Iowa Admin. Code r. 261-52.10

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 261-52.10 - [Effective until 11/20/2024] Fraudulent practices in connection with targeted small business programs

A violation under this rule is grounds for decertification of the TSB connected with the violation. Decertification shall be in addition to any penalty otherwise authorized by this chapter.

(1) A person is considered to be guilty of a fraudulent practice if the person:

a. Knowingly transfers or assigns assets, ownership, or equitable interest in property of a business to a targeted group person primarily for the purpose of obtaining benefits under TSB programs if the transferor would otherwise not be qualified for such programs.

b. Solicits and is awarded a state contract on behalf of a TSB for the purpose of transferring the contract to another for a percentage if the person transferring or intending to transfer the work had no intention of performing the work.

c. Knowingly falsifies information on an application for the purpose of obtaining benefits under TSB programs.

(2) The authority may investigate allegations or complaints of fraudulent practices and will take action to decertify a TSB upon concluding that a violation has occurred. A decertification by this action may be appealed.

Iowa Admin. Code r. 261-52.10

Adopted by IAB January 17, 2018/Volume XL, Number 15, effective 2/21/2018