Establishes program in EDA to encourage employee ownership awareness and provide funding and advisory support.
What changed between versions
The entire section requiring EDA to designate a Director of Employee Ownership is struck. The position, its qualifications, reporting structure, and duties are all eliminated from the bill.
The Advisory Commission on Employee Ownership is renamed the Advisory Committee on Employee Ownership, reduced from 13 members to 9, and is no longer established 'in, but not of' the authority. The CEO ex officio seat is removed, and the final public member category is reduced from two members to one. The committee may now call upon other State entities for guidance.
Detailed term provisions for committee members (staggered 2-, 3-, and 4-year initial terms, reappointment eligibility) are struck entirely, as are the meeting frequency and quorum requirements.
Contractor approval process changes from the authority reviewing and approving applications on a rolling basis to publishing and maintaining a list of eligible contractors (including pre-qualified ones), with the list required to be updated at least every two years.
A new prerequisite is added for revolving loan fund loans: applicants must submit their loan application only following the completion of employee ownership feasibility study services.
Rulemaking authority shifts from EDA adopting rules under the full Administrative Procedure Act to the CEO of the authority being able to adopt emergency rules immediately upon filing with the Office of Administrative Law, effective for up to 365 days before normal APA procedures apply.
In the committee membership criteria, 'one professional advisor' is changed to 'one professional financial advisor,' narrowing the qualification to those with financial expertise specifically.
