financial stability that impairs
				the ability of the entity to implement the Program. An audit which reveals or
				has a finding that is not specifically labeled as a Material Weakness shall be
				considered to be a Material Weakness if it otherwise meets this
				definition.
(11) "New Recipient" is
				an Applicant that was not a Recipient during the fiscal year immediately
				preceding the submission of its Application for Certification, Form DEO/CD
				7102-1.
(12) "Program" means the
				Black Business Loan Program as established in sections
				 288.7094 through
				 288.714, F.S.
(13) "Recipient" is a Certified Applicant
				that has entered into an agreement with the Department to receive funds under
				the Program.
(14) "Program Funds"
				or "State Funds" are all funds provided by the Department to a Recipient under
				the Program as well as all income and return of equity generated through the
				use of those funds. All such funds shall revert back to the Department, and all
				evidence of an obligation to repay Program Funds including, but not limited to,
				promissory notes, mortgages, stock certificates, judgments, and liens, shall be
				assigned to the Department should any of the following occur: expiration or
				termination of the agreement between the Department and a Recipient,
				decertification of a Recipient, denial of recertification of an Existing
				Recipient, or the Program is allowed to sunset or is repealed by the Florida
				Legislature.
(15) "Reasonable
				Profit(s)" means the direct administrative costs authorized by section
				 288.7102(8)(c),
				F.S., and which advanced the purpose of the Program as defined in section
				 288.7102(10),
				F.S., as well as those moneys collected through origination, closing, and
				servicing fees, charged by a Recipient and which are consistent with the
				industry standards for non-governmental lending. Money acquired by a Recipient
				through the charging of late fees or generated through the use of a collection
				agency do not fall under this definition.
(16) "Submit" or "Submitted" means the
				business date a document is received by the Department during normal business
				hours: Monday through Friday, 8:00 a.m. to 5:00 p.m. If a document is received
				after 5:00 p.m. or on a weekend or legal holiday, it shall be deemed submitted
				on the next business day (a day that is not a Saturday, Sunday or legal
				holiday).
(17) "Technical support"
				or "Technical Assistance" as authorized and limited by sections
				 288.7102(8)(c) 
				and  288.714, F.S., means any support
				or assistance provided by a Recipient to a black business enterprise in
				furtherance of the intent and purpose of the Program. Any support or assistance
				provided by a Recipient must be specifically related to the Program. Support or
				assistance being undertaken on behalf of non-Program business does not qualify
				under this definition.
(18)
				"Unobligated Program Funds" are State Funds, as well as all Income from such
				funds, held by a Recipient, which are not currently obligated by a loan, loan
				guarantee, or Direct Investment under the Program.
Rulemaking Authority
					 288.7102(7) FS.
					 Law Implemented 288.7102
					 FS.
New 9-1-08, Amended 10-10-10, Formerly
					  27M-3.001, Amended 6-25-14,
					 5-25-14.