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2000 SESSION

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CHAPTER 40 An Act to amend and reenact § 9-228.8 of the Code of Virginia, relating to the Virginia Small Business Growth Fund. [H 1048] Approved March 6, 2000

Be it enacted by the General Assembly of Virginia:

1. That § 9-228.8 of the Code of Virginia is amended and reenacted as follows:

§ 9-228.8. Operation of the Fund.

A. The Fund shall be used as a special reserve fund to cover potential future losses from the loan portfolios of participating banks and lending institutions. The Authority shall (i) work with banks and lending institutions to establish a separate account for the Virginia Small Business Growth Fund in each participating bank or lending institution and (ii) deposit into such accounts, moneys from the Fund in an amount at least equal to the total of the sum of the bank or lending institution's and the individual borrower's deposits into such account. Such matching sum by the Authority shall not exceed seven fourteen percent of the principal amount of the loan.

B. The Authority shall determine the qualifications, terms, and conditions for the use of the Fund and the accounts thereof. In connection with applications for claims made against the Fund, the Authority is authorized to require the production of any document, instrument, certificate, legal opinion, or any other information it deems necessary or convenient. All claims made against the Fund shall be approved by the Board or an authorized committee or subcommittee thereof. All claims made against each account shall be reported to the Board or an authorized committee thereof.