(1) On or after the seventh anniversary of the closing date, a rural investment company may apply to the office to exit the program and no longer be subject to this part.

(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(3) In evaluating the exit application, if no tax credit certificates have been revoked and the rural investment company has not received a notice of revocation that has remained uncorrected under Subsection 63N-4-305(3)(b), the rural investment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.

(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) 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.

(a) the state reimbursement amount; and

(b) the excess return.

(6) The office shall notify the rural investment company once payments equal to the amount described in Subsection (4) have been received.

(7) Any amounts collected under this section shall be deposited into the General Fund.