Maryland § 4-223 - IN EFFECT
Full text of Maryland Maryland Code § 4-223 — IN EFFECT, with citation guidance and answers to common questions.
§ 4-223. IN EFFECT
IN EFFECT
(a) A project qualifies as a business project if the project is:
(1) located in:
(i) an area designated as a priority funding area under § 5–7B–02 of the State Finance and Procurement Article; or
(ii) a qualified opportunity zone designated under § 1400Z–1 of the Internal Revenue Code in Allegany County, Baltimore City, Baltimore County, Charles County, Garrett County, Howard County, Montgomery County, Prince George’s County, Somerset County, or Wicomico County; and
(2) (i) acquired, owned, developed, constructed, reconstructed, rehabilitated, or improved by a person or an entity for the purposes of carrying on a business whether or not for profit; or
(ii) eligible for funding from the Neighborhood Business Development Fund under § 6–310 of this article.
(b) Repayment of principal and interest for a business project may be secured by:
(1) real property;
(2) personal property;
(3) bank accounts;
(4) certificates of deposit, stocks, and bonds;
(5) credit enhancement, assurance, or guaranty; or
(6) any other collateral acceptable to the Administration.
(c) Financial assistance for a business project may be provided as:
(1) a loan;
(2) a reduction in the principal obligation of or interest rate on a loan or portion of a loan;
(3) a prepayment of interest on a subordinate or superior loan or portion of a loan;
(4) an assurance;
(5) a guarantee or other form of credit enhancement; or
(6) a promissory note that may be converted to an equity ownership interest and liquidated at the earliest opportunity to realize the highest market value for the Administration.
§4–223. ** TAKES EFFECT JULY 1, 2026 PER CHAPTER 380 OF 2022 **
(a) A project qualifies as a business project if the project is:
(1) located in:
(i) an area designated as a priority funding area under § 5–7B–02 of the State Finance and Procurement Article; or
(ii) a qualified opportunity zone designated under § 1400Z–1 of the Internal Revenue Code in Allegany County, Baltimore City, Baltimore County, Charles County, Garrett County, Howard County, Montgomery County, Prince George’s County, Somerset County, or Wicomico County; and
(2) (i) acquired, owned, developed, constructed, reconstructed, rehabilitated, or improved by a person or an entity for the purposes of carrying on a business whether or not for profit; or
(ii) eligible for funding from the Neighborhood Business Development Fund under § 6–310 of this article.
(b) Repayment of principal and interest for a business project may be secured by:
(1) real property;
(2) personal property;
(3) bank accounts;
(4) certificates of deposit, stocks, and bonds;
(5) credit enhancement, assurance, or guaranty; or
(6) any other collateral acceptable to the Administration.
(c) Financial assistance for a business project may be provided as:
(1) a loan;
(2) a reduction in the principal obligation of or interest rate on a loan or portion of a loan;
(3) a prepayment of interest on a subordinate or superior loan or portion of a loan;
(4) an assurance; or
(5) a guarantee or other form of credit enhancement.
Frequently Asked Questions About Maryland § 4-223
What does Maryland Code § 4-223 cover?
Section 4-223 ("IN EFFECT") 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 § 4-223?
A common citation format is "Maryland Code § 4-223" (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 § 4-223 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.