A. Rural funds shall submit a report to the Department within the first fifteen (15) business days after the second and third anniversary of the initial credit allowance date. The report following the second anniversary shall provide documentation as to the investment of sixty percent (60%) of the purchase price of such capital investment in qualified investments. The report following the third anniversary shall provide documentation as to the investment of one hundred percent (100%) of the purchase price of such capital investment in qualified investments. Unless previously reported pursuant to this subsection, such reports shall also include:

B. For all subsequent years, rural funds shall submit an annual report to the Department within ninety (90) days of the beginning of the calendar year during the compliance period. The report shall include, but is not limited to, the following:

C. On or after the sixth anniversary of the credit allowance date, a rural fund may apply to the Department to exit the program and no longer be subject to the regulation hereunder. The Department shall respond to the exit application within fifteen (15) days of receipt. In evaluating the exit application, the fact that no credits have been recaptured and that the rural fund has not received a notice of recapture that has not been cured pursuant to subsection E of Section 5 of this act² shall be sufficient evidence to prove that the rural fund is eligible for exit. The Department shall not unreasonably deny an exit application submitted under this section. If an exit application is denied, the notice shall include the reasons for the determination.