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Session Laws, 2006
Volume 750, Page 2140   View pdf image
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Ch. 396                                    2006 LAWS OF MARYLAND Approved May 2, 2006.
CHAPTER 396
(House Bill 1431) AN ACT concerning Linked Deposit Program - State Depository Financial Institutions - Loans to Minority Business Enterprises FOR the purpose of establishing a Linked Deposit Program in the Treasurer's Office
Department of Housing and Community Development for the purpose of
stimulating opportunities for minority business enterprises to have access to
credit by assisting these businesses in obtaining loans at lower than market
interest rates; specifying that certain loans qualify under the Program;
requiring the Treasurer Department to confirm with a certain certification
agency that certain loans are made to certain businesses; requiring the
Treasurer Department to establish certain procedures for a certain notification;
requiring the Department to receive loan applications from minority business
enterprises and forward loan applications to lenders: requiring the Department
to require minority business enterprises to notify the Department concerning
final loan disposition: requiring the Department to report annually to the
Governor, the Treasurer, and the General Assembly on the overall performance
of the Linked Deposit Program; allowing the Treasurer to establish the program
for investment of deposits in certain financial institutions; allowing the
Treasurer to purchase certain certificates of deposit; allowing the Treasurer to
accept a rate that gives a certain preference to the financial institution is a
certain percent below current market rates or a certain index; allowing the
Treasurer to use up to a certain amount to purchase certificates of deposit;
requiring certain financial institutions the Treasurer to reduce a certain loan
amount upon a certain notification; providing that a certain loan is not a debt of
the State or a pledge of the credit of the State; providing that the Treasurer and
the State are not liable to certain financial institutions for certain payments of
a loan assisted by a linked deposit; authorizing the Treasurer and the
Department to adopt certain regulations; requiring a certain report; providing
for the termination of this Act; and generally relating to the establishment of a
Linked Deposit Program. BY adding to Article — State Finance and Procurement Section 6-211 Annotated Code of Maryland (2001 Replacement Volume and 2005 Supplement) SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows: - 2140 -


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Session Laws, 2006
Volume 750, Page 2140   View pdf image
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