Maryland legislation · 2026 Regular Session
Maryland SB920: Economic Development - Small, Minority, and Women-Owned Business Accounts - Management Fees (Small Business Increased Access to Capital Act)
Status: Signed into law, May 12, 2026
Authorizing the Department of Commerce to authorize an eligible fund manager to receive, use, and retain a certain management fee; and authorizing the Department to set an annual cap on the cumulative amount of certain management fees an eligible fund manager may receive.
What the bill says
An act concerning Economic Development - Small, Minority, and Women-Owned Business Accounts - Management Fees (Small Business Increased Access to Capital Act) FOR the purpose of authorizing the Department of Commerce to authorize an eligible fund manager to receive, use, and retain a certain management fee; authorizing the Department to set an annual cap on the amount of certain management fees; and generally relating to management fees for eligible fund managers of Small, Minority, and Women-Owned Business Accounts…
From the enrolled text, May 18, 2026:
AN ACT concerning Economic Development - Small, Minority, and Women-Owned Business Accounts - Management Fees (Small Business Increased Access to Capital Act) FOR the purpose of authorizing the Department of Commerce to authorize an eligible fund manager to receive, use, and retain a certain management fee; authorizing the Department to set an annual cap on the amount of certain management fees; and generally relating to management fees for eligible fund managers of Small, Minority, and Women-Owned Business Accounts. BY repealing and reenacting, without amendments, Article - Economic Development Section 5-1501(a) Annotated Code of Maryland (2024 Replacement Volume and 2025 Supplement) BY repealing and reenacting, with amendments, Article - Economic Development Section 5-1501(g) Annotated Code of Maryland (2024 Replacement Volume and 2025 Supplement) SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, That the Laws of Maryland read as follows: Article - Economic Development 5-1501. (a) In this section, "eligible fund manager" means: (1) an entity that has significant financial or investment experience, under criteria developed by the Department; and (2) includes an entity that the Department designates to manage funds received under subsection (c)(1) of this section. (g) (1) Subject to paragraph (2) of this subsection, an eligible fund manager may use money from grants received under this section to pay expenses for administrative, actuarial, legal, and technical …