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Read. Follow. Verify.Maryland authorizes management fees between 1.5% and 3% for fund managers of small, minority, and women-owned business accounts
Last action · May 12, 2026: Approved by the Governor - Chapter 392Sponsors: Kevin Harris and 2 others
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What This Bill Does
The Maryland Department of Commerce is now authorized to permit s to receive management fees calculated as a percentage of total , ranging from 1.5% to 3%, effective July 1, 2026. The legislation also allows the Department to set an annual cap on the cumulative amount of these fees an eligible fund manager may receive.
s overseeing small, minority, and women-owned business accounts can now draw ongoing management fees directly from account funds to cover administrative and lending expenses.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
Eligible fund managers
Eligible fund managers are newly authorized to receive and retain management fees between 1.5% and 3% of total loan principal for administrative purposes.
Small, minority, and women-owned businesses
These businesses receive loans from accounts managed by fund managers whose compensation structure is modified by the Act.
Key Facts
You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.
Frequently Asked Questions
How are the new management fees calculated for fund managers?
Can the Department of Commerce limit the total amount of fees a fund manager receives?
What else do you want to know?
News Coverage
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Votes, people, money & the original sourceWhere This Stands
Current status: Signed into law.
Procedural history
13 actions- May 12, 2026Governor of MarylandEnrolledApproved by the Governor - Chapter 392
- Apr 13, 2026SenateFloorReturned Passed
- Apr 13, 2026HouseFloorThird Reading Passed (123-13)
- Apr 8, 2026HouseFloorSecond Reading Passed
- Apr 8, 2026HouseFloorFavorable Adopted
- Apr 8, 2026HouseCommitteeFavorable Report by Economic Matters
Show 7 earlier actions
- Mar 20, 2026HouseCommitteeReferred Economic Matters
- Mar 19, 2026SenateFloorThird Reading Passed (45-0)
- Mar 17, 2026SenateFloorSecond Reading Passed with Amendments
- Mar 17, 2026SenateFavorable with Amendments { 373229/1 Adopted
- Mar 16, 2026SenateCommitteeFavorable with Amendments Report by Finance
- Feb 12, 2026SenateHearing 3/05 at 1:00 p.m.
- Feb 6, 2026SenateIntroducedFirst Reading Finance
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Connected Entities
Sources
mgaleg.maryland.gov
Analysis Score
0–100- Significance45How much this matters to a regular citizen
- Controversy10Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
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