(a) In general.- If the Department determines that an entity is capable of administering a microenterprise loan program, the entity may originate and administer loans to microenterprises in accordance with standards the Department adopts by regulation.
(b) Regulations and standards.-
(1) The Department shall adopt regulations to establish standards for determining the eligibility of an entity to administer a microenterprise loan program.
(2) The standards shall include provisions on:
(i) the size, training, and experience of the professional staff that would administer the program; and
(ii) the capability of the professional staff to:
1. determine financial capacity of a borrower;
2. originate a loan; and
3. evaluate applications for program loans.
(c) Powers of Department.- The Department may:
(1) help train employees of an approved entity to administer a microenterprise loan program in accordance with standards that the Department adopts;
(2) charge and collect from a borrower:
(i) reasonable origination, application, and processing fees; and
(ii) other charges, fees, or reimbursements incidental to microenterprise loans;
(3) include the fees and charges listed in item (2) of this subsection in the loan amount;
(4) pay an approved entity a reasonable origination, application, and processing fee for each loan to a microenterprise that is originated by the approved entity;
(5) directly fund a loan to a microenterprise that is originated by an approved entity; and
(6) provide financial assistance to an approved entity for the purpose of the approved entity making a loan to a microenterprise in accordance with this subtitle.
(a) In general.- If the Department determines that an entity is capable of administering a microenterprise loan program, the entity may originate and administer loans to microenterprises in accordance with standards the Department adopts by regulation.
(b) Regulations and standards.-
(1) The Department shall adopt regulations to establish standards for determining the eligibility of an entity to administer a microenterprise loan program.
(2) The standards shall include provisions on:
(i) the size, training, and experience of the professional staff that would administer the program; and
(ii) the capability of the professional staff to:
1. determine financial capacity of a borrower;
2. originate a loan; and
3. evaluate applications for program loans.
(c) Powers of Department.- The Department may:
(1) help train employees of an approved entity to administer a microenterprise loan program in accordance with standards that the Department adopts;
(2) charge and collect from a borrower:
(i) reasonable origination, application, and processing fees; and
(ii) other charges, fees, or reimbursements incidental to microenterprise loans;
(3) include the fees and charges listed in item (2) of this subsection in the loan amount;
(4) pay an approved entity a reasonable origination, application, and processing fee for each loan to a microenterprise that is originated by the approved entity;
(5) directly fund a loan to a microenterprise that is originated by an approved entity; and
(6) provide financial assistance to an approved entity for the purpose of the approved entity making a loan to a microenterprise in accordance with this subtitle.
(a) In general.- If the Department determines that an entity is capable of administering a microenterprise loan program, the entity may originate and administer loans to microenterprises in accordance with standards the Department adopts by regulation.
(b) Regulations and standards.-
(1) The Department shall adopt regulations to establish standards for determining the eligibility of an entity to administer a microenterprise loan program.
(2) The standards shall include provisions on:
(i) the size, training, and experience of the professional staff that would administer the program; and
(ii) the capability of the professional staff to:
1. determine financial capacity of a borrower;
2. originate a loan; and
3. evaluate applications for program loans.
(c) Powers of Department.- The Department may:
(1) help train employees of an approved entity to administer a microenterprise loan program in accordance with standards that the Department adopts;
(2) charge and collect from a borrower:
(i) reasonable origination, application, and processing fees; and
(ii) other charges, fees, or reimbursements incidental to microenterprise loans;
(3) include the fees and charges listed in item (2) of this subsection in the loan amount;
(4) pay an approved entity a reasonable origination, application, and processing fee for each loan to a microenterprise that is originated by the approved entity;
(5) directly fund a loan to a microenterprise that is originated by an approved entity; and
(6) provide financial assistance to an approved entity for the purpose of the approved entity making a loan to a microenterprise in accordance with this subtitle.
