reglab/housing_qa huggingface dataset:
MD. Economic Development Code Ann. §  5-541 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part IV - Small Business Development Guaranty Fund|Section 5-541 - Financial Assistance -- Qualifications of Applicants

    (a)    If the applicant is a sole proprietor, to qualify for financial assistance under this part the applicant shall satisfy the Authority that:        (1)    the applicant is of good moral character;        (2)    the applicant has a reputation for financial responsibility, as determined from creditors, employers, and other individuals who have personal knowledge of the applicant;        (3)    the applicant is a resident of the State or the principal place of business of the applicant is in the State; and        (4)    the applicant is unable to obtain adequate business financing on reasonable terms through normal lending channels because the applicant:            (i)    belongs to a group that historically has been deprived of access to normal economic or financial resources because of race, color, creed, sex, religion, or national origin;            (ii)    has an identifiable physical handicap that severely limits the ability of the applicant to obtain financial assistance, but that does not limit the ability of the applicant to perform the contract or other activity for which the applicant would be receiving financial assistance;            (iii)    has any other social or economic impediment that is beyond the control of the applicant, but that does not limit the ability of the applicant to perform the contract or other activity for which the applicant would be receiving financial assistance, including:                1.    the lack of formal education or financial capacity; or                2.    geographical or regional economic distress; or            (iv)    does not meet the established credit criteria of at least one financial institution.    (b)    If the applicant is not a sole proprietorship, to qualify for financial assistance under this part at least 70% of the business enterprise shall be owned by individuals who meet the qualifications for an individual applicant under subsection (a) of this section.    (c)    An applicant for a loan guaranty shall have applied for and been denied a loan by a financial institution.
MD. Economic Development Code Ann. §  5-542 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part IV - Small Business Development Guaranty Fund|Section 5-542 - Financial Assistance -- Application Procedures

    (a)    To apply for financial assistance from the Fund, a financial institution shall submit to the Authority an application on the form that the Authority provides.    (b)    The application shall include:        (1)    a detailed description of the proposed use of the loan proceeds, including projected cash flow analyses, marketing plans, and appraisals;        (2)    a detailed description of the funds available to the applicant;        (3)    a detailed description of the proposed loan documents to be executed by the financial institution and the applicant;        (4)    a detailed description of the property proposed as collateral for the loan and the financial institution’s certification of the property’s value;        (5)    information that demonstrates the inability of the applicant to obtain adequate financing on reasonable terms through normal lending channels;        (6)    information that demonstrates the financial status of the applicant, including:            (i)    a current balance sheet;            (ii)    a profit and loss statement; and            (iii)    credit references;        (7)    a proposed disbursement schedule;        (8)    a proposed amortization schedule;        (9)    a detailed description of the applicant’s experience in the trade or business for which the loan and guarantee are requested;        (10)    information that shows that the applicant satisfies the requirements of § 5-541 of this subtitle; and        (11)    any other relevant information that the Authority requests.    (c)    The Authority may require an applicant to provide an audit report and balance sheet certified by an independent certified public accountant in accordance with generally accepted accounting principles before the Authority approves or denies the application.
MD. Economic Development Code Ann. §  5-543 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part IV - Small Business Development Guaranty Fund|Section 5-543 - Financial Assistance -- Terms

    A guaranty shall contain terms and conditions that the Authority determines to be appropriate.
MD. Economic Development Code Ann. §  5-544 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part IV - Small Business Development Guaranty Fund|Section 5-544 - Annual Report

    The Treasurer shall report each year to the Authority on:         (1)    the status of the money invested under § 5-537 of this subtitle;        (2)    the market value of the assets in the Fund as of the date of the report; and        (3)    the interest received from investments during the period covered by the report.
MD. Economic Development Code Ann. §  5-545 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part IV - Small Business Development Guaranty Fund|Section 5-545 - Prohibited Acts; Penalty

    (a)    A person may not knowingly make or cause to be made a false statement or report in an application or document submitted to the Authority under this part.    (b)    A person may not knowingly make or cause to be made a false statement or report to influence an action of the Authority under this part:        (1)    on an application for financial assistance; or        (2)    affecting financial assistance whether or not the assistance has already been extended.    (c)    A person who violates this section is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 5 years or a fine not exceeding $50,000 or both.
MD. Economic Development Code Ann. §  5-546 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part IV - Small Business Development Guaranty Fund|Section 5-546 - Violation of Loan Documents; Noncompliance With Part

    If an applicant or financial institution violates any provision of the loan documents or ceases to meet the requirements of this part, on reasonable notice to the applicant or financial institution, the Authority may:         (1)    withhold from the applicant further loan payments until the applicant complies with the documents or requirements;        (2)    withhold from the financial institution further interest subsidy payments until the financial institution complies with the loan documents or requirements; and        (3)    exercise any other remedy for which the loan documents provide.
MD. Economic Development Code Ann. §  5-549 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part V - Equity Participation Investment Program|Section 5-549 - Definitions

    (a)    In this part the following words have the meanings indicated.    (b)    (1)    “Enterprise” means a business entity proposing to carry on a business in the State that meets the requirements of § 5–526 of this subtitle.        (2)    “Enterprise” includes:            (i)    a sole proprietorship;            (ii)    a partnership;            (iii)    a limited partnership;            (iv)    a corporation; or            (v)    a joint venture.    (c)    “Equity participation financing” includes investment or guaranty of investment in an enterprise.    (d)    “Existing business” means a business whose board of directors or owners approve the sale of the business to an enterprise receiving equity participation financing.    (e)    “Fund” means the Equity Participation Investment Program Fund.    (f)    “Program” means the Equity Participation Investment Program.    (g)    “Qualified security” means:        (1)    a note, bond, debenture, or other evidence of indebtedness;        (2)    stock or other form of equity participation;        (3)    a certificate of interest or participation in a profit–sharing agreement;        (4)    an investment contract;        (5)    a certificate of deposit for a security;        (6)    a certificate of interest or participation in a patent or patent application or in royalty or other payments under a patent or patent application; or        (7)    an interest or instrument commonly known as a “security” or a certificate for, receipt for, guaranty of, or option, warrant, or right to subscribe to or purchase a qualified security.    (h)    “Small business” means a business that is classified as a small business under the U.S. Small Business Administration size standards.
MD. Economic Development Code Ann. §  5-550 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part V - Equity Participation Investment Program|Section 5-550 - Legislative Findings; Purposes

    (a)    The General Assembly finds that:        (1)    small businesses have proven to be a fast growing and reliable form of successful business expansion and successful new business creation;        (2)    small businesses play a major role in the economy of the State and have been a continuing source of increasing tax revenues and job opportunities;        (3)    the growth of small businesses should be encouraged and should be an integral part of the State’s economic development effort;        (4)    socially or economically disadvantaged individuals often lack adequate capital and are unable to obtain financing from financial institutions or venture capital firms to begin and develop a small business, or to purchase an existing business; and        (5)    promoting the creation and viability of small businesses and the purchase of existing businesses by socially or economically disadvantaged individuals is in the public interest.    (b)    The purposes of the Equity Participation Investment Program are to:        (1)    encourage and help socially or economically disadvantaged individuals to create and develop small businesses and acquire existing businesses in the State; and        (2)    assist small businesses that, because they do not meet the established credit criteria of financial institutions, cannot obtain adequate business financing on reasonable terms through normal financing channels.
MD. Economic Development Code Ann. §  5-551 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part V - Equity Participation Investment Program|Section 5-551 - Established

    There is an Equity Participation Investment Program in the Department.
MD. Economic Development Code Ann. §  5-552 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part V - Equity Participation Investment Program|Section 5-552 - Administration

    The Authority shall administer the Program.
MD. Economic Development Code Ann. §  5-553 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part V - Equity Participation Investment Program|Section 5-553 - Powers

    The Authority may:        (1)    provide equity participation financing to help socially or economically disadvantaged individuals in the State create and develop small businesses and acquire existing businesses;        (2)    buy, hold, and sell qualified securities;        (3)    prepare, publish, and distribute technical studies, reports, and other materials with or without charge; and        (4)    provide and pay for advisory services and technical assistance that are necessary or desirable to carry out the Program.
MD. Economic Development Code Ann. §  5-554 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part V - Equity Participation Investment Program|Section 5-554 - Equity Participation Investment Program Fund -- Established

    There is an Equity Participation Investment Program Fund.
MD. Economic Development Code Ann. §  5-555 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part V - Equity Participation Investment Program|Section 5-555 - Fund -- in General

    (a)    The Authority shall administer the Fund.    (b)    (1)    The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.        (2)    The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.    (c)    The Fund consists of:        (1)    money drawn from the Small Business Development Guaranty Fund established under Part IV of this subtitle;        (2)    money the State appropriates to the Fund;        (3)    money made available to the Fund through federal programs or private contributions;        (4)    proceeds from the sale, disposition, lease, or rental by the Authority of collateral related to equity participation financing;        (5)    premiums, fees, royalties, and repayments of principal, interest, and investments paid by and on behalf of enterprises to the Authority under the terms of equity participation financing; and        (6)    any other money made available under the Program.    (d)    The Authority shall use the Fund to:        (1)    purchase qualified securities that an enterprise issues to provide equity participation financing as the Program allows;        (2)    provide guaranties of investments to expand the capital resources of enterprises;        (3)    purchase advisory services and technical assistance consistent with the Program;        (4)    purchase securities in which a fiduciary of the State may lawfully invest;        (5)    provide equity participation financing as the Program allows; and        (6)    pay for administrative, legal, and actuarial services that relate to the Program.    (e)    The Fund shall be self–sustaining and shall achieve investment returns on its portfolio in the form of:        (1)    royalties from enterprises in amounts to be determined by the Authority; and        (2)    interest payments from any debt securities.    (f)    As needed for the Program, the Authority may withdraw from time to time up to a total of $2,000,000 from the Small Business Development Guaranty Fund and deposit the withdrawal into the Fund.    (g)    (1)    The Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.        (2)    Any investment earnings of the Fund shall be paid into the Fund.    (h)    In accordance with § 2.5–109 of this article, the Authority shall submit a report on the Program.
MD. Economic Development Code Ann. §  5-556 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part V - Equity Participation Investment Program|Section 5-556 - Application for Financing

    (a)    The Authority may provide equity participation financing under the Program only after the enterprise submits an application that contains a business plan that meets the requirements of subsection (b) of this section.    (b)    The business plan of an enterprise shall include:        (1)    a description of the small business or existing business and its management, product, and market;        (2)    a statement of the amount, immediacy of need, and projected use of the capital required;        (3)    a statement of the potential economic impact of the purchase;        (4)    information that relates to the satisfaction of the applicant’s requirements of § 5–557(d) and (e) of this subtitle; and        (5)    any other information the Authority requires.
MD. Economic Development Code Ann. §  5-558 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part V - Equity Participation Investment Program|Section 5-558 - Limitation on Liability of State

    The liability of the State and of the Authority in providing equity participation financing is limited to investments under the Program.
MD. Economic Development Code Ann. §  5-561 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part VI - Small Business Surety Bond Program|Section 5-561 - Definitions

    (a)    In this part the following words have the meanings indicated.    (b)    “Fund” means the Small Business Surety Bond Fund.    (c)    “Principal” means a small business entity that has assets, income, or employees that do not exceed limits that the Authority sets by regulation.    (d)    “Program” means the Small Business Surety Bond Program.
MD. Economic Development Code Ann. §  5-562 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part VI - Small Business Surety Bond Program|Section 5-562 - Established

    There is a Small Business Surety Bond Fund.
MD. Economic Development Code Ann. §  5-563 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part VI - Small Business Surety Bond Program|Section 5-563 - Status; Investments

    (a)    (1)    The Fund is a special, nonlapsing fund that is not subject to reversion under § 7-302 of the State Finance and Procurement Article.        (2)    The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.    (b)    (1)    The Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.        (2)    Any investment earnings of the Fund shall be credited to the Fund.
MD. Economic Development Code Ann. §  5-564 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part VI - Small Business Surety Bond Program|Section 5-564 - Composition

    The Fund consists of:         (1)    money the State appropriates to the Fund;        (2)    premiums, fees, and any other amounts the Authority receives with respect to bonding assistance it provides;        (3)    proceeds the Authority designates from the sale, lease, or other disposition of property or contracts the Authority holds or acquires; and        (4)    any other money available under the Program.
MD. Economic Development Code Ann. §  5-565 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part VI - Small Business Surety Bond Program|Section 5-565 - Uses

    The Fund shall be used:         (1)    for the purposes described in the Program; and        (2)    to pay expenses of the Authority in administering the Program.
MD. Economic Development Code Ann. §  5-566 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part VI - Small Business Surety Bond Program|Section 5-566 - Powers of Authority -- in General

    In administering the Program, the Authority may:         (1)    use the services of other governmental units;        (2)    contract for and accept loans and grants from the federal government, the State government, or a local government and their units; and        (3)    on the terms and conditions it considers advisable:            (i)    acquire, manage, operate, dispose of, or otherwise deal with property;            (ii)    take assignments of rentals and leases; and            (iii)    make contracts, leases, agreements, and arrangements that are necessary or incidental to the performance of its duties.
MD. Economic Development Code Ann. §  5-567 (2021)
2021 Maryland Statutes|Economic Development|Division I - Secretary of Commerce and Department of Commerce|Title 5 - Economic Development and Financial Assistance Programs|Subtitle 5 - Maryland Small Business Development Financing Authority|Part VI - Small Business Surety Bond Program|Section 5-567 - Powers of Authority -- Program

    The Authority may:         (1)    prescribe or approve the form of and terms and conditions in applications, guaranty agreements, or any other documents entered into by the Authority, principals, or sureties under the Program;        (2)    acquire or take assignments of documents executed, obtained, or delivered in connection with any assistance the Authority provides under the Program;        (3)    set and collect premiums, fees, charges, costs, and expenses in connection with any assistance the Authority provides under the Program;        (4)    adopt regulations to carry out the Program; and        (5)    do anything necessary or convenient to carry out its powers and the purposes of the Program.