General Bill
Black Business Investment:
Includes as a purpose of the Office of Urban Opportunity in the Department of Community Affairs the administration of the Black Business Loan Program; deletes references to the Florida Black Business Investment Board, Inc., and black business investment corporations from a list of financial institutions maintained by the Department of Management Services; requires the department to collaborate with the Florida Black Business Investment Board, Inc., and the Department of Community Affairs for specified purposes; revises provisions creating the Florida Black Business Investment Board, Inc.; requires the board to contract with the Department of Community Affairs for specified purposes; specifies application of public records and public meetings requirements; provides for appointment of a board of directors; terminates existing board appointments and provides for new appointments; deletes a provision specifying prudent use of state funds and requiring use of funds according to applicable laws, bylaws, or contracts; applies salary limitation provisions to employees of the board; revises the powers of the board; revises the duties of the board; specifies eligibility of black business investment corporations to participate in the Black Business Loan Program; requires the department to give priority consideration to such corporations for participation in the program; establishes the Black Business Loan Program in the Department of Community Affairs; requires the department to provide loans and loan guarantees under the program for specified purposes; provides duties and responsibilities of the department in administering the program; requires the Florida Black Business Investment Board, Inc., and participating black business investment corporations to adopt uniform loan and loan guarantee underwriting policies and application criteria and to establish a minimum interest rate; provides for payment of administrative expenses through state funds, with a limitation; provides loan recipient eligibility requirements; requires annual certification of eligibility; requires the department to consult with the Florida Black Business Investment Board, Inc.; requires the department to adopt rules; provides black business enterprise eligibility requirements for receiving loans or loan guarantees; renames the Florida Investment Incentive Trust Fund as the Florida Black Business Loan Program Trust Fund; places the fund in the Department of Community Affairs for purposes of implementing and administering the Black Business Loan Program; requires recipients to provide quarterly and annual reports; specifies report requirements; requires the department to submit an annual program report to the Governor and Legislature; requires the Florida Black Business Investment Board, Inc., and black business investment corporations to submit an annual report to the department on uses of state funds; requires Enterprise Florida, Inc., to collaborate with the Florida Black Business Investment Board, Inc., and the Department of Community Affairs for specified purposes; requires the Office of Program Policy Analysis and Government Accountability to submit a status report to the Governor and Legislature on the department's implementation of the Florida Black Business Investment Act; requires the office to conduct a program review of the department; requires the office to submit a program review report to the Governor and Legislature; requires the Auditor General to conduct an audit of the Florida Black Business Investment Board, Inc.'s, investment activity for a specified time period; requires the Auditor General to submit an audit report to the Governor and Legislature; repeals provisions relating to return on investment from activities of the corporation, duties of black business investment corporations, conditions for board action, the state employee leasing program of the Department of Management Services for employees of the Florida Black Business Investment Board, Inc., Florida guarantor funds, and capital participation instruments; provides an appropriation and authorizes positions and approved salary rates.
Effective Date:
July 1, 2006.
Last Event:
Died in Economic Development, Trade & Banking Comm on Friday, May 5, 2006 11:59 PM