(a) The Board may enter into an agreement with an applicant to guarantee a loan or provide a subsidy for loan interest to the applicant only if the applicant demonstrates:
(1) that the loan to be guaranteed or the subsidy of loan interest will be used to acquire assistive technology;
(2) the ability to repay the loan;
(3) creditworthiness; and
(4) the inability to qualify for a loan from a lending institution without a loan guarantee or a subsidy of loan interest.
(b) The Board may elect to provide the borrower with an interest rate equivalent to the guaranteed rate by either guaranteeing the loan or subsidizing the interest rate if:
(1) a participating lending institution approves a loan without the requirement of a guarantee; and
(2) the interest rate is higher than the interest rate otherwise available for a guaranteed loan.
Structure Maryland Statutes
Title 7 - Individuals With Disabilities
Subtitle 6 - Assistive Technology Loan Program
Section 7-602 - Program Established
Section 7-603 - Purpose of Program
Section 7-604 - Board of Directors -- Established
Section 7-605 - Board of Directors -- Membership
Section 7-606 - Board of Directors -- Chair
Section 7-607 - Board of Directors -- Quorum; Meetings; Compensation; Staff
Section 7-608 - Board Authorized to Guarantee Loans and Provide Interest Subsidies
Section 7-609 - Applications; Board Review of Applications
Section 7-611 - Amount and Terms of Loan Guarantees and Interest Subsidies
Section 7-612 - Violations of Loan Provisions
Section 7-613 - Assistive Technology Loan Fund
Section 7-614 - Assistive Technology Loan Fund -- Composition; Use of Fund
Section 7-615 - Assistive Technology Loan Fund -- Annual Report by Treasurer