(a) The Alabama Development Office shall conduct an annual review of each certified capital company to:
(1) Ensure that the company continues to satisfy the requirements of this chapter and that the company has not made any investment in violation of this chapter.
(2) Determine the eligibility status of its qualified investments.
(b) The cost of the annual review shall be paid by each certified capital company according to a reasonable fee schedule adopted by the Alabama Development Office.
(c) A material violation of Sections 40-14B-6, 40-14B-8, or 40-14B-9 is grounds for decertification of the certified capital company. If the Alabama Development Office determines that a company is not in compliance with Sections 40-14B-6, 40-14B-8, or 40-14B-9, the director shall notify the officers of the company in writing that the company may be subject to decertification after the 120th day after the date of mailing of the notice, unless the deficiencies are corrected and the company returns to compliance with those sections.
(d) The Director of the Alabama Development Office may decertify a certified capital company, after opportunity for hearing, if the director finds that the company is not in compliance with Sections 40-14B-6, 40-14B-8, or 40-14B-9 at the end of the period established by subsection (c). Decertification under this subsection is effective on receipt of notice of decertification by the company. The Alabama Development Office shall notify any appropriate state agency of the decertification.
Structure Code of Alabama
Title 40 - Revenue and Taxation.
Chapter 14B - Certified Capital Company; Premium Tax Credit.
Section 40-14B-1 - Definitions.
Section 40-14B-2 - Administration of Chapter.
Section 40-14B-3 - Application for Certification.
Section 40-14B-4 - Prohibited Activities.
Section 40-14B-5 - Statement Included With Offering.
Section 40-14B-6 - Qualified Investments.
Section 40-14B-7 - Development Office Opinion as to Proposed Investments.
Section 40-14B-8 - Report Upon Receipt of Certified Capital; Annual Report; Financial Statement.
Section 40-14B-9 - Renewal Fee.
Section 40-14B-10 - Qualified Distributions.
Section 40-14B-11 - Annual Review; Decertification.
Section 40-14B-12 - Recapture of Forfeiture of Premium Tax Credits.
Section 40-14B-13 - Indemnification, etc., of Certified Investors.
Section 40-14B-14 - Vested Premium Tax Credit - Generally.
Section 40-14B-15 - Vested Premium Tax Credit - Claim.
Section 40-14B-16 - Vested Premium Tax Credit - Amounts Allowed.
Section 40-14B-17 - Vested Premium Tax Credit - Pro Rata Allocation.
Section 40-14B-18 - Certified Capital as Admitted Asset.
Section 40-14B-19 - Rate Making for Insurance Contract.
Section 40-14B-20 - Transfer or Assignment of Premium Tax Credits.