§ 9-12-1310 — Decertification; certification of compliance

(a) The council shall conduct an annual review of each
Wyoming small business investment company to determine if each
Wyoming small business investment company is abiding by the
requirements of this article and to ensure that no investment
has been made in violation of this article. The cost of the
annual review and other determinations under this article
including certifications requested under W.S. 9-12-1307(j) and
subsection (c) of this section shall be paid by each Wyoming
small business investment company according to a fee schedule
adopted by the council sufficient to cover actual direct and
indirect costs of the review or certification.
(b) Any material violation of this article, including any
material misrepresentation made to the council in connection
with the application process, is a basis for decertification of
a Wyoming small business investment company and the disallowance
of credits under W.S. 9-12-1305, provided that in all instances
the council shall provide notice to the Wyoming small business
investment company of the grounds of a proposed decertification
and the opportunity to cure any violation of this article before
the decertification becomes effective.
(c) A Wyoming small business investment company may
request that the council certify that the company has invested
an amount cumulatively equal to one hundred percent (100%) of
its designated capital in qualified investments as provided in
W.S. 9-12-1307 and has complied with all other requirements
provided under this article. Upon a request under this
subsection, the council shall notify a Wyoming small business
investment company not later than sixty (60) days after receipt
of a request under this subsection:
(i) That it has achieved certification under this
subsection; or
(ii) That it has not met the requirements of this
article, provide a reason for the determination that the company
has been determined not to have met the requirements of this
article and decertify the company if applicable under subsection
(b) of this section.
(d) If the council certifies a Wyoming small business
investment company under subsection (c) of this section, the
company shall no longer be subject to regulation by the council
and shall not be subject to the reporting requirements under
W.S. 9-12-1308. If the council does not provide notification
within the sixty (60) day period as required in subsection (c)
of this section, the Wyoming small business investment company
shall be deemed to be certified as provided in subsection (c) of
this section.
(e) The council shall provide written notice of any
decertification proceedings under this section to the insurance
commissioner and to the address of each participating investor
whose tax credit may be subject to recapture or forfeiture,
using the address shown on the last filing submitted to the
council.