State Small Business Credit Initiative Program Fund

Utah Code tit. 63N, ch. 63N-3, pt. 63N-3-P8

in effect

Utah Code § 63N-3-801 Creation and administration.

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 office. (2) The 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 office may use fund money for administration of the fund. Amended by Chapter 499, 2023 General Session

Utah Code § 63N-3-802 Distribution of fund money.

63N-3-802. Distribution of fund money. (1) The 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 under the Small Business Jobs Act of 2010, 12 U.S.C. Sec. 5701 et seq., as amended. (2) The office may: (a) enact rules to establish procedures for the distribution of fund money 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. Amended by Chapter 499, 2023 General Session

Utah Code § 63N-3-803 Annual accounting.

63N-3-803. Annual accounting. (1) The 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 office under this part. (2) An entity receiving a loan or loan guarantee under this part shall provide the office with an annual accounting of how the money it received from the fund was spent. (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. Renumbered and Amended by Chapter 22, 2022 General Session

Source: Utah Office of Legislative Research and General Counsel (le.utah.gov)URL: https://le.utah.gov/xcode/Title63N/Chapter3/63N-3-P8.html?v=C63N-3-P8_2022050420220701Fetched: 10/26/2026