# Economic Development (GEC)

## Title 5. Economic Development and Financial Assistance Programs

### Subtitle 5. Maryland Small Business Development Financing Authority

#### Section 5-506

(a) The Authority consists of the following nine members:

  (1) seven members appointed by the Governor;

  (2) the Secretary or the Secretary's designee; and

  (3)

    (i) the Comptroller or the Treasurer as designated by the Governor; or

    (ii) the designee of the Governor's designee.

(b)

  (1) The term of an appointed member is 5 years.

  (2) The terms of appointed members are staggered as required for appointments to the Authority on October 1, 2008.

  (3) At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.

  (4) A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.

(c) The Governor may remove an appointed member for cause.

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Md. Code Ann., Econ. Dev. (as displayed at mgaleg.maryland.gov, October 16, 2026)