BEFORE THE DEPARTMENT OF COMMERCE

                                       OF THE STATE OF MONTANA

 

In the matter of the amendment of ARM 8.99.401, 8.99.404, 8.99.501, 8.99.502, 8.99.504, 8.99.505, 8.99.509, and 8.99.511 pertaining to microbusinesses

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CORRECTED NOTICE OF AMENDMENT

TO: All Concerned Persons

 

1.  On November 8, 2007, the Department of Commerce published MAR Notice No. 8-99-59 pertaining to the public hearing on the proposed amendment of the above-stated rules at page 1730 of the 2007 Montana Administrative Register, Issue Number 21. On March 13, 2008, the Department of Commerce published the notice of amendment at page 486 of the 2008 Montana Administrative Register, Issue Number 5.

 

2.  This corrected notice of amendment is being published to correct the inadvertent inclusion of ARM 8.99.505 in items adopted as proposed and omission of ARM 8.99.505 from the list of rules that were adopted as proposed, but with the following changes, stricken matter interlined, new matter underlined. The rule, as amended in corrected form, reads as follows, deleted matter interlined, new matter underlined:

 

8.99.505 DEVELOPMENT LOAN - MATCHING CONTRIBUTIONS 

     (1) through (6) remain as amended.

     (7)  The sum of the outstanding principal balance of the department development loan and the MBDC's matching loan funds is referred to as the "revolving loan fund base". The sum of the revolving loan fund bank account balance and investment bank account balance is referred to as the "revolving loan fund cash balance".  The sum of the outstanding principal balance of all performing and delinquent microbusiness loans held by the MBDC in the revolving loan fund is referred to as the "eligible loan receivables balance". All MBDCs shall report and document the revolving loan fund cash balance and the eligible loan receivables balance. The sum of the revolving loan fund cash balance and the eligible loan receivables balance must equal or exceed the "revolving loan fund base" at all times. If the sum of the revolving loan fund cash balance and the eligible loan receivables balance is less than the revolving loan fund base, this difference is referred to as the "revolving loan fund base deficiency". If a MBDC incurs a "revolving loan fund base deficiency," the MBDC shall deposit additional funds equal to or greater than the "revolving loan fund base deficiency" in the revolving loan fund bank account.

 

3. The replacement pages for this corrected notice were submitted to the Secretary of State on March 31, 2008.

 

/s/ G. MARTIN TUTTLE                    /s/ ANTHONY J. PREITE               

G. MARTIN TUTTLE                         ANTHONY J. PREITE

Rule Reviewer                                  Director

                                                       Department of Commerce

 

Certified to the Secretary of State March 31, 2008.