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Maryland Code, State Finance and Procurement § 17-702

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) For purposes of this subtitle, a person engages in investment activities in Iran if:

(1) the person provides goods or services of $20,000,000 or more in the energy sector of Iran, including a person that provides oil or liquefied natural gas tankers or products used to construct or maintain pipelines used to transport oil or liquefied natural gas for the energy sector of Iran; or

(2) the person is a financial institution that extends $20,000,000 or more in credit to another person for 45 days or more if the person to whom the credit is extended:

(i) will use the credit to provide goods or services in the energy sector of Iran as described in item (1) of this subsection; and

(ii) is, at the time of the extension of credit, identified on a list created under § 17-704 of this subtitle as a person engaging in investment activities in Iran.

(b) If the Board determines that the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 has been amended or any other federal act or law has been enacted or amended that authorizes or requires the reduction of the dollar amounts provided for in this section or otherwise alters the parameters of investment activities in Iran for the purpose of imposing sanctions, the Board shall adopt regulations to reduce the dollar amounts or alter the parameters.

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Cite this article: FindLaw.com - Maryland Code, State Finance and Procurement § 17-702 - last updated December 31, 2021 | https://codes.findlaw.com/md/state-finance-and-procurement/md-code-state-fin-and-proc-sect-17-702/

Read this complete Maryland Code, State Finance and Procurement § 17-702 on Westlaw

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