Ch. 596                                       LAWS OF MARYLAND

CHAPTER 596

(Senate Bill 650)

AN ACT concerning

Child Care Facilities Direct Loan Fund -
Amount of Loans

FOR the purpose of increasing the maximum amount of certain
direct loans from the Child Care Facilities Direct Loan
Fund; altering the amount that the applicant is required to
expend for certain purposes; and generally relating to the
Child Care Facilities Direct Loan Fund.

BY repealing and reenacting, with amendments,

Article 83A - Department of Economic and Employment

Development
Section 6-2A-10
Annotated Code of Maryland
(1988 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 83A - Department of Economic and Employment Development

6-2A-10.

(a)  Except as provided in this subtitle, the Department may
set the terms and conditions for direct loans.

(b)  If the Department decides to lend money to an
applicant, the Department shall prepare loan documents.

(c)  The loan documents shall include:

(1)  The rate of interest on the loan;

(2)  The amount of the loan;

(3)  A requirement that before each disbursement of
loan proceeds is released to the applicant, the applicant and the
Department cosign the request for the funds;

(4)  Provisions for repayment of the loan; and

(5)  Any other provisions that the Department
determines are necessary to secure the loan, including the taking
of liens and security interests in real and personal property.

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