WILLIAM DONALD SCHAEFER, Governor

(1)  Any note, bond, debenture, or other evidence of
indebtedness;

(2)  Any stock or other form of equity participation;

(3)  Any certificate of interest or participation in a
profit sharing agreement;

(4)  Any investment contract;

(5)  Any certificate of deposit for a security;

(6)  Any certificate of interest [of] OR participation
in a patent or patent application or in royalty or other payments
under a patent or patent application; or

(7)  Any interest or instrument commonly known as a
"security" or any certificate for, receipt for, guarantee of, or
option, warrant, or right to subscribe to or purchase any
qualified security.

13-236.

The General Assembly finds that:

(1)  Franchises have proven to be a fast growing and
reliable form of successful business expansion and successful new
business creation;

(2)  Franchises play a major role in the economy of
the State of Maryland and have been a continuing source of
increasing tax revenues and job opportunities;

(3)  The growth of franchises should be encouraged in
the State's economy and franchising should be an integral part of
the State's economic development effort;

(4)  Socially or economically disadvantaged persons
often lack adequate capital and are unable to obtain financing
from financial institutions to begin and develop a franchise OR
TO PURCHASE AN EXISTING BUSINESS; and

(5)  It is in the interest of the public welfare and
purpose to promote the creation and viability of franchises AND
THE PURCHASE OF EXISTING BUSINESSES by socially or economically
disadvantaged persons.

13-237.

The purpose of the Equity Participation Investment Program
is to encourage and aid in the creation and development of
franchises AND IN THE ACQUISITION OF EXISTING BUSINESSES in the
State by socially or economically disadvantaged persons.

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