Rep. Norm Thurston — Voting Record

Bill

Number

H.B. 17 (2022GS)

Sponsor

Rep. Moss, C.

Final action

Governor Signed 3/15/2022

Outcome

Became law — signed by Gov. Spencer J. Cox

Summary

What it does

• This bill:
• transfers the administration of the State Small Business Credit Initiative Program Fund from the Department of Workforce Services to the Governor's Office of Economic Opportunity; and
• makes technical changes.

Every vote on this bill

Bill text

STATE SMALL BUSINESS CREDIT INITIATIVE
PROGRAM FUND AMENDMENTS
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Carol Spackman Moss
Senate Sponsor: 
Ronald M. Winterton
LONG TITLE
General Description:
This bill addresses the State Small Business Credit Initiative Program Fund.
Highlighted Provisions:
This bill:
▸ transfers the administration of the State Small Business Credit Initiative Program
Fund from the Department of Workforce Services to the Governor's Office of
Economic Opportunity; and
▸ makes technical changes.
Money Appropriated in this Bill:
None
Other Special Clauses:
This bill provides a special effective date.
Utah Code Sections Affected:
RENUMBERS AND AMENDS:
63N-3-801
, (Renumbered from 35A-8-1201, as renumbered and amended by Laws of
Utah 2012, Chapter 212)
63N-3-802
, (Renumbered from 35A-8-1202, as last amended by Laws of Utah 2012,
Chapter 347 and renumbered and amended by Laws of Utah 2012, Chapter 212)
63N-3-803
, (Renumbered from 35A-8-1203, as last amended by Laws of Utah 2014,
Chapter 371)
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 
63N-3-801
, which is renumbered from Section 35A-8-1201 is
renumbered and amended to read:
Part 8. State Small Business Credit Initiative Program Fund
[
35A-8-1201
].
 63N-3-801.
Creation and administration.
(1) There is created an enterprise fund known as the "State Small Business Credit
Initiative Program Fund" administered by the [
director of the division or the director's
designee
] 
office
.
(2) The [
division
] 
executive director or the executive director's designee
 is the
administrator of the fund.
(3) Revenues deposited into the fund shall consist of:
(a) grants, pay backs, bonuses, entitlements, and other money received from the federal
government to implement the State Small Business Credit Initiative; and
(b) transfers, grants, gifts, bequests, and other money made available from any source
to implement this part.
(4) (a) The state treasurer shall invest the money in the fund according to the
procedures and requirements of Title 51, Chapter 7, State Money Management Act.
(b) Interest and other earnings derived from the fund money shall be deposited in the
fund.
(5) The [
division
] 
office
 may use fund money for administration of the fund, but not to
exceed 4% of the annual receipts to the fund.
Section 2. Section 
63N-3-802
, which is renumbered from Section 35A-8-1202 is
renumbered and amended to read:
[
35A-8-1202
].
 63N-3-802.
Distribution of fund money.
(1) (a) The [
director
] 
office
 shall make loans and loan guarantees from the fund for the
Small Business Credit Initiative created under the [
federal government's
] Small Business Jobs
Act of 2010, 
U.S.C. Sec. 5701 et seq., as amended,
 to use federal money for programs that
leverage private lending to help finance small businesses and manufacturers that are
creditworthy but not receiving the loans needed to expand and create jobs.
(b) In making loans and loan guarantees under this part, the [
director
] 
office
 shall give
due consideration to small businesses in underserved communities throughout the state that
have been deeply impacted by recession and not seen a comparable resurgence in their
economies.
(2) The [
director
] 
office
 shall distribute federal money in the fund according to the
procedures, conditions, and restrictions placed upon the use of the money by the federal
government.
[
(3) The director may, with the approval of the executive director of the department:
]
(3) The office may:
(a) enact rules to establish procedures for the loan and loan guarantee process by
following the procedures and requirements of Title 63G, Chapter 3, Utah Administrative
Rulemaking Act; and
(b) service or contract, under Title 63G, Chapter 6a, Utah Procurement Code, for the
servicing of loans made by the fund.
Section 3. Section 
63N-3-803
, which is renumbered from Section 35A-8-1203 is
renumbered and amended to read:
[
35A-8-1203
].
 63N-3-803.
Annual accounting.
(1) The [
director
] 
office
 shall monitor the activities of recipients of the loans and loan
guarantees issued under this part on a yearly basis to ensure compliance with the terms and
conditions imposed on the recipient by the [
director
] 
office
 under this part.
(2) An entity receiving a loan or loan guarantee under this part shall provide the
[
director
] 
office
 with an annual accounting of how the money it received from the fund was
spent.
[
(3) The director shall provide the following information to the department for
inclusion in the department's annual written report described in Section 
35A-1-109
:
]
(3) The office shall include the following information in the office's annual written
report described in Section 
63N-1a-306
:
(a) an accounting of expenditures made from the fund; and
(b) an evaluation of the effectiveness of the loan and loan guarantee program.
Section 4. 
Effective date.
This bill takes effect on July 1, 2022.