Ch. 248                                          LAWS OF MARYLAND

board within the Department; requiring the Department to
prepare loan documents for a borrower from the Direct Loan
Fund; requiring the direct loan documents to contain certain
provisions; providing for the minimum amount for certain
direct loans and the maximum term for direct loans; limiting
the amount of the direct loan to a certain percentage of the
total investment in the child care facility; limiting the
use of proceeds from the Direct Loan Fund; providing that
the Direct Loan Fund shall be a revolving fund; deleting the
provision permitting the guarantee of an equity investment;
deleting the Guarantee Fund application requirement that a
current balance sheet be audited; deleting the provision
allowing the Department to contract with a nonprofit
organization to operate and manage the Guarantee Fund;
making certain stylistic changes; expanding the authorized
sources and uses of funds for the Guarantee Fund and
providing for the authorized sources and uses of the Direct
Loan Fund; providing for the disposition of excess funds;
setting forth application requirements; authorizing the
Department to set certain terms and conditions for direct
loans; providing a certain penalty for a violation of this
Act; and generally relating to the Day Care Facilities Loan
Guarantee Fund and the Child Care Facilities Direct Loan
Fund.

BY repealing

Article 41A - Department of Economic and Employment

Development
Section 6-202

Annotated Code of Maryland
(1986 Replacement Volume and 1987 Supplement)

BY repealing and reenacting, with amendments,

Article 41A - Department of Economic and Employment

Development
Section 6-203 through 6-210, inclusive
Annotated Code of Maryland
(1986 Replacement Volume and 1987 Supplement)

BY adding to

Article 41A - Department of Economic and Employment

Development
Section 6-202; and 6-2A-01 through 6-2A-13, inclusive, to be

under the new subtitle "Subtitle 2A. Child Care

Facilities Direct Loan Fund"
Annotated Code of Maryland
(1986 Replacement Volume and 1987 Supplement)

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