(a) Application for exit.--On or after the seventh anniversary of the closing date, a rural growth fund may apply to the department to exit the Rural Jobs and Investment Tax Credit Program and no longer be subject to regulation under this part. A rural growth fund shall calculate the State repayment amount in its application for exit and if the product is greater than the rural growth fund's credit-eligible capital contributions, the State repayment amount shall equal zero. The department shall respond to the application within 30 days after receipt and confirm the State repayment amount. In evaluating the application, the fact that no tax credit certificates have been revoked and that the rural growth fund has not received a notice of revocation that has not been cured under section 1833- G(b)¹ shall be sufficient evidence to show that the rural growth fund is eligible for exit. The department may not deny an application submitted under this subsection without reasonable cause. If the application is denied, the department shall issue a notice which shall include the reasons for the denial. If the rural growth fund owes a State repayment amount, the rural growth fund may not be permitted to make distributions or payments in excess of the investment authority until the rural growth fund first remits the State repayment amount to the department. All amounts received by the department under this section shall be credited to the General Fund.

(b) Exit.--The department may not revoke a tax credit certificate after a rural growth fund exits from the Rural Jobs and Investment Tax Credit Program under this section.