Section 9-102 - Findings.
§ 9-102. Findings.
(a) In general.- The General Assembly finds that:
(1) some communities and neighborhoods in the State are in economic and social distress because of a shortage of significant private investment;
(2) financial institutions in the State are recognizing a heightened responsibility to provide financial assistance to these communities and neighborhoods; and
(3) federal and State regulators are requiring more community reinvestment by these financial institutions.
(b) Promoting financial vehicle to facilitate reinvestment.- The General Assembly therefore finds that the public interest is served by promoting the development of a financial vehicle to be operated by private financial institutions to:
(1) increase community reinvestment to neighborhoods and communities in the State that have urgent need for reinvestment;
(2) make community reinvestment by financial institutions easier and more desirable by spreading the financial risk and offering the experience of the State in providing community reinvestment lending; and
(3) forge partnerships among financial institutions and the State in meeting community reinvestment goals.
[An. Code 1957, art. 83B, § 10-101; 2005, ch. 26, § 2.]