§ 5–512
Statutes in effect as of October 1, 2026.
Md. Code Ann., Econ. Dev. § 5-512 (2026)
Title 5. Economic Development and Financial Assistance Programs
Subtitle 5. Maryland Small Business Development Financing Authority
§ 5–512LinkCopy Citation
(a)
The Authority exercises its powers and performs its duties subject to the authority of the Secretary.
(b)
The Authority may:
(1)
adopt bylaws for the conduct of its business;
(2)
adopt a seal;
(3)
maintain offices in the State;
(4)
sue and be sued in its own name;
(5)
retain consultants;
(6)
use the services of governmental units;
(7)
contract for and accept, to carry out this subtitle, a loan or grant from the federal government, a political subdivision of the State, or any other source;
(8)
purchase, receive, lease as lessee, or otherwise acquire, sell, mortgage, lease as lessor, pledge, administer, dispose of, or otherwise deal with property given as collateral under a loan agreement on the terms and conditions it considers advisable;
(9)
adopt regulations necessary to carry out its powers;
(10)
acquire or take assignments of loan documents; and
(11)
do anything necessary or convenient to carry out its powers.
(c)
The Authority shall:
(1)
in its internal functions, follow the procedures of the State that govern the purchase of office space, supplies, facilities, materials, equipment, and professional services;
(2)
keep proper records of its accounts;
(3)
keep separate records for:
(i)
the Small Business Development Contract Financing Fund under Part III of this subtitle;
(ii)
the Small Business Development Guaranty Fund under Part IV of this subtitle;
(iii)
the Equity Participation Investment Program Fund under Part V of this subtitle; and
(iv)
the Small Business Surety Bond Fund under Part VI of this subtitle; and
(4)
in accordance with § 2.5–109 of this article, submit a report on its condition and operations.