MISSISSIPPI LEGISLATURE

2022 Regular Session

To: Finance

By: Senator(s) Harkins

Senate Bill 2772

(As Passed the Senate)

AN ACT TO AMEND SECTION 57-10-601, MISSISSIPPI CODE OF 1972, WHICH DESIGNATES THE MISSISSIPPI DEVELOPMENT AUTHORITY AS THE AGENCY TO IMPLEMENT A STATE PROGRAM AND PARTICIPATE IN THE FEDERAL STATE SMALL BUSINESS CREDIT INITIATIVE ACT OF 2010, TO UPDATE CITATIONS TO FEDERAL LAW; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  Section 57-10-601, Mississippi Code of 1972, is amended as follows:

     57-10-601.  (1)  As used in this section:

          (a)  "Act" means the State Small Business Credit Initiative Act of 2010 ( * * *Public Law 111‑24012 USC 5701 et seq. as amended).

          (b)  "State program" has the meaning ascribed to such term in the State Small Business Credit Initiative Act of 2010 ( * * *Public Law 111‑24012 USC 5701 et seq. as amended).

          (c)  "MDA" means the Mississippi Development Authority.

     (2)  The MDA is designated as the agency to implement a state program and participate in the State Small Business Credit Initiative established under the act.

     (3)  The MDA is authorized and empowered to take any action necessary to establish and implement a state program that meets all the requirements of the act.

     (4)  The MDA is authorized and empowered to administer funds transferred to the state under the act.

     (5)  The Executive Director of MDA * * * is authorized and empowered to shall promulgate and put into effect all reasonable rules and regulations that he or she may deem necessary to carry out the provisions of this section and comply with the act.

     SECTION 2.  This act shall take effect and be in force from and after its passage.

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