 |
Unannotated Code of Maryland (Last Updated: May 16, 2014) |
 |
ECONOMIC DEVELOPMENT |
|
DIVISION I. DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT |
|
TITLE 5. ECONOMIC DEVELOPMENT AND FINANCIAL ASSISTANCE PROGRAMS |
|
SUBTITLE 5. MARYLAND SMALL BUSINESS DEVELOPMENT FINANCING AUTHORITY |
|
PART I. GENERAL PROVISIONS |
§ 5-501. Definitions
Latest version.
-
(a) In general. -- In this subtitle the following words have the meanings indicated.
** REVISOR'S NOTE
This subsection formerly was Art. 83A, § 5-1001(a).
** REVISOR'S NOTE
No changes are made.
(b) Authority. -- "Authority" means the Maryland Small Business Development Financing Authority.
** REVISOR'S NOTE
This subsection formerly was Art. 83A, § 5-1001(b).
** REVISOR'S NOTE
No changes are made.
(c) Financial institution. -- "Financial institution" means:
(1) a financial institution, as defined in § 1-101 of the Financial Institutions Article; and
(2) any other lender that the Authority approves.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1001(e).
** REVISOR'S NOTE
The term "and" is substituted for the former phrase "as well as" for brevity.
(d) Loan document. --
(1) "Loan document" means an instrument or agreement that evidences, secures, or guarantees a loan.
(2) "Loan document" includes a note, financing statement, mortgage, pledge, assignment, loan and security agreement, or guaranty.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1001(g).
** REVISOR'S NOTE
In paragraph (2) of this subsection, the word "guaranty" is substituted for the former word "guarantee" for consistency within this subtitle.
** REVISOR'S NOTE
The former phrase "by way of example" is deleted as surplusage.
(e) Working capital. --
(1) "Working capital" means money used to meet the cash needs of an operating business entity.
(2) "Working capital" does not include money used for a capital purchase.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1001(j).
** REVISOR'S NOTE
The term "money" is substituted for the former term "funds" for clarity and consistency.