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2474
LAWS OF MARYLAND
Ch. 426
FOR the purpose of creating the Maryland Small Business Surety
Bond Guarantee Program under the Maryland Small Business
Development Financing Authority; authorizing the Authority
to guarantee any surety a certain percentage of any loss
incurred as a breach of a bid bond, a payment bond, or a
performance bond under certain conditions; limiting the
duration of the guarantee; authorizing the Authority to
establish the terms and conditions of the guarantee;
authorizing the Authority to establish a surety bonding
line; requiring the principal to meet certain qualifications
in order for the Authority to guarantee the surety bond;
providing for applications for guarantee of a surety bond;
limiting the premium a surety may charge a principal on a
bond guaranteed under this Act specifying the powers of the
Authority in implementing the program; creating a certain
fund; defining terms; establishing penalties for certain
violations; and generally relating to a Maryland Small
Business Surety Bond Guarantee Program.
BY renumbering
Article - Financial Institutions
Section 13-234 and the part "Part VI. Remedies of
Authority", respectively
to be Section 13-235 and the part "Part VII. Remedies of
Authority", respectively
Annotated Code of Maryland
(1980 Volume and 1983 Supplement)
BY adding to
Article - Financial Institutions
Section 13-234 through 13-234.5 13-234.8, inclusive, to be
under the new part "Part VI. Small Business Surety
Bond Guarantee Program"
Annotated Code of Maryland
(1980 Volume and 1983 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section(s) 13-234 and the part "Part VI. Remedies
of Authority", respectively, of Article - Financial Institutions
of the Annotated Code of Maryland be renumbered to be Section(s)
13-235 and the part "Part VII. Remedies of Authority",
respectively.
SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:
Article - Financial Institutions
PART VI. SMALL BUSINESS SURETY BOND GUARANTEE PROGRAM
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