Section 9-102 - Findings. - Maryland Statutes

§ 9-102. Findings.
 

(a)  In general.- The General Assembly finds that: 

(1) some communities and neighborhoods in the State are in economic and social distress because of a shortage of significant private investment; 

(2) financial institutions in the State are recognizing a heightened responsibility to provide financial assistance to these communities and neighborhoods; and 

(3) federal and State regulators are requiring more community reinvestment by these financial institutions. 

(b)  Promoting financial vehicle to facilitate reinvestment.- The General Assembly therefore finds that the public interest is served by promoting the development of a financial vehicle to be operated by private financial institutions to: 

(1) increase community reinvestment to neighborhoods and communities in the State that have urgent need for reinvestment; 

(2) make community reinvestment by financial institutions easier and more desirable by spreading the financial risk and offering the experience of the State in providing community reinvestment lending; and 

(3) forge partnerships among financial institutions and the State in meeting community reinvestment goals. 
 

[An. Code 1957, art. 83B, § 10-101; 2005, ch. 26, § 2.]