Shown verbatim: the complete text as captured from the official PDF posted by the Maryland General Assembly, fetched 2026-09-25. Page and line markers are part of the official record; nothing is edited or removed. This is the chaptered version. The official bill page.
WES MOORE, Governor Ch. 380
Chapter 380
(House Bill 487)
AN ACT concerning
Maryland Technology Development Corporation – Investments – Alterations
FOR the purpose of requiring the Maryland Technology Development Corporation to adopt
certain regulations regarding the consideration of remedies for investments in
certain businesses that no longer meet the definition of qualified business for
purposes of provisions of law governing the Corporation; authorizing, rather than
requiring, the Corporation to divest itself of an interest under certain circumstances;
authorizing the Corporation to pursue certain other remedies under certain
circumstances; and generally relating to the Maryland Technology Development
Corporation.
BY repealing and reenacting, without amendments,
Article – Economic Development
Section 10–401(a) and (c)
Annotated Code of Maryland
(2024 Replacement Volume and 2025 Supplement)
BY repealing and reenacting, with amendments,
Article – Economic Development
Section 10–408(a) and 10–470
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
10–401.
(a) In this subtitle the following words have the meanings indicated.
(c) “Corporation” means the Maryland Technology Development Corporation.
10–408.
(a) The Corporation shall adopt regulations establishing:
(1) the investment committee;
(2) the responsibilities of the investment committee, INCLUDING A
–1–
Ch. 380 2026 LAWS OF MARYLAND
PROCESS FOR CONSIDERING REMEDIES, INCLUDING DIVESTMENT, FOR
INVESTMENTS IN A BUSINESS THAT NO LONGER MEETS THE DEFINITION OF A
QUALIFIED BUSINESS; and
(3) the procedures for the appointment of investment committee members.
10–470.
(a) The Corporation may require that all or part of a grant be repaid, with interest
at a rate the Corporation sets, when conditions specified by the Corporation occur.
(b) (1) Whenever the Corporation is authorized by law to make a grant,
including a grant from the Economic Development Opportunities Program Account
authorized under § 7–314 of the State Finance and Procurement Article, the Corporation
may use money appropriated for the grant to make an equity investment in a qualified
business.
(2) (i) Except as provided in subparagraph (ii) of this paragraph and
Subtitle 4A of this title, in making an equity investment under this subtitle or Subtitle 4A
of this title, the Corporation may not acquire an ownership interest in an enterprise that
exceeds 25%.
(ii) In making an equity investment under this subtitle or Subtitle
4A of this title in one or more venture or private equity firms, the Corporation may acquire
an ownership interest exceeding 25%.
(3) Within 15 years after making an equity investment under this subtitle
or Subtitle 4A of this title, the Corporation [shall], ON REVIEW AND APPROVAL OF THE
CORPORATION’S INVESTMENT COMMITTEE, MAY divest itself of that investment OR
PURSUE ANOTHER REMEDY THAT IS IN THE CORPORATION’S BEST INTEREST.
(4) The liability of the State and the Corporation in making an equity
investment under this subtitle or Subtitle 4A of this title is limited to the amount of that
investment.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July
1, 2026.
Approved by the Governor, May 12, 2026.
–2–Every fact on this page links to its source, starting with the official bill record.