An Act to amend certain provisions relating to the small business credit initiative fund.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That § 1-53-15 be AMENDED:
1-53-15.
There is
established within the state treasury a fund to be known as the small
business credit initiative fund for the purpose of making loans for
economic development as permitted by the
Small Business Jobs Act of 2010, 12
U.S.C. Chapter 54
(2021).
Section 2. That § 1-53-16 be AMENDED:
1-53-16.
TheFor
the purposes of §§ 1-53-15 to 1-53-19, inclusive, the
Governor's Office
Board of
Economic Development may accept, expend, or loan for
the purposes of §§ 1-53-15 to 1-53-19, inclusive, any
funds previously received or to be obtained from federal sources and
any funds to be obtained from gifts, contributions, or any other
source if such acceptance and expenditure is reported as required by
§ 4-7-7.2.
Section 3. That § 1-53-17 be AMENDED:
1-53-17.
Any repayment of
loans and interest thereon
shall
must be
receipted into the small business credit initiative fund and expended
by the
Governor's Office
Board of
Economic Development for the following purposes:
(1) The payment of administrative
costs as permitted pursuant to
U.S. Office of Management and Budget Circular A-87, Revised
2 C.F.R Part 200 Subpart E,
as applicable, as in effect on January 1,
2012
2022;
(2) The payment of taxes and
liens and for the procuring of legal services and any other services
necessary to protect, recover, maintain, or liquidate the assets of
the small business credit initiative fund as permitted pursuant to
U.S. Office of Management and Budget Circular A-87, Revised
2 C.F.R Part 200 Subpart E,
as applicable, as in effect on January 1,
2012
2022; and
(3) The
purpose of making Making
loans for
economic development as permitted by
the Small Business Jobs Act of 2010,
12 U.S.C. Chapter 54
(2021).
Section 4. That § 1-53-18 be AMENDED:
1-53-18.
The
Governor's Office
Board of
Economic Development may take title by foreclosure or transfer in
lieu of foreclosure to any property given as security if the
acquisition is necessary to protect or collect any small business
credit initiative loan and may sell, transfer, or convey any such
property to any responsible buyer.
Section 5. That § 1-53-19 be AMENDED:
1-53-19.
The
meetings and
deliberations of the
Governor's Office
Board of
Economic Development concerning small business credit initiative
loans are confidential and are exempt from public disclosure. Any
documentary material or data made or received by the
Board of Economic Development or the
Governor's Office of Economic Development for the purpose of acting
upon an application for a small business credit initiative loan or
administering the loan, to the extent that such material or data
consists of trade secrets or commercial or financial information
regarding the operation of such business, are not considered public
records, and are exempt from disclosure. Nothing in this section
prohibits the disclosure of confidential information to the extent
necessary to collect or recoup the loan or as may be required under
applicable federal law.
Signed March 18, 2022
Catchlines are not law. (§ 2-16-13.1) Underscores indicate new language.
Overstrikes
indicate deleted language.