Ala. Admin. Code r. 795-7-6-.03

Current through Register Vol. 43, No. 1, October 31, 2024

Section 795-7-6-.03 - Initial Stock, Starting Capital, Business License

(1) The SLA shall provide an adequate initial inventory of stocks and supplies for the use of the vendor.

(2) It is the responsibility of the vendor to maintain, at all times, a merchandise inventory equal to the initial stock or cash value provided by the SLA.

(3) Ownership of the initial stock, or its current wholesale cash value, shall be vested in the SLA and ownership of all inventory, stock-in-trade, and funds on hand, other than that provided by the SLA, shall be vested in the vendor.

(4) All permanently assigned vendors are required to pay a monthly escrow payment of one percent (1%) of the equivalent value of cash and initial or expanded inventory, not to exceed $100. Temporary operators, probationary vendors, licensees or others are not required to pay a monthly escrow payment on their inventory.

(5) The inventory or escrow amount due will require a separate payment to the Escrow Fund and should not be included in the same instrument used to pay the amount due the set-aside fund.

(6) The assignment of additional stock, supplies and/or cash to a facility will change the minimum escrow payment. The payment will be one percent (1%) of the revised indebtedness reflecting the current assignment of stock, supplies and/or cash.

(7) The SLA will determine the necessary amount and provide initial starting capital for a facility.

(8) The SLA shall provide, if necessary, the initial business license for a facility.

Ala. Admin. Code r. 795-7-6-.03

New Rule: Filed January 19, 2000; effective February 23, 2000.

Amended by Alabama Administrative Monthly Volume XXXV, Issue No. 06, March 31, 2017, eff. 4/20/2017.

Authors: Alabama Board of Rehabilitation Services, Alabama Elected Committee of Blind Vendors

Statutory Authority:Code of Ala. 1975, §§ 21-1-40, 21-9-9; 20 U.S.C. 107 et. seq.