# COMAR 24.05.18.06: COMAR 24.05.18.06. Loan Terms and Requirements

> Maryland · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_06

## Section

- **Citation:** COMAR 24.05.18.06
- **Heading:** COMAR 24.05.18.06. Loan Terms and Requirements
- **Jurisdiction:** Maryland
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Code of Maryland Regulations / Title 24 DEPARTMENT OF COMMERCE / Subtitle 05 ECONOMIC DEVELOPMENT / Chapter 18 Maryland Economic Adjustment Fund / COMAR 24.05.18.06

## 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.

## Nearby sections

- [COMAR 24.05.18.01 COMAR 24.05.18.01. Purpose](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_01.md)
- [COMAR 24.05.18.02 COMAR 24.05.18.02. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_02.md)
- [COMAR 24.05.18.03 COMAR 24.05.18.03. Eligible Applicants](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_03.md)
- [COMAR 24.05.18.04 COMAR 24.05.18.04. Priority](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_04.md)
- [COMAR 24.05.18.05 COMAR 24.05.18.05. Use of Loan Proceeds](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_05.md)
- [COMAR 24.05.18.06 COMAR 24.05.18.06. Loan Terms and Requirements](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_06.md)
- [COMAR 24.05.18.07 COMAR 24.05.18.07. Additional Requirements for Loans Made with Restricted Funds](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_07.md)
- [COMAR 24.05.18.08 COMAR 24.05.18.08. Application and Processing Procedures](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_08.md)
- [COMAR 24.05.18.09 COMAR 24.05.18.09. Grants](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_09.md)
- [COMAR 24.05.18.10 COMAR 24.05.18.10. Drug-Free and Alcohol-Free Workplace](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_10.md)
- [COMAR 24.05.18.11 COMAR 24.05.18.11. False Statements](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_11.md)
- [COMAR 24.05.18.12 COMAR 24.05.18.12. Waiver](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_12.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_24_05_18_06. Check the current official text before relying on it. Not legal advice.