Administrative Rule Review Report  #AR09-039

Legislative Service Office

14-July-2009

 

AGENCY:                                 Wyoming Business Council.

 

DATE SUBMITTED:                   July 6, 2009.

 

SUBJECT:                                 Chapter 1, Wyoming Partnership Challenge Loan Program; Chapter 2, Economic Disaster Loans; Chapter 3, Loan Guarantee Program; and Chapter 4, Wyoming Main Street Loan Participation.

 

NATURE OF RULES:                     Legislative, Procedural

 

STATUTORY AUTHORITY:         W.S. 9-12-104(a)(iv)

 

DETERMINATION OF PROCEDURAL COMPLIANCE BASED UPON INFORMATION SUBMITTED BY THE AGENCY TO LSO:

The Wyoming Administrative Procedure Act generally does not apply to the Wyoming Business Council pursuant to W.S. 9-12-103(g).  However, W.S. 9‑12‑104(a)(iv) provides that rules adopted by the Wyoming Business Council will be submitted to the Management Council for review. 

 

Notice of the proposed adoption of new rules was provided by the LSO as required by W.S. 28‑9‑103(d).  No comments have been received to date.  Otherwise, procedural compliance is apparently complete to date.

 

SUMMARY OF RULES:  These rules are being promulgated to be consistent with statutory changes resulting from 2009 Session Laws, Chapter 8.

 

More specifically, Chapter 1 increases the maximum amount of state loan participation from $500,000.00 to $1,000,000.00 under the guarantee loan participation program and from $250,000.00 to $500,000.00 for bridge financing.  The amendments also allow an additional ten year renewal period if approved by the agency board. 

 

Chapter 2 increases the amount eligible for economic emergency loans from $250,000.00 to $500,000.00 . 

 

Chapter 3 provides a new definition for "commercial lender" and provides conforming changes under the loan guarantee program.

 

Chapter 4 is a new rule to provide for main street loan participation under the Wyoming partnership challenge loan program.

 

FINDINGS:  The rules appear to be within the scope of statutory authority and legislative intent.

 

Administrative Rule Review Report  #AR09-039

Legislative Service Office

14-July-2009

Page 2

 

 

STAFF RECOMMENDATION:  That the rules be placed on the Consent List and be approved by the Council as submitted by the Agency.

 

 

 

                                                            ____________________________

                                                            Maxine R. Weaver

                                                            Staff Attorney

 

 

                                                            ____________________________

                                                            Lynda G. Cook

                                                            Staff Attorney

MRW/