HB 1695 2003
1	CHAMBER ACTION
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6	The Committee on Commerce recommends the following:
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8	Committee Substitute
9	Remove the entire bill and insert:
10	A bill to be entitled
11	An act relating to the Florida Black Business Investment
12	Board, Inc.; amending s. 288.706, F.S.; authorizing the
13	Florida Black Business Investment Board, Inc., and black
14	business investment corporations to participate in the
15	Florida Minority Business Loan Mobilization Program;
16	amending s. 288.709, F.S.; deleting a requirement that
17	certain proposed bylaws or policies be approved by a
18	majority of black business investment corporations;
19	amending s. 288.7091, F.S.; requiring the board to certify
20	black business investment corporations at least every 5
21	years; amending s. 288.71, F.S.; requiring the board to
22	adopt certain policies rather than rules; amending s.
23	288.714, F.S.; changing a report filing date; providing an
24	effective date.
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26	Be It Enacted by the Legislature of the State of Florida:
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28	Section 1. Subsection (11) of section 288.706, Florida
29	Statutes, is amended to read:
30	288.706 Florida Minority Business Loan Mobilization
31	Program.--
32	(11) The Department of Management Services shall maintain
33	a listing of financial institutions willing to participate in
34	the Florida Minority Business Loan Mobilization Program, which
35	may include the Florida Black Business Investment Board, Inc.,
36	and black business investment corporations. This list of
37	financial institutions shall not be exclusive. A minority
38	business enterprise vendor who has a working relationship with a
39	financial institution is encouraged to request that the
40	financial institution apply to participate as a financial
41	institution for the program.
42	Section 2. Subsection (1) of section 288.709, Florida
43	Statutes, is amended to read:
44	288.709 Powers of the Florida Black Business Investment
45	Board, Inc.--The board shall have all the powers necessary or
46	convenient to carry out and effectuate the purposes and
47	provisions of ss. 288.707-288.714, including, but not limited
48	to, the power to:
49	(1) Adopt bylaws for the regulation of its affairs and the
50	conduct of its business and adopt policies to implement the
51	provisions of law conferring duties upon it. However, any
52	proposed bylaws or policies affecting the operation or
53	administration or financial well-being of any of the black
54	business investment corporations must first be approved by a
55	majority of the black business investment corporations.Such
56	bylaws shall provide that the corporation is subject to the
57	requirements of s. 24, Art. I of the State Constitution and
58	chapter 119 and s. 286.011.
59	Section 3. Subsection (1) of section 288.7091, Florida
60	Statutes, is amended to read:
61	288.7091 Duties of the Florida Black Business Investment
62	Board, Inc.--The Florida Black Business Investment Board, Inc.,
63	shall:
64	(1) Establish certification criteria for black business
65	investment corporations and certify at least once every 5 years
66	each of the black business investment corporations.
67	Certification criteria shall include administrative capacity,
68	fiduciary controls, and, in the case of existing black business
69	investment corporations, solvency and soundness of prior loan
70	decisions;
71	Section 4. Section 288.71, Florida Statutes, is amended to
72	read:
73	288.71 Conditions for board action.--The board shall
74	require of all programs in which the board participates that any
75	black business enterprise demonstrate to the appropriate entity
76	that:
77	(1) The proposed investment is economically sound and will
78	benefit the people of the state by increasing opportunities for
79	employment, strengthening the economy of the state, or expanding
80	black business enterprises.
81	(2) The black business enterprise proposed to be assisted
82	will be able to compete successfully in the private sector if it
83	obtains the requested financial assistance and has, or will
84	obtain, necessary technical or managerial support through a
85	private mentor, a state or federally sponsored small business
86	assistance center, or other credible source. In determining
87	whether a black business enterprise will be able to compete
88	successfully, the entity shall consider such factors as:
89	(a) The successful completion of, or participation in,
90	courses of study recognized by an appropriate accrediting agency
91	or appropriate state agency as providing financial, technical,
92	or managerial skills related to the operation of the business by
93	the owner or partner;
94	(b) The prior success of the owner or partner in personal,
95	career, or business activities;
96	(c) Amount of local and other financial assistance
97	available to the black business enterprise;
98	(d) The availability of ongoing technical or managerial
99	assistance by private sources; and
100	(e) Other factors identified by the board.
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102	The board shall adopt policiesrulesthat prescribe criteria
103	used by the board to evaluate applications for financial
104	assistance to black business enterprises.
105	Section 5. Section 288.714, Florida Statutes, is amended
106	to read:
107	288.714 Annual report.--By MayFebruary1 of each year the
108	board of the corporation shall submit to the Governor, the
109	President of the Senate, the Speaker of the House of
110	Representatives, and the director of the Office of Tourism,
111	Trade, and Economic Development a complete and detailed report
112	setting forth:
113	(1) Operations and accomplishments of the corporation;
114	(2) The number of black business enterprises which
115	participated during the past year in programs established or
116	administered by the corporation;
117	(3) The number of black business enterprises receiving
118	assistance from the corporation and the manner in which the
119	assistance was received;
120	(4) The status of black business enterprises which
121	participated in programs established or administered by the
122	corporation;
123	(5) The total number of jobs represented by black business
124	enterprises participating in programs established or
125	administered by the corporation;
126	(6) Receipts and expenditures of the corporation during
127	its most recent fiscal year in accordance with the categories or
128	classifications established by the corporation for its operating
129	and capital accounts;
130	(7) Assets and liabilities of the corporation at the end
131	of its most recent fiscal year and the status of its trust
132	funds; and
133	(8) A schedule of local bonds outstanding authorized by
134	the corporation and capital participation instruments issued by
135	the corporation for the year and the total to date.
136	Section 6. This act shall take effect upon becoming a law.