- A. Loans shall meet the following requirements in §§B—F of this regulation.
- B. Interest Rate. The minimum interest rate to be paid on loans shall be a fixed rate of 4 percent per annum.
C. Security. The Department may require that a loan be secured by:
- (1) Liens and security interests in real and personal property;
- (2) Personal guarantees;
- (3) Any other collateral required by the Department; or
- (4) A combination of the items in this section.
- D. Repayment Terms. The loan documents shall include provisions for repayment of the loan, provided that the provisions for repayment may be based on a flexible repayment schedule.
- E. Late Charges. Late charges, as permitted by law, may be imposed.
- F. Additional Documentation. The Department may require the applicant to provide title insurance, surveys, insurance, appraisals, and any other documentation that the Department determines is necessary or advisable.
Authority: Economic Development Article, §§2-108 and 5-204, Annotated Code of Maryland
Effective date: December 18, 1995 (22:25 Md. R. 1965)
Chapter revised effective March 6, 2000 (27:4 Md. R. 455)