Md. Code Regs. 05.06.09.05

Current through Register Vol. 51, No. 22, November 1, 2024

Section 05.06.09.05 - Eligible Lenders

A. The Department, or any agency of the Department, is an eligible lender approved for insurance issued by the Fund under this chapter.

B. All other lenders shall meet the eligibility requirements of §C or D of this regulation in order to be approved for insurance issued by the Fund.

C. The Fund may approve a lender that is authorized to conduct business in Maryland and that executes a certification that it is:

(1) A financial institution that has accounts insured by any agency of the United States; or

(2) An institutional lender approved under a federal mortgage or business loan insurance agency.

D. Any for-profit entity, nonprofit entity, or public agency that, in the opinion of the Fund, has as a primary or substantial function of its operation, the making of business project loans, may be approved ifit:

(1) Presents evidence satisfactory to the Fund of:

(a) Responsibility;

(b) Financial adequacy;

(c) Requisite administrative, technical, and loan servicing capabilities; and

(2) Submits an application and all supporting documentation that the Fund may require.

Md. Code Regs. 05.06.09.05

Regulation .05 adopted effective 45:6 Md. R. 317, eff. 3/26/2018