COMAR 24.05.18.06. Loan Terms and Requirements

MarylandRegulations

Ask Donna

How this section applies to your facts.

Code of Maryland Regulations › Title 24 DEPARTMENT OF COMMERCE › Subtitle 05 ECONOMIC DEVELOPMENT › Chapter 18 Maryland Economic Adjustment Fund › COMAR 24.05.18.06

This text was captured on Aug 14, 2026. It is a snapshot, not a live feed, so check the official code before relying on it.

Text

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.

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.