Code of Maryland Regulations
Title 05 - DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Subtitle 13 - NEIGHBORHOOD BUSINESS DEVELOPMENT
Chapter 05.13.01 - Business Development Program
Section 05.13.01.11 - Approved Entities
Current through Register Vol. 51, No. 6, March 22, 2024
A. General. The Department may approve an entity to originate and administer financial assistance in accordance with this chapter.
B. To be eligible to administer a financial assistance program, the entity shall submit an application to the Department and meet the following minimum criteria to the satisfaction of the Department:
C. An approved entity shall execute and comply with the terms of an administration agreement, loan agreement, loan note, assignment, and other documents governing the duties of the entity under the Program, as required by the Department.
D. An approved entity shall be directly responsible for fulfilling all of its duties and responsibilities under the Program and may not assign its responsibilities without the prior written consent of the Department.
E. The Department may monitor an approved entity's administration of loans funded by the Department, and may enforce its remedies under the Program loan documents, including revoking the entity's approval to administer a loan program under this chapter.
F. Other Requirements.
G. To fund financial assistance under this regulation the Department may: