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H.B. 972
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VETOES
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LOAN TO ANY OTHER LENDER SO LONG AS THE LINKED DEPOSIT IS IN EFFECT. THE
LENDER MUST ALSO AGREE NOT TO CHARGE THE ELIGIBLE BUSINESS MORE THAN A
TOTAL OF 1 PERCENT OF THE PRINCIPAL AMOUNT OF THE LOAN FOR ORIGINATION,
PLACEMENT, OR DISCOUNT FEES OR OTHER CHARGES AS ADDITIONAL
COMPENSATION FOR THE LOAN AN AGREEMENT UNDER WHICH THE AMOUNT AND
TERM OF, AND SCHEDULE FOR PAYMENT OF PRINCIPAL AND INTEREST ON, THE
LINKED DEPOSIT SHALL BE DETERMINED.
(H) ON RECEIVING A LINKED DEPOSIT FROM THE AUTHORITY, THE LENDER
SHALL CARRY OUT THE ISSUE A LOAN COMMITMENT TO THE APPLICANT THAT
SHALL PROVIDE, AMONG OTHER TERMS, THAT THE INTEREST RATE ON THE
FINANCING WILL BE BELOW THE PREVAILING MARKET RATE TO THE SAME EXTENT
AND FOR AS LONG AS INCOME EARNED ON THE LINKED DEPOSIT IS BELOW INCOME
PAID ON EQUIVALENT DEPOSITS WITH THE LENDER.
(I) AT THE CONCLUSION OF THE DEPOSIT TERM OR AT AN EARLIER TIME AS
THE LOAN TO THE APPLICANT IS REPAID OR OTHERWISE TERMINATED, THE DEPOSIT
SHALL REVERT TO THE INDUSTRIAL DEVELOPMENT FUND, AND THE RATE OF THE
LOAN SHALL RETURN TO THE PREVAILING RATE, AS PROVIDED IN THE LOAN
COMMITMENT.
(J) THE AUTHORITY, THE DEPARTMENT, AND THE STATE SHALL HAVE THE
IMMUNITY FROM LIABILITY DESCRIBED UNDER § 5-521 OF THE COURTS AND
JUDICIAL PROCEEDINGS ARTICLE.
(K) A DELAY IN PAYMENT OR DEFAULT BY AN ELIGIBLE BUSINESS DOES NOT
AFFECT THE DEPOSIT AGREEMENT BETWEEN THE LENDER AND THE AUTHORITY.
(I) (1) A FIXED ASSET FINANCING LOAN ASSISTED BY A LINKED DEPOSIT IS
NOT A DEBT OF THE STATE OR A PLEDGE OF THE CREDIT OF THE STATE.
(2) THE AUTHORITY, THE DEPARTMENT, AND THE STATE ARE NOT
LIABLE TO ANY LENDER FOR PAYMENT OF THE PRINCIPAL OR INTEREST ON A FIXED
ASSET FINANCING LOAN ASSISTED BY A LINKED DEPOSIT.
5-928.
IN CONJUNCTION WITH ITS PROVISION OF FINANCIAL ASSISTANCE UNDER
THIS SUBTITLE, THE AUTHORITY MAY ACCEPT AN OPTION, TO BE EXERCISED AT THE
SOLE DISCRETION OF THE AUTHORITY, TO ACQUIRE AN EQUITY INTEREST IN A
BUSINESS ENTERPRISE. THE AUTHORITY MAY USE MONEYS FROM THE INDUSTRIAL
DEVELOPMENT FUND TO EXERCISE THE OPTION.
5-929.
THE AUTHORITY MAY ADOPT REGULATIONS TO IMPLEMENT THIS SUBTITLE.
[Part VII. Miscellaneous Provisions.]
[5-939.] 5-930.
Upon dissolution of the Authority, title to all property owned by the Authority
shall vest in the State.
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- 4676 -
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