Maryland § 5-572
Full text of Maryland Maryland Code § 5-572, with citation guidance and answers to common questions.
§ 5-572.
(a) To qualify for financial assistance under this part the principal shall satisfy the Authority that the principal:
(1) is of good moral character or is owned by individuals of good moral character;
(2) as determined from creditors, employers, and other individuals who have personal knowledge, is an individual with a reputation for financial responsibility or is owned by individuals, a majority of whom have a reputation for financial responsibility;
(3) is a resident of the State or the principal place of business of the applicant is in the State; and
(4) is unable to obtain adequate bonding on reasonable terms through normal channels.
(b) To qualify for financial assistance under this part the principal shall certify to the Authority, and the Authority shall be satisfied, that:
(1) a bond is required to bid on a contract or to serve as prime contractor or subcontractor;
(2) a bond cannot be obtained on reasonable terms and conditions without assistance from the Program; and
(3) the principal will not subcontract more than 75% of the monetary value of the contract.
Frequently Asked Questions About Maryland § 5-572
What does Maryland Code § 5-572 cover?
Section 5-572 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 § 5-572?
A common citation format is "Maryland Code § 5-572" (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 § 5-572 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.