(1) (a) On or after the seventh anniversary of the closing date, and on or before the twelfth anniversary of the closing date, each rural investment company shall apply to the office to exit the program and no longer be subject to this part. (b) A rural investment company that receives phase one investment authority and phase two investment authority shall separately apply to exit the program in relation to the phase one investment authority and the phase two investment authority. (2) An application submitted under Subsection (1) shall be in a form and in accordance with procedures prescribed by the office and shall include a calculation of the state reimbursement amount. (3) In evaluating the exit application, if no tax credit certificates have been revoked and the rural investment company has not received a notice of revocation that has remained uncorrected under Subsection 63N-4-305(3)(b), the rural investment company is eligible for exit. (4) (a) The office shall respond to the application within 30 days of receipt and include confirmation of the state reimbursement amount. (b) The office shall not unreasonably deny an application submitted under this section. (c) If the office denies the application, the office shall provide the reasons for the determination to the rural investment company. (5) If a rural investment company fails to submit an exit application in accordance with Subsection (1), the office shall: (a) calculate the state reimbursement amount using the best available information; and (b) provide the confirmation described in Subsection (4)(a) within 30 days of the twelfth anniversary of the closing date. (6) Within 60 days after the day on which the confirmation of the state reimbursement amount is received by the rural investment company, the rural investment company shall make a cash distribution to the state in an amount equal to the lesser of: (a) the state reimbursement amount; and (b) the excess return. (7) The office shall notify the rural investment company once payments equal to the amount described in Subsection (4) have been received. (8) Any amounts collected under this section shall be deposited into the General Fund.
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