Md. Code Regs. 05.13.05.05

Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.13.05.05 - Initial Loan Application

A. An applicant may choose to submit an application directly to:

(1) One or more participating financial institutions; or

(2) The Department, to be forwarded to all participating financial institutions.

B. For an application submitted directly to a financial institution under §A(1) of this regulation, the following procedures apply:

(1) Before making a loan commitment to the applicant, the financial institution shall submit an application to the Department on forms prescribed by the Department;

(2) The Department may require that the application be submitted in electronic form; and

(3) After receipt of a completed application, the Department shall either:

(a) Confirm that the applicant is a certified minority business enterprise or a small business and notify the applicant and the financial institution in writing that the applicant meets the program requirement that it be a certified minority business enterprise or a small business; or

(b) Notify the applicant and the financial institution in writing that the application has been denied because the applicant is not a certified minority business enterprise or a small business.

C. For an application submitted to the Department under §A(2) of this regulation, the following procedures apply:

(1) An applicant shall submit a completed application to the Department on forms prescribed by the Department;

(2) An applicant may submit the application in electronic form or written form;

(3) After the receipt of a completed application, the Department shall either:

(a) Confirm that the applicant is a certified minority business enterprise or a small business; or

(b) Notify the applicant in writing if its application has been denied because it is not a certified minority business enterprise or a small business; and

(4) If the Department confirms that the applicant is a certified minority business enterprise or a small business, the Department shall provide:

(a) All financial institutions eligible to participate in the Program with a copy of the completed application; and

(b) The applicant with a list of all financial institutions that received a copy of the application.

Md. Code Regs. 05.13.05.05

Regulations Regulation .05 repealed and new .05 effective November 2, 2009 (36:22 Md. R. 1722)
Regulation .05B, C amended effective 41:17 Md. R. 970, eff.9/1/2014