Maryland § 5-573
Full text of Maryland Maryland Code § 5-573, with citation guidance and answers to common questions.
§ 5-573.
(a) To apply for financial assistance from the Program under this part, a principal and, if applicable, a surety shall submit to the Authority an application on the form that the Authority provides.
(b) The application shall include:
(1) a detailed description of the project;
(2) an itemization of known and estimated costs;
(3) the total investment required to perform the contract;
(4) the working capital available to the principal;
(5) the bonding assistance sought;
(6) information that demonstrates the inability of the principal to obtain adequate bonding on reasonable terms and conditions through normal channels without assistance from the Program;
(7) a current balance sheet, a profit and loss statement, and credit references about the financial status of the principal;
(8) a schedule of the status of existing and pending contracts; and
(9) any other relevant information the Authority requests.
(c) The Authority may require an applicant to provide an audited balance sheet before the Authority approves or denies the application.
(d) The Authority may not approve a guaranty or bond under this part for a principal that has defaulted on a loan or guaranty from the Authority unless:
(1) 2 years have passed since the time of the default; and
(2) the principal has cured any default in any financing program administered by the Department.
Frequently Asked Questions About Maryland § 5-573
What does Maryland Code § 5-573 cover?
Section 5-573 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 § 5-573?
A common citation format is "Maryland Code § 5-573" (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 § 5-573 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.