Utah State Bulletin, January 15, 2012, Vol. 2012, No. 2

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NOTICES OF 120-DAY (EMERGENCY) RULES DAR File No. 35611subcontractor who was not offered qualified health insurancecoverage during the duration of the contract.(c)(i) In addition to the penalties imposed above, acontractor, consultant, subcontractor or subconsultant whointentionally violates the provisions of this Rule R131-13 shall beliable to the employee for health care costs that would have beencovered by qualified health insurance coverage.(ii) An employer has an affirmative defense to a cause ofaction under Subsection R131-13-7(8)(c)(i) as provided inSubsection 63C-9-403(7)(a)(ii).R131-13-8. Not Create any Contractual Relationship with anySubcontractor or Subconsultant.Nothing in Rule R131-13 shall be construed as to createany contractual relationship whatsoever between the State, theBoard, or the executive director with any subcontractor orsubconsultant at any tier.KEY: health insurance, contractors, contractsDate of Enactment or Last Substantive Amendment:[September 22, 2010]January 3, 2012Authorizing, and Implemented or Interpreted Law: 63C-9-403;63C-9-301(3)(a)Community and Culture, Housing andCommunity DevelopmentR199-12State Small Business Credit InitiativeProgram FundNOTICE OF 120-DAY (EMERGENCY) RULEDAR FILE NO.: 35572FILED: 12/23/2011RULE ANALYSISPURPOSE OF THE RULE OR REASON FOR THECHANGE: The purpose of this rule is to identify proceduresthe Division will utilize in the issuance of loans and loanguarantees from the State Small Business Credit InitiativeProgram Fund.SUMMARY OF THE RULE OR CHANGE: The rule identifiesthe process and procedures on how the Division will issueloan and loan guarantees to small businesses; establishes aloan loss reserve fund and a credit advisory committee; andnotifies the public how the funds will be administered.STATUTORY OR CONSTITUTIONAL AUTHORIZATION FORTHIS RULE: Section 9-4-1601 and Section 9-4-1602 andSection 9-4-1603EMERGENCY RULE REASON AND JUSTIFICATION:REGULAR RULEMAKING PROCEDURES WOULD place theagency in violation of federal or state law.JUSTIFICATION: The Division was recently awarded thiscontract on 09/30/2011. No administrative funds for planningand implementation could be used for this program prior toreceiving the award. A requirement of the contract is to be"fully positioned within 90 days to issue the type of creditcontemplated by the contract." Because this is a newprogram to Utah, the Division had to perform due diligenceprior to forming the program for operation including site visitsto other states operating similar programs, consultations withthe banking and credit union committee, and consultation withthe Attorney General's office. Because of the administrationrestriction, this work has been performed within the last 60days allowing sufficient time for the Division to contemplaterules for the program. The rule is filed on an emergencybasis to meet our federal contractual requirement.ANTICIPATED COST OR SAVINGS TO:♦ THE STATE BUDGET: There is no anticipated cost orsavings by this rule implementation. The rule requires noadditional staffing or other cost structures not alreadycontemplated by statute other than the formation of the creditadvisory committee which is entirely voluntary and does notrequire even per diem expenses.♦ LOCAL GOVERNMENTS: No anticipated cost or savingsto local government through this rule. The rule will not affectlocal governments as they are not an eligible entity forparticipation.♦ SMALL BUSINESSES: This program should improve theavailability of credit to the small business community byproviding credit enhancements to enable more issuance ofcredit to eligible small businesses that otherwise would not beavailable. Over the next six years, the program is projected toleverage the initial $13 Million federal award into $290 Millionin credit to small businesses. Small businesses in mostcases will still need to work with their local financial institutionprior to being able to access the fund. This should notnegatively affect them as this is a new process designed toenhance their viability and does not impede any existingavenue for small business to obtain credit.♦ PERSONS OTHER THAN SMALL BUSINESSES,BUSINESSES, OR LOCAL GOVERNMENTAL ENTITIES:Not affected--The program is entirely structured to work withsmall business in partnership with financial institutions asdescribed in prior responses.COMPLIANCE COSTS FOR AFFECTED PERSONS: Thereare no anticipated additional costs to affected persons as theprogram will dovetail with financial institution reportingrequirements when loans and loan guarantees are in place.In addition, these requirements are set forth in statute ratherthan rule and no additional rules regarding compliance are inplace.COMMENTS BY THE DEPARTMENT HEAD ON THEFISCAL IMPACT THE RULE MAY HAVE ON BUSINESSES:No fiscal impact to businesses--The rule requires noadditional burden to be placed on businesses, but rathercreates a unique program to enhance the viability ofbusiness.108 UTAH STATE BULLETIN, January 15, 2012, Vol. 2012, No. 2
DAR File No. 35572NOTICES OF 120-DAY (EMERGENCY) RULESTHE FULL TEXT OF THIS RULE MAY BE INSPECTED,DURING REGULAR BUSINESS HOURS, AT:COMMUNITY AND CULTUREHOUSING AND COMMUNITY DEVELOPMENTROOM 500324 S STATE STSALT LAKE CITY, UT 84111-2388or at the Division of Administrative Rules.DIRECT QUESTIONS REGARDING THIS RULE TO:♦ Jonathan Hardy by phone at 801-538-8650, by FAX at 801-538-8888, or by Internet E-mail at jhardy@utah.govEFFECTIVE: 12/27/2011AUTHORIZED BY: Gordon Walker, DirectorR199. Community and Culture, Housing and CommunityDevelopment.R199-12. State Small Business Credit Initiative Program Fund.R199-12-1. Authority.Pursuant to Section 9-4-1601 et seq., Utah Code, theDivision of Housing Community Development is the administratorof the State Small Business Credit Initiative Program Fund.R199-12-2. Purpose.The State Small Business Credit Initiative Program Fundprovides loans and loan guarantees to encourage lending fromfinancial institutions to eligible small businesses within the state asdefined by the funding sources contributing to the Fund.R199-12-3. Credit Advisory Committee.The Division will establish a Credit Advisory Committee.Utah lending institutions shall submit an application of a smallbusiness borrower for private funding to the Committee. TheCommittee will evaluate the application provided by the lendinginstitutions and make recommendations to the Division on the size,scope, and loan or loan loss reserve participation amount suitablefor the applicant.Additionally, the Committee will advise on applicationprocesses, underwriting criteria and other procedural elements ofthe Fund to ensure that program objectives are met.R199-12-4. Eligibility.Only those applications for funding assistance which aresubmitted by an eligible applicant for an eligible project shall beconsidered by the Division.Eligible applicants include Small Businesses (defined ashaving no more than 750 employees), which:A. applied for a credit product and were denied by afinancial institution; andB. the financial institution sponsors the application to theFund as described in the Application Procedures; orC. directly respond to a specific Request for Applications(RFA) published by the Division.R199-12-5. Application Requirements.A. Applications shall be submitted on forms published,and in accordance with the procedures outlined by the Division withthe advice of the Committee. Completed applications which havebeen accepted for processing will be placed on the next availableCommittee agenda for review and recommendation.B. The primary process for submitting proposals to thefund is as follows:1. An Eligible Small Business must apply for a creditproduct at a financial institution which has a signed a State SmallBusiness Credit Initiative Program Fund Participation Agreementwith the Division.2. The small business applicant must be denied forcurrent banking products offered by the financial institution.3. The participating financial institution will submit asponsorship application form, in addition to the relevantdocumentation and underwriting criteria, to the Division andspecify the type, amount and reason for a loan participation or loanguarantee on the transaction.4. The Committee at its discretion may interview partiesinvolved in the transaction to further clarify any information as partof the application review prior to issuing a recommendation to theDirector.C. An applicant may respond to a specific Request forApplications issued by the Division on forms prescribed by theDivision.R199-12-6. Application Review Procedures.A. The Committee will review applications and makerecommendations on whether to fund a loan or loan guarantee atregularly scheduled review meetings as published on the Division'swebsite.B. The process for review of new applications for loansand loan guarantees shall be as follows:1. Submission of an application, on or before theapplicable deadline to the Division program staff for technicalreview and analysis.2. Incomplete applications will be held by the staffpending submission of required information.3. Complete applications accepted for processing will beplaced on the next available review agenda.4. At the review the Committee may either recommend:a. denial of the application;b. the issuance of the requested loan or loan guaranteec. a modified issuance of a loan or loan guaranteed. further analysis of the viability of the project throughfurther collection of documentation prior to issuing a decision onthe funding request.5. Final recommendations of the Committee on issuanceor denial of applications will be forwarded to the Director.6. The Director may issue loans or loan guarantees afterreviewing the recommendation of the Committee.R199-12-7. Loan Loss Reserve Fund.There is created a loan loss reserve fund to be used tosecure the loan guarantees issued by the Division. The DivisionUTAH STATE BULLETIN, January 15, 2012, Vol. 2012, No. 2 109
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Utah State Bulletin, January 15, 2012, Vol. 2012, No. 2

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