Maryland Technology Development Corporation - Investments - Alterations

SB 248 modifies Maryland's investment rules for the Maryland Technology Development Corporation (MTDC), specifically changing how it handles investments in businesses that no longer qualify as "qualified businesses." The bill replaces mandatory divestment requirements with an authorization allowing the MTDC to choose whether to divest or pursue other remedies (like restructuring) under certain circumstances. It updates regulations in Sections 10-408 and 10-470 of the Economic Development Article to require the MTDC to establish an investment committee process for evaluating these remedies. This directly affects the MTDC’s investment decisions and the businesses receiving its capital, without altering the 25% ownership cap on equity investments.