Section 231A.050 - Approval required to accept qualified low-income community investments from more than one qualified community development entity1. A qualified active low-income community business or impact qualified active low-income community business shall not accept qualified low-income community investments from more than one qualified community development entity or impact qualified community development entity, as applicable, unless the business first obtains approval from the Department.2. To request approval from the Department for the purposes of subsection 1, a qualified active low-income community business or impact qualified active low-income community business must submit to the Department at the address set forth in NAC 231A.130 a written request for approval on a form prescribed by the Department.3. The Department will grant or deny a written request for approval submitted in accordance with subsection 2 not later than 28 calendar days after the date on which the Department receives the written request. If the Department does not grant or deny the written request within 28 calendar days after the Department receives the written request, the request shall be deemed approved.4. The Department will approve a written request pursuant to subsection 3 unless the Department determines that it is in the best interests of this State to deny the written request.Nev. Admin. Code § 231A.050
Added to NAC by Dep't of Business & Industry by R103-13, eff. 6-23-2014; A by R036-23A, eff. 4/19/2024NRS 231A.150, 231A.245, as amended by section 18 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3363