Maryland SB920 authorizes the Department of Commerce to set management fees for fund managers of Small, Minority, and Women-Owned Business Accounts.

Maryland SB920 allows the Department of Commerce to authorize eligible fund managers to receive and retain management fees for Small, Minority, and Women-Owned Business Accounts. The management fee is calculated as a percentage of each loan made, with a minimum of 1.5% and a maximum of 3% of the total loan principal. The Department can set an annual cap on the cumulative amount of management fees. The bill also permits fund managers to use grant money for administrative, actuarial, legal, and technical services, with a maximum amount set by the Department.

Maryland SB920 authorizes the Department of Commerce to set management fees for fund managers of Small, Minority, and Women-Owned Business Accounts.

Maryland SB920 allows the Department of Commerce to authorize eligible fund managers to receive and retain management fees for Small, Minority, and Women-Owned Business Accounts. The management fee is calculated as a percentage of each loan made, with a minimum of 1.5% and a maximum of 3% of the total loan principal. The Department can set an annual cap on the cumulative amount of management fees. The bill also permits fund managers to use grant money for administrative, actuarial, legal, and technical services, with a maximum amount set by the Department.