Maryland Code, Economic Development § 5-451

Current as of January 01, 2025 | Updated by Findlaw Staff

(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.

(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.

Previous Part of Code Next Part of Code

Back to Chapter List

Cite this article: FindLaw.com - Maryland Code, Economic Development § 5-451 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-5-451/

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 before relying on it for your legal needs.

Was this helpful?

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.

Go to Learn About the Law

Did FindLaw Help You Understand This Legal Issue?

Make It a Preferred Google Search Source

Add to Google

Latest Blog Posts

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)