reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.03 - Maryland Town Manager Circuit Rider Grant Program › Section 05.13.03.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
The purpose of the Maryland Town Manager Circuit Rider Grant Program is to provide grants to assist eligible municipal governments to build their management capabilities by supplying needed managerial expertise through circuit riding managers.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.03 - Maryland Town Manager Circuit Rider Grant Program › Section 05.13.03.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Circuit" means a group of two or more municipalities that agree to share the services of a circuit rider, or a municipality and a county that agree to share an individual who will provide circuit rider services to the municipality.
(2) "Circuit rider" means the individual or individuals who provide managerial services to a circuit.
(3) "Circuit sponsor" means a corporation, foundation, county, municipality or governmental entity of it, regional agency, or other legal entity no part of the net earnings of which inures to the benefit of any private shareholder or individual holding an interest in the entity.
(4) "County" means any of the 23 counties of this State.
(5) "Department" means the Department of Housing and Community Development, a principal department of the State.
(6) "Director" means the Director of the Division.
(7) "Division" means the Division of Neighborhood Revitalization, an organizational unit of the Department.
(8) "Existing circuit" means a circuit comprised of two or more municipalities that has received a grant under the Program within 2 years of the circuit's most recent application.
(9) "Municipality" means a municipal corporation in Maryland subject to the provisions of Article XI-E of the Maryland Constitution.
(10) "Program" means the Maryland Town Manager Circuit Rider Grant Program.
(11) "Proposed circuit" means a circuit applying for a grant under the Program for the first time or that has not received a grant within 2 years of the circuit's most recent application.
(12) "Regional agency" means a multicounty or multistate agency established for the purpose of supporting development of an area or areas, no part of the net earnings of which inures to the benefit of any private shareholder or individual holding an interest in the entity.
(13) "Secretary" means the Secretary of Housing and Community Development.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.03 - Maryland Town Manager Circuit Rider Grant Program › Section 05.13.03.03 - Eligible Grantees

Current through Register Vol. 51, No. 14, July 12, 2024
Circuit sponsors are eligible grantees under the Program.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.03 - Maryland Town Manager Circuit Rider Grant Program › Section 05.13.03.04 - Eligible Use of Funds

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Department may provide grants under the Program to eligible grantees for the purpose of defraying the costs associated with:
(1) The managerial services of a circuit rider as described in the budget of an applicant that has been approved by the Department and these costs may include:
(a) Salary,
(b) Fringe benefits,
(c) Travel,
(d) Administrative costs of the circuit sponsor and the circuit rider, or
(e) Training; and
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.03 - Maryland Town Manager Circuit Rider Grant Program › Section 05.13.03.05 - General Grant Allocation Procedures and Award Cycle

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Department's financial participation in the Program shall be subject to available funding.
B. Grant funds shall be allocated in accordance with the procedures set forth in these regulations, and the Department may give priority to applications on behalf of existing circuits.
C. The Department shall request, in writing, applications from existing circuits each fiscal year in accordance with the procedures set forth in Regulation .07 of this chapter. The written request from the Department may contain a deadline for submission of applications by existing circuits as well as a proposed grant amount for all existing circuits.
D. The procedures for grants to proposed circuits shall be made in accordance with the provisions in Regulation .07 of this chapter.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.03 - Maryland Town Manager Circuit Rider Grant Program › Section 05.13.03.06 - Grant Terms and Conditions

Current through Register Vol. 51, No. 14, July 12, 2024
A. Existing and proposed circuits applying for a grant shall be represented by a circuit sponsor acceptable to the Department. The circuit sponsor shall:
(1) Be responsible for the administration of grant funds and the collection of the local contribution from each member of a circuit required by §E of this regulation; and
(2) Perform any other duties that may be required by an agreement evidencing the grant.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.03 - Maryland Town Manager Circuit Rider Grant Program › Section 05.13.03.07 - Applications, Letters of Intent, and Processing

Current through Register Vol. 51, No. 14, July 12, 2024
A. Existing Circuits.
(1) On or before May 1 of each calendar year, the Program shall notify the circuit sponsor of each existing circuit that the Department is accepting applications for the upcoming fiscal year.
(2) The notification may contain a deadline for submission of applications as well as the proposed amount of the grant.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.03 - Maryland Town Manager Circuit Rider Grant Program › Section 05.13.03.08 - Program Administration

Current through Register Vol. 51, No. 14, July 12, 2024
Except for powers reserved to the Secretary or the Secretary's designee under these regulations, actions or decisions to be taken or made by the Department with respect to the operation of the Program may be taken or made by the Director, or the Director's designee.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.03 - Maryland Town Manager Circuit Rider Grant Program › Section 05.13.03.09 - Books and Accounts

Current through Register Vol. 51, No. 14, July 12, 2024
Circuit sponsors shall maintain such books, accounts, and records, and shall file with the Department such financial reports, progress reports, and other reports as the Department may from time to time require. All of these books, accounts, and records shall be open to the inspection of the Department or other agencies of the State during reasonable working hours.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.03 - Maryland Town Manager Circuit Rider Grant Program › Section 05.13.03.10 - Nondiscrimination; Drug and Alcohol Free Workplace

Current through Register Vol. 51, No. 14, July 12, 2024
A. Circuits and circuit sponsors may not discriminate on the basis of race, color, religion, national origin, sex, marital status, physical or mental disability, sexual orientation, or age, except with regard to age as permitted under the federal Housing for Older Persons Act, as amended from time to time, or other similar federal laws, in any aspect of the Program, or in any aspect of employment by any circuit or circuit sponsor in connection with any project financed or assisted under the Program.
B. Each circuit and circuit sponsor shall comply with all applicable federal, State, and local laws and Department policies and programs regarding discrimination and equal opportunity in employment, housing, and credit practices, and drug and alcohol free workplaces, including:
(1) Titles VI and VII of the Civil Rights Act of 1964, as amended;
(2) Title VIII of the Civil Rights Act of 1968, as amended;
(3) The Fair Housing Amendments Act of 1988, as amended;
(4) The Americans with Disabilities Act of 1990, as amended;
(5) The Department's Minority Business Enterprise Program, as amended;
(6) Executive Order 01.01.1989.18, Drug and Alcohol Free Workplace, and Department or State regulations adopted or to be adopted to carry out the requirements of that Order; and
(7) State Government Article, Title 20, Annotated Code of Maryland, as amended.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.03 - Maryland Town Manager Circuit Rider Grant Program › Section 05.13.03.11 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Secretary may waive or vary particular provisions of these regulations to the extent that the waiver is consistent with the legal authorizations for the Program, if:
A. In the written determination of the Secretary, the application of a regulation in a specific case or in an emergency situation would be inequitable or contrary to the purposes of the Act; and
B. The Secretary's determination is approved for form and legal sufficiency by the Office of the Attorney General.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.03 - Maryland Town Manager Circuit Rider Grant Program › Section 05.13.03.12 - False Statements

Current through Register Vol. 51, No. 14, July 12, 2024
A person may not knowingly make or cause to be made any false statement or report in any document required to be furnished to the Department by any contract or agreement relating to the Program.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.01 - General

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter describes the policies, procedures, and authorizations for providing financial assistance to eligible small businesses from the Neighborhood Business Development Fund through the Capital Access Program, and for administering the Capital Access Program.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.02 - Objectives

Current through Register Vol. 51, No. 14, July 12, 2024
A. The objectives of the Capital Access Program as set forth in Housing and Community Development Article, Title 6, Subtitle 3, Annotated Code of Maryland, are to foster economic growth and development in the State by:
(1) Stimulating the provision of private capital to small businesses; and
(2) Offering an incentive to each lender participating in the Program to make loans to borrowers that otherwise might not qualify for conventional loans, through a reserve account established for the exclusive benefit of that lender.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.04 - Eligible Lender; Inspection of Lender Files by Department

Current through Register Vol. 51, No. 14, July 12, 2024
A. A lender is eligible to participate in the Program upon entering into a participation agreement with the Department that governs the duties of the Department and the lender under the Program. Each participation agreement shall specify that the enrollment of the lender's loans under the Program does not pledge the faith, credit, or taxing power of the State, the Department, the Program, or the Fund.
B. The lender shall provide the Department with the information regarding the lender's participation in the Program that the Department reasonably requires. Upon notice to the lender, and during normal business hours of the lender, the Department may inspect the files of the lender relating to any loans enrolled under the Program.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.05 - No Legal or Equitable Interest by Department

Current through Register Vol. 51, No. 14, July 12, 2024
Except upon the exercise of the Department's right of subrogation under this chapter, the Department has no legal or equitable interest in any collateral, security, or other right of recovery in connection with any loan enrolled in the Program, and the Department's consent is not necessary for any amendment to the lender's loan documents.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.06 - Creation of Reserve Account

Current through Register Vol. 51, No. 14, July 12, 2024
Upon execution of a participation agreement between the Department and the lender, the Department shall establish a federally insured reserve account with the lender in the name of the Department, for the purpose of receiving all:
A. Required premium charges to be paid by the lender and the borrower;
B. Transfers made by the Department under this chapter.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.07 - Control of Money in Reserve Account by Department

Current through Register Vol. 51, No. 14, July 12, 2024
A. All money deposited or otherwise credited to the reserve account is under the exclusive control of the Department. The Department may not withdraw money from the reserve account, except as specifically provided in this chapter.
B. If money in the reserve account is not deposited by the Department in a federally insured account with the lender, the money shall be invested or reinvested by the Department in one of the following:
(1) Direct obligations of the United States, the principal and interest of which are unconditionally guaranteed by the United States; or
(2) A deposit account at a depository institution whose deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.08 - Pledge to Lender by Department

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Department shall pledge the following to the lender:
(1) The money in the reserve account is available to pay claims under Regulation .19 of this chapter;
(2) The lender has a first security interest in the money in the reserve account to pay the claims; and
(3) The Department will not encumber or pledge the money to any other party.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.09 - Eligible Borrowers

Current through Register Vol. 51, No. 14, July 12, 2024
A. An applicant shall meet the following minimum requirements to be an eligible borrower for loans made under the Program:
(1) Be in good standing and qualified to do business in Maryland;
(2) Be a small business;
(3) Have the legal capacity and all necessary legal authority to incur the obligations involved in the form of financial assistance provided under the Program; and
(4) Not be a government entity, including without limitation a local housing authority.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.10 - Eligible Loans

Current through Register Vol. 51, No. 14, July 12, 2024
A. The following types of loans are eligible loans under the Program:
(1) Loans for industrial or commercial purposes;
(2) Loans to refinance loans made for the purposes in §A(1) of this regulation; and
(3) Loans for line of credit agreements established between the lender and the borrower that are used for the purposes in §A(1) of this regulation.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.11 - Eligible Projects

Current through Register Vol. 51, No. 14, July 12, 2024
In order to be eligible for a loan under the Program, a project shall satisfy the following requirements:
A. The project is located within a priority funding area in the State;
B. Upon completion, the project will be in compliance with all applicable zoning requirements and standards as well as the applicable building code of the local jurisdiction in which the project is located; and
C. If the project is a mixed use project, it has a commercial or retail use at street level.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.12 - Enrollment Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. To enroll a loan under the Program, the lender shall file a completed loan enrollment form with the Department. The lender shall also certify the following to the Department as part of the filing:
(1) The lender has no substantial reason to believe that the loan is being made to a borrower who does not meet the requirements of Regulation .09 of this chapter;
(2) The lender has received from the borrower a written representation, warranty, pledge, and waiver stating that the borrower has no legal, beneficial, or equitable interest in the nonrefundable premium charges or any other funds credited to the reserve account established to cover losses sustained by the lender on enrolled loans;
(3) The loan being filed for enrollment is an eligible loan under Regulations .10 and .11 of this chapter; and
(4) Premium charges required of the borrower and the lender under Regulation .16 of this chapter have been deposited in the reserve account.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.13 - Specified Amount To Be Covered Under the Program

Current through Register Vol. 51, No. 14, July 12, 2024
A. When filing a loan enrollment form, the lender shall specify an amount to be covered under the Program. The amount may be less than, but not greater than, the total principal amount of the loan.
B. In the case of a loan to refinance a loan that was previously made by the lender to the borrower but that was not enrolled under the Program, the lender may obtain coverage under the Program for an amount not exceeding the amount of additional financing.
C. If an enrolled loan is refinanced and the total amount to be covered under the Program does not exceed the covered amount of the loan as previously enrolled, the refinanced loan may continue as an enrolled loan without payment of additional premium charges or transfers by the Department to the reserve account.
D. If an enrolled loan is refinanced in an amount that exceeds the amount of the loan as previously enrolled, the lender may obtain coverage of the amount that exceeds the amount covered when the loan was previously enrolled by refiling the loan for enrollment under Regulation .12 of this chapter.
E. Fluctuations in the outstanding balance of a line of credit, without increasing the enrolled amount under the Program, are not a refinancing of the loan.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.14 - Acknowledgment of Enrollment by Department

Current through Register Vol. 51, No. 14, July 12, 2024
A. When the Department receives a loan enrollment form, the Department shall enroll the loan if the information provided under Regulation .12 of this chapter indicates that the loan is an eligible loan. Within 10 business days after receipt of a loan enrollment form for an eligible loan, the Department shall deliver to the lender an acknowledgment of enrollment signed by the Secretary or the Secretary's designee, including documentation of the amount being transferred by the Department into the reserve account under this chapter.
B. The enrollment of a loan under the Program does not pledge the faith, credit, or taxing power of the State or of the Department with respect to that loan.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.15 - Restriction on Acceptance of Loans

Current through Register Vol. 51, No. 14, July 12, 2024
The Department may not accept loans for enrollment in the Program if the Department does not have sufficient money to make the necessary transfer from the Fund to the reserve account described in Regulation .16 of this chapter.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.16 - Reserve Account Premium Charges

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Secretary may, from time to time, by written determination, establish minimum and maximum premium charges payable by borrowers in connection with loans filed for enrollment.
B. Lender Premium Deposit Into the Reserve Account.
(1) The lender shall deposit into the reserve account the premium charges payable by the lender and the borrower in connection with a loan filed for enrollment.
(2) The premium paid by the borrower shall be not less than the minimum premium charge, and not more than the maximum premium charge, established by the Secretary under §A of this regulation. The lender may contribute any portion of the borrower's premium payment, and may recover the cost of this contribution from the borrower in any manner on which the lender and borrower agree.
(3) The premium paid by the lender shall be equal to the premium paid by the borrower, including any portion of the borrower's premium that may be contributed by the lender under §B(2) of this regulation. The lender may recover the cost of the lender's premium payment from the borrower in any manner on which the lender and borrower agree.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.17 - Limitations on Financial Assistance

Current through Register Vol. 51, No. 14, July 12, 2024
A. Minimum and Maximum Amount of Financial Assistance.
(1) The minimum amount of an enrolled loan for which assurance may be provided under the Program to a project is $1,000.
(2) The maximum aggregate amount of enrolled loans for any one borrower, or any group of borrowers among which a common enterprise exists, is $1,000,000, unless, pursuant to a written request by a lender, the Secretary (or those authorized officers of the Department that the Secretary may designate in writing) approves a waiver of this maximum on the basis that:
(a) Other potential sources of funds have been sought and clearly are unavailable;
(b) It is not feasible to reduce or increase the size or scope of the project; and
(c) The project serves a high public purpose.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.18 - Reduction of Outstanding Balance of Loan to Zero

Current through Register Vol. 51, No. 14, July 12, 2024
A. Effect of Outstanding Balance of Zero.
(1) If the outstanding balance of an enrolled loan that is not a line of credit is reduced to $0, the loan is no longer an enrolled loan.
(2) If an enrolled loan that is a line of credit has an outstanding balance of $0 for a period of 12 months, the line of credit is no longer an enrolled loan, unless, before the expiration of the 12-month period, the lender reaffirms in writing to the borrower that the line of credit will remain open and the borrower acknowledges the reaffirmation in writing.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.19 - Claims for Charge Off

Current through Register Vol. 51, No. 14, July 12, 2024
A. If the lender charges off all or part of an enrolled loan, the lender may file a claim with the Department. If the lender files a claim, it shall be filed contemporaneously with the charge off, and must be received by the Department within 30 days after the charge off.
B. The lender's claim may include, in addition to the amount of principal charged off plus accrued interest, 1/2 of the reasonable and documented out-of-pocket expenses incurred in pursuing collection efforts, including preservation of collateral. The amount of principal included in the claim may not exceed the amount of principal covered under the Program. The amount of accrued interest included in the claim may not exceed the amount of accrued interest attributable to the covered principal amount.
C. The lender shall determine when and how much to charge off on an enrolled loan in a manner consistent with the lender's normal method for making these determinations on similar loans that are not enrolled loans.
D. If the lender files two or more claims contemporaneously and there are insufficient funds in the reserve account at that time to cover the entire amount of the claims, the lender may designate the order of priority in which the Department shall pay the claims, except that a claim made with respect to an early loan always has priority of payment over all other claims that are not made with respect to an early loan or loans.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.20 - Withdrawal from Reserve Account by Lender; Effect of Insufficient Funds

Current through Register Vol. 51, No. 14, July 12, 2024
A. Upon receipt by the Department of a claim filed by the lender, the Department shall, within 10 business days, pay from the reserve account, or authorize the lender to withdraw from the reserve account, the amount of the claim as submitted, unless the Department reasonably determines that the lender:
(1) Provided information to the Department under this chapter that the lender knew to be false; or
(2) Is not otherwise in substantial compliance with this chapter or with the participation agreement with the Department.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.21 - Effect of Recovery from Borrower

Current through Register Vol. 51, No. 14, July 12, 2024
If, after payment of a claim by the Department, the lender recovers from a borrower any amount for which payment of the claim was made, the following apply:
A. If the recovered amount, when added to the claim previously paid by the Department in connection with an enrolled loan, exceeds the lender's loss on that enrolled loan, the lender shall promptly pay to the Department for deposit in the reserve account the amount of the excess; and
B. For the purposes of §A of this regulation and Regulation .22 of this chapter, the lender's loss on an enrolled loan is the amount of principal charged off by the lender plus accrued interest plus 1/2 of the reasonable and documented out-of-pocket expenses incurred by the lender in pursuing collection efforts.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.22 - Right of Subrogation by Department; Effect of Assignment

Current through Register Vol. 51, No. 14, July 12, 2024
A. If the payment of a claim has fully covered the lender's loss on an enrolled loan, or if the payment of a claim when combined with any recovery from the borrower has fully covered the lender's loss, the Department, upon its own request, is subrogated to the rights of the lender with respect to any collateral, security, or other right of recovery in connection with the loan that has not been realized by the lender. The lender thereafter shall assign to the Department any right, title, or interest in or to any collateral, security, or other right of recovery in connection with the loan.
B. If an assignment has been made under §A of this regulation, the Department is not required to undertake the obligations of the lender under the lender's loan documents, except for obligations directly related to the Department's assigned rights of recovery in connection with the loan. The lender shall fulfill any other obligations the lender has under the loan documents in the same manner and to the same degree as would be required if the assignment had not been made. The lender shall provide the Department with all reasonable assistance the Department requests in proceeding with respect to any collateral, security, or other right of recovery, except that the lender does not need to incur any out-of-pocket expenses.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.23 - Reports by Lender; Withdrawal of Excess Funds

Current through Register Vol. 51, No. 14, July 12, 2024
A. Reports by Lender.
(1) On or before July 15 of each year, the lender shall file a year-end report with the Department indicating the number and aggregate outstanding balances of all enrolled loans for the period comprising the 12 months ending on June 30.
(2) On or before October 15, January 15, and April 15 of each year, the lender shall file a quarterly report with the Department indicating the number and aggregate outstanding balances of all enrolled loans for the period comprising the 3 preceding calendar months.
(3) A quarterly report is not required for a quarter that ends with a balance in the reserve account of $0, but a year-end report shall be filed before July 15 for the period comprising the 12 months ending on June 30.
(4) In the computation of the aggregate outstanding balance of all enrolled loans, the balance of a loan may not be greater than the covered amount of the loan as enrolled.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.24 - Termination of Obligation to Lender

Current through Register Vol. 51, No. 14, July 12, 2024
The Department may terminate the obligation to a lender to enroll loans under the Program if the Department determines that the lender is not in substantial compliance with the requirements of the Program or the requirements of this chapter. The termination takes effect on the date specified in the notice of termination, except that the termination does not apply to a loan made on or before the date on which the notice of termination is received by the lender. If the Department is terminating the enrollment of loans for all participating lenders under the Program, the Department shall provide at least 90 days notice to the lender. A termination under this regulation is prospective only and does not apply to a loan previously refinanced. After termination, the amount covered under the Program may not be increased beyond the covered amount as previously enrolled.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.25 - Nondiscrimination; Drug and Alcohol Free Workplace

Current through Register Vol. 51, No. 14, July 12, 2024
A. A lender or borrower under the Program may not discriminate on the basis of race, color, religion, national origin, sex, marital status, physical or mental disability, sexual orientation, or age, except with regard to age as permitted under the federal Housing for Older Persons Act, as amended from time to time, or other similar federal laws, in any aspect of the Program, or in any aspect of employment by any borrower in connection with any project financed or assisted under the Program.
B. A lender or borrower shall comply with all applicable federal, State, and local laws and Department policies and programs regarding discrimination and equal opportunity in employment, housing, credit practices, and drug and alcohol free workplaces, including:
(1) Titles VI and VII of the Civil Rights Act of 1964, as amended;
(2) Title VIII of the Civil Rights Acts of 1968, as amended;
(3) The Americans with Disabilities Act of 1990, as amended;
(4) The Fair Housing Amendments Act of 1988, as amended;
(5) The Department's Minority Business Enterprise Program, as amended;
(6) The Governor's Executive Order 01.01.1989.18, Drug and Alcohol Free Workplace, and Department or State regulations adopted or to be adopted to carry out the requirements of that Order; and
(7) State Government Article, Title 20, Annotated Code of Maryland, as amended.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.26 - Program Administration

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Department shall manage, supervise, and administer the Program.
B. The Department shall market the Program to businesses and other persons in the State in cooperation with financial institutions and Statewide associations representing financial institutions.
C. The Department shall make every effort to ensure that loans under the Program are reasonably available to qualified borrowers throughout the State.
D. Reserve Accounts.
(1) If the reserve accounts are not maintained in an account with the lender, upon execution of a participation agreement the Department shall establish a reserve account at the Department for the lender for the purpose of receiving all required premium charges to be paid by the lender and the borrower and transfers made by the Department under this chapter.
(2) If the reserve accounts are maintained in an account with the lender, upon execution of a participation agreement the Department shall establish a reserve account with the lender in the name of the Department for the purpose of receiving all required premium charges to be paid by the lender and the borrower and transfers made by the Department under this chapter.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.27 - Fund Administration

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Program shall be operated with moneys in the Neighborhood Business Development Fund, which is a continuing, nonlapsing special fund consisting of those items as provided for in Housing and Community Development Article, Title 6, Subtitle 3, Annotated Code of Maryland.
B. In connection with the Program, the Department may use moneys from the Fund to make premium payments under the Program and to pay expenses of the Program.
C. At any time following the first 8 months of a fiscal year, the Department may transfer, subject to approval of the Legislative Policy Committee and subject to the provisions of State Finance and Procurement Article, §
									7-209, Annotated Code of Maryland, unencumbered moneys in the Fund to any other fund under Housing and Community Development Article, Title 4, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.28 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Secretary may waive or vary provisions of this chapter:
A. To the extent that the waiver or variance is consistent with Housing and Community Development Article, Title 6, Subtitle 3, Annotated Code of Maryland; and
B. If, in the written determination of the Secretary, the application of a regulation in a specific case or in an emergency situation would be inequitable or contrary to the purposes of Housing and Community Development Article, Title 6, Subtitle 3, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.04 - Capital Access Program › Section 05.13.04.29 - False Statements

Current through Register Vol. 51, No. 14, July 12, 2024
A. A person may not knowingly make or cause to be made a false statement or report in any document required to be furnished to the Department in connection with a loan under the Program.
B. A person applying for or benefiting from a loan under the Program may not knowingly make or cause to be made a false statement or report for the purpose of influencing the action of the Department on an application or for the purpose of influencing the action of the Department affecting financial assistance already provided.
C. A person who violates §A or B of this regulation is subject to the following penalties:
(1) Immediate cancellation or acceleration of the form of financial assistance provided by the Program; and
(2) Upon conviction of a misdemeanor is subject to a fine not exceeding $50,000, or imprisonment not exceeding 5 years, or both.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.05 - Linked Deposit Program › Section 05.13.05.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter provides policies and procedures for the Department to certify and enroll loans from financial institutions to eligible minority business enterprises and small businesses under the Linked Deposit Program, established pursuant to the State Finance and Procurement Article, §§
									6-211 and  6-212, Annotated Code of Maryland.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.05 - Linked Deposit Program › Section 05.13.05.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following words have the meanings indicated.
B. Terms Defined.
(1) "Certified minority business enterprise" means a minority business enterprise certified under State Finance and Procurement Article, Title 14, Subtitle 3, Annotated Code of Maryland.
(2) "Department" means the Department of Housing and Community Development.
(3) "Financial institution" has the meaning stated in State Finance and Procurement Article, §
										6-201, Annotated Code of Maryland.
(4) "Program" means the Linked Deposit Program established under State Finance and Procurement Article, §
										6-211, Annotated Code of Maryland.
(5) "Program loan" means a loan made under this chapter.
(6) "Secretary" means the Secretary of Housing and Community Development.
(7) "Small business" means a business that is qualified under State Finance and Procurement Article, Title 14, Subtitle 5, Annotated Code of Maryland.
(8) "Treasurer's Office" means the Office of the State Treasurer.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.05 - Linked Deposit Program › Section 05.13.05.03 - Eligible Loans

Current through Register Vol. 51, No. 14, July 12, 2024
A. A loan is eligible under the Program if the loan:
(1) Is made by a financial institution that is eligible to participate in the Program under Regulation .04B of this chapter;
(2) Meets the financial institution's lending criteria;
(3) Has a term not exceeding 10 years;
(4) Is made to a certified minority business enterprise or a small business that will use the proceeds for a project or activity primarily located in Maryland;
(5) Has an interest rate that is lower than the interest rate the financial institution would charge for a loan for a similar purpose and term by at least:
(a) 2 percentage points; or
(b) The difference between the financial institution's rate on a 60-month certificate of deposit and the interest rate acceptable to the Treasurer's Office for its deposits;
(6) Does not exceed $1,000,000 when added to any other loans the borrower received under the Program;
(7) Has points or fees charged by the financial institution at closing not exceeding 1 percent of the loan amount; and
(8) Complies with all terms and conditions of this chapter.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.05 - Linked Deposit Program › Section 05.13.05.04 - Program Eligibility

Current through Register Vol. 51, No. 14, July 12, 2024
A. To be eligible to receive a Program loan, an applicant shall be a certified minority business enterprise or a small business.
B. To be eligible to make Program loans, a financial institution shall be designated by the Treasurer's office as a depository for State money and as eligible to participate in the Program.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.05 - Linked Deposit Program › Section 05.13.05.05 - Initial Loan Application

Current through Register Vol. 51, No. 14, July 12, 2024
A. An applicant may choose to submit an application directly to:
(1) One or more participating financial institutions; or
(2) The Department, to be forwarded to all participating financial institutions.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.05 - Linked Deposit Program › Section 05.13.05.06 - Financial Institution Application

Current through Register Vol. 51, No. 14, July 12, 2024
A. If a financial institution decides to offer the applicant a loan, it shall:
(1) Provide the applicant and the Department with a commitment letter describing the terms and conditions of the loan, including the interest rate and fees charged by the financial institution; and
(2) Certify to the Department on forms approved by the Department that the loan will meet the requirements of Regulation .03 of this chapter.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.05 - Linked Deposit Program › Section 05.13.05.07 - Closing and Enrollment Procedures

Current through Register Vol. 51, No. 14, July 12, 2024
A. Notification. Within 3 business days of receiving a Program loan, the borrower shall notify the Department that the loan has closed.
B. Forms. Applications for enrollment of a loan under the Program by the financial institutions shall be made on forms prescribed by the Department.
C. Submission of Documentation. Within 10 business days of making a Program loan, the financial institution shall submit all loan documents, forms, and other documentation required by the Department.
D. Review by Department.
(1) Within 10 business days of receipt of all forms and documentation from the financial institution, the Department shall determine if the loan closed in conformity with the criteria of Regulation .03 of this chapter.
(2) If the Department determines that a loan is eligible, it shall enroll the loan in the Program and notify the Treasurer's Office and the financial institution in writing of its decision.
(3) If the Department determines that a loan is not eligible, it shall notify the financial institution in writing stating the reason the loan is not eligible. An applicant or financial institution may request that the Department reconsider its decision in accordance with Regulation .07E of this chapter.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.05 - Linked Deposit Program › Section 05.13.05.08 - Maintaining Certified Minority Business or Small Business Status

Current through Register Vol. 51, No. 14, July 12, 2024
A. A borrower that receives a Program loan shall maintain its status as a certified minority business enterprise or a small business for the term of the Program loan.
B. The Department shall notify the Treasurer's Office in writing if the borrower is decertified as a minority business enterprise or no longer meets the definition of a small business for any reason during the term of the Program loan.
C. If a borrower is decertified as a minority business enterprise or disqualified as a small business during the term of the Program loan and upon written notification:
(1) The Treasurer's Office shall reduce the amount of the certificate of deposit purchased from the financial institution under the Program by the amount of the outstanding principal balance of the specified Program loan; and
(2) If permitted by the loan documents, the financial institution may increase the interest rate of the Program loan by the lesser of:
(a) 2 percent; or
(b) The difference between the financial institution's rate on a 60-month certificate of deposit and the interest rate acceptable to the Treasurer's Office for its deposits, as determined as of the date that the loan closed.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.05 - Linked Deposit Program › Section 05.13.05.09 - Other Laws

Current through Register Vol. 51, No. 14, July 12, 2024
The requirements of this chapter are in addition to any other State, federal, and local laws or regulations that are applicable to the financial institution, and do not preempt or supersede any of those requirements.
Code of Maryland Regulations › Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT › Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT › Chapter 05.13.05 - Linked Deposit Program › Section 05.13.05.10 - Program Administration

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Secretary may waive or vary provisions of this chapter:
(1) To the extent that the waiver or variance is consistent with State Finance and Procurement Article, §
										6-211, Annotated Code of Maryland; and
(2) If, in the written determination of the Secretary, the application of a regulation in a specific case or in an emergency situation would be inequitable or contrary to the purposes of State Finance and Procurement Article, §
										6-211, Annotated Code of Maryland.