State Codes and Statutes

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560.29

560.29 Certified capital companies.

560.29(1)

(1) Definitions. In this section:

560.29(1)(a)

(a) "Certified capital company" means a person that has been certified by the department under s. 560.31, 2005 stats., and that has not been decertified under s. 560.37 (3) or (3m), 2005 stats.

560.29(1)(b)

(b) "Certified capital investment" means an investment in a certified capital company that is certified under s. 560.32 (2), 2005 stats., and that fully funds either the investor's equity interest in a certified capital company, a qualified debt instrument that a certified capital company issues, or both.

560.29(1)(c)

(c) "Certified investor" means a person who makes a certified capital investment.

560.29(1)(d)

(d) "Investment date" means, with respect to each investment pool, the date on which the last certified capital that is part of that investment pool was invested in the certified capital company.

560.29(1)(e)

(e) "Investment pool" means the aggregate of all investments of certified capital in a certified capital company that are made as part of the same transaction, except that investments received more than 30 days apart may not be considered part of the same investment pool.

560.29(1)(f)

(f) "Qualified business" means a business which is a qualified business under s. 560.33, 2005 stats.

560.29(1)(g)

(g) "Qualified investment" means an investment in a qualified business by a certified capital company that meets the requirements under s. 560.34 (1), 2005 stats.

560.29(2)

(2) Reporting requirements and fees.

560.29(2)(a)

(a) Receipts of certified capital. As soon as practicable after the receipt of a certified capital investment, a certified capital company shall report all of the following to the department:

560.29(2)(a)1.

1. The name of the certified investor from which the certified capital was received, including the certified investor's tax identification number.

560.29(2)(a)2.

2. The amount of the certified capital investment.

560.29(2)(a)3.

3. The date on which the certified capital investment was received by the certified capital company.

560.29(2)(a)4.

4. The investment date for the investment pool of which the certified capital will be a part.

560.29(2)(b)

(b) Violation of agreements by qualified businesses. As soon as practicable after the receipt of information by the certified capital company that a qualified business has violated an agreement made under s. 560.34 (1) (b) to (e), 2005 stats., the certified capital company shall notify the department of the violation and the facts giving rise to the violation.

560.29(2)(c)

(c) Annual reports. On or before January 31 annually, a certified capital company shall report all of the following to the department:

560.29(2)(c)1.

1. The amount of the certified capital company's certified capital at the end of the preceding year.

560.29(2)(c)2.

2. Whether the certified capital company has invested more than 15% of its total certified capital in any one person.

560.29(2)(c)3.

3. All qualified investments that the certified capital company has made during the previous calendar year and the investment pool from which each qualified investment was made.

560.29(2)(d)

(d) Financial statements. Within 90 days of the end of the certified capital company's fiscal year, the certified capital company shall provide to the department a copy of its annual audited financial statements, including the opinion of an independent certified public accountant. The audit shall address the methods of operation and conduct of the business of the certified capital company to determine whether the certified capital company is complying with this section and the rules promulgated under subchapter II of ch. 560, 2005 stats., including whether certified capital has been invested in the manner required under s. 560.34, 2005 stats. The financial statements provided under this subsection shall be segregated by investment pool and shall be separately audited on that basis to allow the department to determine whether the certified capital company is in compliance with s. 560.34 (1m), 2005 stats.

560.29(2)(e)

(e) Fees. On or before January 31 annually, a certified capital company shall pay a nonrefundable certification fee of $5,000 to the department, unless January 31 falls within 6 months of the date on which the certified capital company was certified under s. 560.31, 2005 stats.

560.29(2)(f)

(f) Exemption from rights of inspection and copying. If the department determines that a document submitted by a certified capital company under this section contains a trade secret, as defined in s. 134.90 (1) (c) or a business secret, that document is not subject to the right of inspection and copying under s. 19.35.

560.29(3)

(3) Department reporting requirements. The department shall include in the report required under s. 560.01 (2) (am) all of the following:

560.29(3)(a)

(a) The total amount of certified capital investments made, by calendar year, since July 1, 1999.

560.29(3)(b)

(b) Statistical information on the qualified investments made by certified capital companies during the previous 2 calendar years.

560.29(3)(c)

(c) The department's assessment of the number of jobs created in this state during the previous 2 calendar years as a result of qualified investments made by certified capital companies under this section.

560.29 - ANNOT.

History: 1997 a. 215; 2007 a. 20 ss. 3581a, 3581b, 3581d, 3581f to 3581j, 3581m, 3581r to 3581x; Stats. 2007 s. 560.29; 2007 a. 125; 2009 a. 180.

560.29 - ANNOT.

Cross Reference: See also s. Comm 111.01, Wis. adm. code.