Skip to main content

Maryland Code, Economic Development § 5-451

Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

(a) In this part the following words have the meanings indicated.

(b) “Applicant” means the eligible business applying for fixed asset financing assisted by a linked deposit.

(c) “Eligible business” means a for-profit business that:

(1) is located in a qualified distressed county;

(2) is in good standing with each State regulatory authority with jurisdiction over the business of the applicant, including the State Workers' Compensation Commission, the Department of Assessments and Taxation, and the Maryland Department of Labor;  and

(3) employs 500 or fewer employees.

(d)(1) “Fixed asset financing” means a commercial loan to finance:

(i) the acquisition or improvement of all or part of a building;

(ii) the acquisition or improvement of the land for the building if not already owned by the applicant;  or

(iii) the acquisition or improvement of equipment.

(2) “Fixed asset financing” does not include refinancing an existing debt.

(e) “Lender” means a financial institution that:

(1) is eligible to make commercial loans;

(2) is a public depository of State funds;

(3) agrees to receive linked deposits under this part;  and

(4) is insured by the Federal Deposit Insurance Corporation.

(f) “Linked deposit” means a deposit that the Authority places with a lender that earns interest below the prevailing market rate for equivalent deposits made with the lender at the time of the deposit.

(g) “Program” means the Linked Deposit Program established under § 5-452 of this subtitle.

Cite this article: - Maryland Code, Economic Development § 5-451 - last updated December 31, 2021 |

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Thank you. Your response has been sent.

Copied to clipboard