§ 5-1501. Small, Minority, and Women-Owned Businesses Account
West's Annotated Code of MarylandEconomic DevelopmentEffective: July 1, 2022 to June 30, 2024
West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division I. Secretary of Commerce and Department of Commerce [Titles 1-8] (Refs & Annos)
Title 5. Economic Development and Financial Assistance Programs (Refs & Annos)
Subtitle 15. Small, Minority, and Women-Owned Businesses Account (Refs & Annos)
Effective: July 1, 2022 to June 30, 2024
MD Code, Economic Development, § 5-1501
Formerly cited as STATE GOVT § 9-1A-35
§ 5-1501. Small, Minority, and Women-Owned Businesses Account
<Section effective until July 1, 2024. See, also, section 5-1501 effective July 1, 2024.>
(a) There is a Small, Minority, and Women-Owned Businesses Account under the authority of the Department.
(b)(1)(i) The Account shall receive money as required under § 9-1A-27 of the State Government Article.
(c)(1) In this subsection, “eligible fund manager”:
(3) Except for money received from the Strategic Energy Investment Fund, the Department shall ensure that eligible fund managers allocate at least 50% of the funds from this Account to small, minority, and women-owned businesses in the jurisdictions and communities surrounding a video lottery facility.
(d)(1) Any money received from the Strategic Energy Investment Fund shall be used to benefit small, minority, women-owned, and veteran-owned businesses in the clean energy industry in the State.
(e) Fund managers receiving grants under this section shall:
(f)(1) Subject to paragraph (2) of this subsection, an eligible fund manager may use money from grants received under this section to pay expenses for administrative, actuarial, legal, and technical services.
(g)(1) Subject to paragraphs (2) through (4) of this subsection, an eligible fund manager may use money from a grant received under subsection (d)(1) of this section to pay ordinary and reasonable expenses for administrative, actuarial, legal, marketing, and technical services and management fees.
(h)(1) Notwithstanding any provisions in this section to the contrary, this subsection applies to businesses in areas of the State that are:
(i)(1) Notwithstanding any other provision of this section, this subsection applies to businesses and nonprofit organizations in Anne Arundel County and the City of Annapolis when the principal executive officer has declared a local state of emergency under § 14-111 of the Public Safety Article.
(j) In accordance with § 2.5-109 of this article, the Department shall submit a report on amounts received by and expended by the Strategic Energy Investment Fund.
(k) The Legislative Auditor shall audit the utilization of the funds that are allocated to small, minority, and women-owned businesses by eligible fund managers under subsection (c)(3) of this section during an audit of the applicable State unit as provided in § 2-1220 of the State Government Article.
Credits
Added as State Government § 9-1A-35 by Acts 2007, 1st Sp. Sess., c. 4, § 1, eff. Nov. 25, 2008. Amended by Acts 2011, c. 240, § 1, eff. May 10, 2011; Acts 2016, c. 49, § 1, eff. July 1, 2016; Acts 2017, c. 1, § 1, eff. March 4, 2017; Acts 2017, c. 2, § 1, eff. March 9, 2017. Transferred to Economic Development § 5-1501 by Acts 2017, c. 453, § 1, eff. July 1, 2017. Amended by Acts 2017, c. 453, § 2, eff. July 1, 2017; Acts 2019, c. 8, § 5; Acts 2019, c. 757, § 1, eff. Oct. 1, 2019; Acts 2021, c. 116, § 1, eff. April 13, 2021; Acts 2022, c. 116, § 1, eff. July 1, 2022; Acts 2022, c. 135, § 5; Acts 2022, c. 490, § 1, eff. July 1, 2022; Acts 2022, c. 491, § 1, eff. July 1, 2022.
MD Code, Economic Development, § 5-1501, MD ECON DEV § 5-1501
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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