§ 5–552
Statutes in effect as of October 1, 2026.
Md. Code Ann., Econ. Dev. § 5-552 (2026)
Title 5. Economic Development and Financial Assistance Programs
Subtitle 5. Maryland Small Business Development Financing Authority
§ 5–552LinkCopy Citation
(a)
The Authority may guarantee a surety up to the lesser of 90% or $3,000,000 of its loss under a bid bond, payment bond, or performance bond on a contract.
(b)
The term of a guaranty under this part may not exceed the contract term, including:
(1)
the maintenance or warranty period required by the contract; and
(2)
the period during which the surety may be liable for latent defects.
(c)
The Authority may vary the terms and conditions of a guaranty based on:
(1)
the Authority’s history of experience with a surety; and
(2)
any other factor the Authority considers relevant.