Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0009 - Small Business Investment Credit Program, Wyoming › Chapter 1 - WYOMING SMALL BUSINESS INVESTMENT CREDIT PROGRAM › Section 1-6 - Request for determination of qualified investment and requirements for continuance of certification

Current through July 13, 2024
(a) Before making a
				proposed qualified investment in a specific business, a Wyoming small business
				investment company shall request from the Council a written determination that
				the proposed investment is a qualified investment in a qualified business. The
				Council shall notify a Wyoming small business investment company within ten
				(10) business days from the receipt of a request of its determination and an
				explanation thereof. If the Council does not notify the Wyoming small business
				investment company of its determination within ten (10) business days, the
				proposed investment is deemed to be a qualified investment in a qualified
				business.
(b) The Council shall
				provide a form for Wyoming small business investment companies to request a
				determination whether a proposed investment is a qualified investment in a
				qualified business. The Wyoming small business investment company shall provide
				all information it has gathered on the business including its plan of operation
				and plans for future expansion.
(c)
				The date of receipt of an application is the postmark date of the date of the
				independent delivery. Incomplete applications shall be treated as not received.
				All submissions to the Council may be either by hand delivery or via overnight
				common carrier. The delivery address shall be noted on the
				application.
(d) A request shall
				not be considered until all requested information is provided. If the requested
				documentation is incomplete, Council staff shall notify the Wyoming small
				business investment company of what is missing and provide a deadline to submit
				additional information so that a determination can be made.
(e) A Wyoming small business investment
				company shall pay a nonrefundable annual certification fee, set by rule, to the
				Council not later than April 1 of each year, except that an annual
				certification fee is not required if the payment date is within six (6) months
				of the date a Wyoming small business investment company is first certified by
				the Council.
(f) If a Wyoming small
				business investment company fails to pay its annual certification fee on or
				before April 30 of each year, the company must pay, in addition to the annual
				certification fee, a late fee of five thousand dollars ($5,000.00) to continue
				its certification.
(g) If a Wyoming
				small business investment company fails to pay its annual certification fee and
				late fee as stated in paragraph (f) of this subsection within 60 days after
				April 1, the Wyoming small business investment company shall be subject to
				decertification.
(h) On the
				6th anniversary of a Wyoming small business
				investment company's allocation date, the Council shall determine if at least
				seventy percent (70%) of its designated capital has been invested in qualified
				investments. If the seventy percent (70%) threshold has not been met, the
				Council shall notify the Wyoming small business investment company that they
				are not permitted to receive management fees. Any fees paid after the notice
				shall reduce the amount considered as a qualified investment in qualified
				businesses.
(j) On the
				8th anniversary of a Wyoming small business
				investment company's allocation date, the Council shall determine if at least
				one hundred percent (100%) of its designated capital has been invested in
				qualified investments. If the one hundred percent (100%) threshold has not been
				met, the Council shall notify the Wyoming small business investment company
				that they are not permitted to receive management fees. Any fees paid after the
				notice shall reduce the amount considered as a qualified investment in
				qualified businesses.
(k) Any
				investment returns or profits received by the Wyoming small business investment
				company from a qualified investment in a qualified business may be invested in
				another qualified investment in a qualified business and counted towards any
				requirement in this section with respect to investments of designated
				capital.
(l) Any amounts received
				by a Wyoming small business investment company from a qualified business as
				commitment fees, closing fees, license fees, royalties or similar charges shall
				be considered as reductions in the Wyoming small business investment company's
				qualified investments in qualified businesses in the computation of the
				percentage requirements of this article.
(m) If a qualified business that receives a
				qualified investment from a Wyoming small business investment company moves its
				principal office outside Wyoming or fails to relocate its principal office to
				Wyoming before the 90th day after a Wyoming small
				business investment company makes an investment in it, the investment is not
				considered a qualified investment for the purposes of the percentage
				requirements in this article.
(n)
				Any transfer, sale, acquisition, purchase, assignment or merger of a Wyoming
				small business investment company ownership interest shall be pre-approved by
				the Council. In no event shall an owner or any affiliate, having an ownership
				interest of ten percent (10%) or greater, of a Wyoming small business
				investment company, acquire an ownership interest of ten percent (10%) or
				greater in another Wyoming small business investment company without the
				written approval of the Council. The Council may request any information deemed
				necessary to evaluate changes in Wyoming small business investment company
				ownership.