Maryland § 36-1406
Full text of Maryland Maryland Code § 36-1406, with citation guidance and answers to common questions.
§ 36-1406.
(a) The Department shall establish a loan loss reserve account for a lender when the lender enrolls its first loan under the Program.
(b) At the time of enrollment:
(1) the borrower shall make a payment to the account of between 0% and 7% of the enrolled loan amount;
(2) the lender shall make a payment to the account of at least 2% of the enrolled amount; and
(3) the Administration shall make a matching payment to the account in an amount equal to the borrower and lender’s aggregate payment under items (1) and (2) of this subsection.
(c) The loan loss reserve account of a lender shall be available for the lender to withdraw if a borrower defaults on a qualifying loan.
(d) The Department shall collaborate with the Office of Social Equity established under § 9–4108 of the State Government Article to identify and assist businesses with obtaining financing from the Program.
(e) The Department shall establish procedures for a lender to withdraw from the Program.
Frequently Asked Questions About Maryland § 36-1406
What does Maryland Code § 36-1406 cover?
Section 36-1406 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 36-1406?
A common citation format is "Maryland Code § 36-1406" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 36-1406 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.