§ 4-322

Maryland § 4-322

• Jurisdiction: Maryland
• Article gsf: State Finance and Procurement
• Title: 4

Text

(a) (1) In this section the following words have the meanings indicated.

(2) “Broker rebate fee” is a commission sharing payment based on an established commission rebate percentage.

(3) “Fund” means the Department of General Services Broker Rebate Fee Fund.

(b) There is a Department of General Services Broker Rebate Fee Fund.

(c) The purpose of the Fund is to provide funding to support the actions of the Secretary in implementing, regulating, administering, and enforcing this part.

(d) The Secretary shall:

(1) administer the Fund; and

(2) direct any broker rebate fees collected under this part to the Fund.

(e) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of this article.

(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(f) The Fund consists of:

(1) revenue distributed to the Fund from broker rebate fees received in connection with any lease of building space by the State under this part;

(2) money appropriated in the State budget to the Fund;

(3) interest earnings; and

(4) any other money from any other source accepted for the benefit of the Fund.

(g) The Fund may be used only to cover the expenses, including administrative expenses, of the Department in carrying out the requirements of this title.

(h) (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

(2) Any interest earnings of the Fund shall be credited to the Fund.

(i) Expenditures from the Fund may be made only in accordance with the State budget.