{"data":{"id":"us-md/md.-code-economic-development-5-1806","jurisdiction":"us-md","citation":"Md. Code, Economic Development § 5–1806","heading":"","body":"(a) The Department shall establish a loan loss reserve account for a lender when a lender enrolls its first loan under the Program.\n(b) At the time of enrollment:\n(1) the borrower shall make a payment to the account of between 0% and 7% of the enrolled loan amount;\n(2) the lender shall make a payment to the account of at least 2% of the enrolled amount; and\n(3) the Department shall make a matching payment to the account in an amount equal to the borrower and lender’s aggregate payment under items (1) and (2) of this subsection.\n(c) The loan loss reserve account of a lender shall be available for the lender to withdraw if a borrower defaults on a qualifying loan.\n(d) The Department shall establish procedures for a lender to withdraw from the Program.","path":["Article - Economic Development"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gec\u0026section=5-1806","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:57:28Z","sha256":"eacecff05b42a522513d12fe4faa519c41f184931a6563cdd7ff7d2d1a81e0c6","source_id":"us-md","stale":false,"prev":"us-md/md.-code-economic-development-5-1805","next":"us-md/md.-code-economic-development-5-1807"},"notice":"GroundRules: Original legal text. Not legal advice."}