Section 36-1406 - Loan loss reserve account(a) The Department shall establish a loan loss reserve account for a lender when the lender enrolls its first loan under the Program.(b) At the time of enrollment: (1) the borrower shall make a payment to the account of between 0% and 7% of the enrolled loan amount;(2) the lender shall make a payment to the account of at least 2% of the enrolled amount; and(3) the Administration shall make a matching payment to the account in an amount equal to the borrower and lender's aggregate payment under items (1) and (2) of this subsection.(c) The loan loss reserve account of a lender shall be available for the lender to withdraw if a borrower defaults on a qualifying loan.(d) The Department shall collaborate with the Office of Social Equity established under § 1-309.1 of this article to identify and assist businesses with obtaining financing from the Program.(e) The Department shall establish procedures for a lender to withdraw from the Program.Added by 2023 Md. Laws, Ch. 255, Sec. 5, eff. 5/3/2023.Added by 2023 Md. Laws, Ch. 254, Sec. 5, eff. 5/3/2023.