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Section 5-459 - Loan Commitment — Maryland Law | CourtGPT
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  3. Maryland/
  4. Economic Development - Division I - Secretary of Commerce and Department of Commerce/
  5. Division I - Secretary of Commerce and Department of Commerce/
  6. Title 5 - Economic Development and Financial Assistance Programs/
  7. Subtitle 4 - Maryland Industrial Development Financing Authority/
  8. Part VI - Linked Deposit Program/
  9. Section 5-459 - Loan Commitment
Maryland Legal Code

Section 5-459 - Loan Commitment

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On receiving linked deposit approval from the Authority, the lender shall issue a loan commitment to the applicant that provides that the interest rate on the financing will be below the prevailing market rate to the same extent and for as long as interest earned on the linked deposit is below interest earned on other equivalent deposits with the lender at the time of the deposit.