MD SB920

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

Sets the management fee percentage between 1.5% and 3% of the 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

Grants the Department authority to establish an annual cap on the cumulative amount of management fees an eligible fund manager may receive

Effective date: July 1, 2026