1. (a) The Administration may use the Fund to enhance the credit of a financing offered by a bank or other financial institution for a project.

2. (b) A credit enhancement issued in accordance with subsection (a) of this section shall:

   1. (1) carry out the purpose of the Program in a manner the Administration considers appropriate;
   2. (2) facilitate financing of at least one project of a local jurisdiction, nonprofit organization, or eligible business; and

   3. (3) be offered only to a bank or other financial institution in good standing with the State Department of Assessments and Taxation that is:

      1. (i) incorporated in the State; or
      2. (ii) registered to do business in the State.
3. (c) The Administration may assess a reasonable fee to a participating bank or financial institution for the administration of this section.
4. (d) The Administration shall adopt regulations to carry out this section.

Added by Acts 2014, c. 348, § 1, eff. July 1, 2014; Acts 2014, c. 349, § 1, eff. July 1, 2014.