Amendment ID: S2801-25-R1

Redraft Amendment 25

Preserving Social Equity Ownership

Messrs. Keenan and Gomez, Ms. Jehlen and Mr. Feeney move that the proposed new draft be amended in section 10, in the proposed first sentence of paragraph (3) of subsection (c), by adding the following 2 clauses:- “(v) prohibitions  against the sale, transfer or pledge of any asset or interest by a social equity business to an entity or individual other than a social equity business or an individual qualified as an economic empowerment priority applicant as defined by the commission’s regulations within an initial, specified timeframe to begin on the date the business is authorized to commence operations by the commission; provided, however, that the initial, specified timeframe shall not exceed 5 years; and (vi) terms for payment of a clawback requiring the commonwealth to recover 100 per cent of the grant and loan funds should a sale, transfer or pledge of any asset or interest by a social equity business occur in violation of clause (v).”; and

in said section 10, in proposed subsection (c), by adding the following paragraph:-

“(4) The violation of a condition of a grant or loan made pursuant to this section or any other violation of this section shall be punished by a fine of not more than 50 per cent of the violator’s grant or loan value per violation, in addition to funds paid under clause (vi) of paragraph (3) if applicable.”.