§ 9.5-113.1. Child Care Capital Support Revolving Loan Fund
West's Annotated Code of MarylandEducationEffective: July 1, 2022
Effective: July 1, 2022
MD Code, Education, § 9.5-113.1
§ 9.5-113.1. Child Care Capital Support Revolving Loan Fund
(c) The purpose of the Fund is to provide no-interest loans for capital expenses to child care providers who participate in the Child Care Scholarship Program under § 9.5-113 of this subtitle.
(d) The Department of Commerce shall administer the Fund with support from the Department.
(e)(1) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article that shall be available in perpetuity for the purpose of providing loans in accordance with the provisions of this section.
(f) The Fund consists of:
(g)(1) The Fund may be used only to provide no-interest loans to child care providers for capital expenses related to a child care facility, including:
(h)(1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(i)(1) The Department of Commerce, in consultation with the Department, shall establish application procedures and eligibility criteria for loans from the Fund, in addition to the requirement that a child care provider be a participant in the Child Care Scholarship Program under § 9.5-113 of this subtitle.
(j) The Department of Commerce shall work with the Department to publicize the availability of loans from the Fund and provide support to child care providers in applying for loans from the Fund.
Credits
Added by Acts 2022, c. 466, § 1, eff. July 1, 2022.
MD Code, Education, § 9.5-113.1, MD EDUC § 9.5-113.1
Current through legislation effective through May 9, 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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