Section 20D-103 - Certification of qualified investors(a) An investor may apply to the Director for certification as a qualified investor for a calendar year. (1) The application must be in the form and be made under the procedures specified by the Director, accompanied by an application fee established by the Director, not to exceed $500.(2) Application fees must be deposited in the Angel Investor Job Creation and Innovation Act Administration Fund.(3) The application for certification for calendar year 2019 must be made available on the Division's web site by November 1, 2018. The application for certification for subsequent calendar years must be made available on the Division's web site by November 1 of the preceding calendar year.(b)(1) Within 30 days of receiving an application for certification under this section, the Director must do one of the following:a. Certify the investor as satisfying the conditions required of a qualified investor.b. Request additional information from the investor.c. Reject the application for certification.(2) If the Director requests additional information from the investor, the Director must either certify the investor or reject the application within 30 days of receiving the additional information.(3) If the Director neither certifies the investor nor rejects the application within 30 days of receiving the original application or within 30 days of receiving the additional information requested, whichever is later, then the application is deemed rejected, and the Director must refund the application fee.(4) An investor who applies for certification and is rejected may reapply.(c) To receive certification under this section, a qualified investor must be an individual.(d)(1) For a qualified investment in a qualified small business to be eligible for tax credits, a qualified investor who makes the investment must be certified under this section for the calendar year before making the qualified investment.(2) Notwithstanding paragraph (d)(1) of this section, if an investor is not an "accredited investor" as defined in the United States Securities and Exchange Commission's Regulation D, 17 C.F.R. § 230.501(a), application for certification under this section may be made within 30 days after making the qualified investment.Added by Laws 2017, ch. 244,s 3, eff. 5/24/2018.