Section 17-702 - [Abrogated Subject to Contingency - See Note] Engagement of investment activities in Iran(a) For purposes of this subtitle, a person engages in investment activities in Iran if: (1) the person provides goods or services of $20,000,000 or more in the energy sector of Iran, including a person that provides oil or liquefied natural gas tankers or products used to construct or maintain pipelines used to transport oil or liquefied natural gas for the energy sector of Iran; or(2) the person is a financial institution that extends $20,000,000 or more in credit to another person for 45 days or more if the person to whom the credit is extended:(i) will use the credit to provide goods or services in the energy sector of Iran as described in item (1) of this subsection; and(ii) is, at the time of the extension of credit, identified on a list created under § 17-704 of this subtitle as a person engaging in investment activities in Iran.(b) If the Board determines that the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 has been amended or any other federal act or law has been enacted or amended that authorizes or requires the reduction of the dollar amounts provided for in this section or otherwise alters the parameters of investment activities in Iran for the purpose of imposing sanctions, the Board shall adopt regulations to reduce the dollar amounts or alter the parameters.Amended by 2019 Md. Laws, Ch. 8, Sec. 1, eff. 3/27/2019.Amended by 2013 Md. Laws, Ch. 555, Sec. 1, eff. 10/1/2013.Amended by 2013 Md. Laws, Ch. 554, Sec. 1, eff. 10/1/2013.2012, ch. 446 and 447, § 5, which added this section, provides: (a) This Act shall remain in effect until:
(1) the Congress or the President of the United States affirmatively and unambiguously declares, by means including, but not limited to, legislation, executive order, or written certification from the President to Congress that Iran is no longer seeking a nuclear weapons capability and no longer supports international terrorism; or
(2) federal law no longer authorizes the states to adopt and enforce provisions of the type authorized in this Act.
(b) The Board of Public Works shall notify the Department of Legislative Services within 5 days after the occurrence of an event described in subsection (a) of this section and, as of the date the event occurred, with no further action required by the General Assembly, this Act shall be abrogated and of no further force and effect.