MD HB798

Department of Commerce may authorize eligible fund managers of Small, Minority, and Women-Owned Business Accounts to receive management fees calculated as a percentage of each loan made

Management fee percentage must be between 1.5% and 3% of total loan principal

Management fees are paid from the Account and may be retained by eligible fund managers for administrative purposes related to lending activities

Department of Commerce may establish an annual cap on cumulative management fees a fund manager may receive

Effective date: July 1, 2026