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§ 9-20A-09. Fund used for credit enhancements to financing

West's Annotated Code of MarylandState GovernmentEffective: July 1, 2014

West's Annotated Code of Maryland
State Government (Refs & Annos)
Title 9. Miscellaneous Executive Agencies (Refs & Annos)
Subtitle 20a. The Jane E. Lawton Conservation Loan Program (Refs & Annos)
Effective: July 1, 2014
MD Code, State Government, § 9-20A-09
§ 9-20A-09. Fund used for credit enhancements to financing
Currentness
In general
(a) The Administration may use the Fund to enhance the credit of a financing offered by a bank or other financial institution for a project.
Credit enhancement requirements
(b) A credit enhancement issued in accordance with subsection (a) of this section shall:
(1) carry out the purpose of the Program in a manner the Administration considers appropriate;
(2) facilitate financing of at least one project of a local jurisdiction, nonprofit organization, or eligible business; and
(3) be offered only to a bank or other financial institution in good standing with the State Department of Assessments and Taxation that is:
(i) incorporated in the State; or
(ii) registered to do business in the State.
Fee for administration of section
(c) The Administration may assess a reasonable fee to a participating bank or financial institution for the administration of this section.
Regulations
(d) The Administration shall adopt regulations to carry out this section.

Credits

Added by Acts 2014, c. 348, § 1, eff. July 1, 2014; Acts 2014, c. 349, § 1, eff. July 1, 2014.
MD Code, State Government, § 9-20A-09, MD STATE GOVT § 9-20A-09
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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