1. A. The Authority shall review and evaluate a completed loan application accepted under Regulation .04 of this chapter in accordance with selection criteria established by the Authority, which criteria may include:

   1. (1) The viability of the activity for which the loan is sought;
   2. (2) The applicant’s readiness to commence the activity and complete it within an established time frame;
   3. (3) The level of urgency of the applicant’s need for a loan to complete the activity;
   4. (4) The activity’s consistency with the goals of the management plan;
   5. (5) The extent to which the activity will have a positive impact on the certified heritage area;
   6. (6) The extent to which the activity, once completed, might serve as a model for other projects within certified heritage areas;
   7. (7) The applicant’s administrative capability, including the applicant’s capacity to manage the activity;
   8. (8) The applicant’s ability to repay the loan;
   9. (9) The availability of private or non-State funds for the activity; and
   10. (10) Such additional criteria as the Authority considers appropriate.

2. B. Following review and evaluation under §A of this regulation, the Authority shall:

   1. (1) Either approve, approve with modification, or disapprove the loan;
   2. (2) If approved, determine a level of funding for the loan, which may be in an amount less than the amount applied for by the applicant; and
   3. (3) Notify the applicant in writing of the action taken by the Authority on the application.

3. C. For a loan approved under §B of this regulation, the Authority may issue to the applicant a commitment letter for the loan that sets forth:

   1. (1) The amount of the loan;
   2. (2) Terms and conditions under which the loan will be made, which shall at a minimum include the terms and conditions set forth in Regulation .06 of this chapter; and
   3. (3) A time limit within which execution of loan documents shall occur before the Authority will withdraw its commitment, which time limit the Authority may extend at its sole discretion.
4. D. A decision of the Authority to approve or disapprove a loan is not a contested case within the meaning of State Government Article, Title 10, Subtitle 2, Annotated Code of Maryland.
5. E. Loan closing shall be scheduled at a time and place acceptable to the applicant, Authority staff, and the Office of the Attorney General.

Authority: Financial Institutions Article, §§13-1107(6) and (12), 13-1113 and 13-1114, Annotated Code of Maryland

Effective date: October 13, 2003 (30:20 Md. R. 1448)

Regulation .04 amended effective April 24, 2017 (44:8 Md. R. 406)

Regulations .01—.13 repealed and new Regulations .01—.10 adopted effective November 4, 2019 (46:22 Md. R. 978)