Section 15-4-3609 - Refundable performance fee(a) A qualified community development entity that seeks to have an equity investment or long-term debt security designated as a qualified equity investment eligible for a tax credit under this subchapter shall pay a fee in the amount one-half of one percent (0.5%) of the amount of the equity investment or long-term debt security requested to be designated as a qualified equity investment to the Arkansas Economic Development Commission for deposit into the New Markets Performance Guarantee Fund, § 19-5-1254.(b) The qualified community development entity shall forfeit the fee required under this section if: (1) The qualified community development entity and its subsidiary qualified community development entities fail to: (A) Issue the total amount of qualified equity investments certified by the commission; and(B) Receive cash in the total amount certified under and within the time period stated in § 15-4-3605; or(2)(A) The qualified community development entity or any subsidiary qualified community development entity that issues a qualified equity investment certified under this subchapter fails to meet the investment requirement under § 15-4-3607(3) by the second credit allowance date of the qualified equity investment.(B) Forfeiture of the fee under subdivision (b)(2)(A) of this section shall be subject to the six-month cure period established under § 15-4-3608.(c)(1) The fee required under subsection (a) of this section shall be held in the fund until compliance with the requirements of this section is established.(2)(A) A qualified community development entity may request a refund of the fee from the commission no sooner than thirty (30) days after having met all the requirements of this section.(B) The Treasurer of State shall comply with a request under subdivision (c)(2)(A) of this section or give notice of noncompliance within thirty (30) days of receiving the request.Added by Act 2013, No. 1474,§ 1, eff. 4/22/2013.