Maryland HB798 authorizes the Department of Commerce to set management fees for eligible fund managers of Small, Minority, and Women-Owned Business.

Maryland HB798 establishes guidelines for management fees that eligible fund managers of Small, Minority, and Women-Owned Business Accounts can receive. The Department of Commerce is authorized to set these fees, which must be between 1.5% and 3% of the total loan principal. The bill also allows the Department to establish an annual cap on the cumulative amount of management fees an eligible fund manager may receive. This legislation aims to ensure fair and regulated management fees for fund managers involved in supporting small, minority, and women-owned businesses.

Maryland HB798 authorizes the Department of Commerce to set management fees for eligible fund managers of Small, Minority, and Women-Owned Business.

Maryland HB798 establishes guidelines for management fees that eligible fund managers of Small, Minority, and Women-Owned Business Accounts can receive. The Department of Commerce is authorized to set these fees, which must be between 1.5% and 3% of the total loan principal. The bill also allows the Department to establish an annual cap on the cumulative amount of management fees an eligible fund manager may receive. This legislation aims to ensure fair and regulated management fees for fund managers involved in supporting small, minority, and women-owned businesses.