Md. Code, Economic Development § 5-1806
This is the official text of Md. Code, Economic Development § 5-1806, part of Maryland’s Code, Economic Development — governs the state's economic development programs.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§5–1806.
Official statutory text
(a) The Department shall establish a loan loss reserve account for a lender when a lender enrolls its first loan under the Program.
(b) At the time of enrollment:
(1) the borrower shall make a payment to the account of between 0% and 7% of the enrolled loan amount;
(2) the lender shall make a payment to the account of at least 2% of the enrolled amount; and
(3) the Department shall make a matching payment to the account in an amount equal to the borrower and lender’s aggregate payment under items (1) and (2) of this subsection.
(c) The loan loss reserve account of a lender shall be available for the lender to withdraw if a borrower defaults on a qualifying loan.
(d) The Department shall establish procedures for a lender to withdraw from the Program.
(b) At the time of enrollment:
(1) the borrower shall make a payment to the account of between 0% and 7% of the enrolled loan amount;
(2) the lender shall make a payment to the account of at least 2% of the enrolled amount; and
(3) the Department shall make a matching payment to the account in an amount equal to the borrower and lender’s aggregate payment under items (1) and (2) of this subsection.
(c) The loan loss reserve account of a lender shall be available for the lender to withdraw if a borrower defaults on a qualifying loan.
(d) The Department shall establish procedures for a lender to withdraw from the Program.
Status: in_force · Read it on the official government site
Need a lawyer in Maryland?
Find a Maryland lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.