General Assembly Committee Bill No. 537
January Session, 2013 LCO No. 4247
*_____SB00537CE____031513____*
Referred to Committee on COMMERCE
Introduced by:
(CE)
General Assembly
Committee Bill No. 537
January Session, 2013
LCO No. 4247
*_____SB00537CE____031513____*
Referred to Committee on COMMERCE
Introduced by:
(CE)
AN ACT ESTABLISHING A BROKER BETWEEN EB-5 VISA APPLICANTS AND BUSINESSES SEEKING CAPITAL.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective October 1, 2013) (a) The Commissioner of Economic and Community Development shall, within available appropriations, develop and administer a program in which the Department of Economic and Community Development shall serve as a broker between foreign investors applying for an EB-5 visa, pursuant to Section 203(b)(5) of the Immigration and Nationality Act, 8 USC Section 1153(b)(5), and businesses and individuals in the state seeking capital investments.
(b) The commissioner shall charge an administrative fee for the services provided by the program developed pursuant to subsection (a) of this section. Such fee shall be sufficient to cover the costs of administering such program.
(c) The commissioner shall apply to the United States Citizenship and Immigration Services for designation of the program developed pursuant to subsection (a) of this section as an EB-5 Regional Center.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2013 New section
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2013
New section
CE Joint Favorable
CE
Joint Favorable