Section R357-21-7 - Full Funded Applicant(1) A notice of full funding pursuant to Subsection 63N-4-303(7) shall be provided by the applicant on official letterhead of the applicant and follow the format, documentation, and other requirements in Section R357-21-7: (a) bank statements, credit instruments, and other supporting documentation to show full funding was achieved under the requirements outlined in Subsection 63N-4-303(7); and(b) any other documentation the office may request.(2) If the approved applicant does not meet the requirements found in Subsection 63N-4-303(7) or is found to have lacking documentation as described in Subsection R357-21-7(1), the office shall notify the applicant that its investment authority allocation has lapsed by issuing a Notice of Agency Action for Lapsed Allocation.(3) The applicant will have ten business days to submit to the executive director a challenge to a Notice of Agency Action for Lapsed Allocation:(4) Any challenge to a Notice of Agency Action for Lapsed Allocation shall provide documentation that the requirements of Subsection 63N-4-303(7) were met within 65 days of notice of approval for investment authority allocation;(5) The executive director shall issue a final determination within five business days of receipt of such a challenge.Utah Admin. Code R357-21-7
Adopted by Utah State Bulletin Number 2017-24, effective 11/28/2017Amended by Utah State Bulletin Number 2022-22, effective 10/27/2022