Section 0500-08-01-.02 - TIMELY FUNDING OF INVESTMENTS(1) After an Investment Request is approved by ECD or the proposed investment is otherwise deemed a Qualified Investment, one hundred percent (100%) of the Qualified Investment Funds shall be disbursed to the Qualified Business within sixty (60) Days after the date of delivery of the Qualified Investment Funds to the TNInvestco. In the event the TNInvestco is unable to disburse the Qualified Investment Funds to the Qualified Business within sixty (60) Days, the TNInvestco shall return the Qualified Investment Funds. A TNInvestco is prohibited from holding any amount of Qualified Investment Funds for more than sixty (60) Days, including for purposes of making a Qualified Investment in tranches.(2) In the event of noncompliance with this rule, a penalty of $1,000 per Day shall be assessed until the noncompliance is cured.Tenn. Comp. R. & Regs. 0500-08-01-.02
New rule filed September 4, 2015; effective 12/3/2015.Authority: T.C.A. §§ 4-28-106 and 4-28-111(d).