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EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
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*hb1371*
HOUSE BILL 1371
C8 6lr1445
By: Delegates Young, Phillips, Acevero, Addison, Alston, Boyce, Coley, Lewis,
Pasteur, Roberson, Ruff, and Simmons
Introduced and read first time: February 13, 2026
Assigned to: Economic Matters
A BILL ENTITLED
AN ACT concerning 1
Maryland–Africa and the Caribbean Investment and Development Program – 2
Establishment 3
FOR the purpose of establishing the Maryland–Africa and the Caribbean Investment and 4
Development Program in the Department of Commerce to study and promote certain 5
trade relations; establishing an Advisory Board to conduct certain studies and make 6
recommendations to the Department; authorizing the De partment to issue certain 7
funds to certain businesses from the Maryland African Diaspora Investment and 8
Development Fund for certain purposes; authorizing the Department to require 9
certain business es to return certain funds under certain circumstances; and 10
generally relating to the Maryland –Africa and the Caribbean Investment and 11
Development Program and the Maryland African Diaspora Investment and 12
Development Fund. 13
BY adding to 14
Article – Economic Development 15
Section 5 –2701 through 5 –2707 to be under the new subtitle “Subtitle 2 7. 16
Maryland–Africa and the Caribbean Investment and Development Program” 17
Annotated Code of Maryland 18
(2024 Replacement Volume and 2025 Supplement) 19
BY repealing and reenacting, without amendments, 20
Article – State Finance and Procurement 21
Section 6–226(a)(2)(i) and (ii) 22
Annotated Code of Maryland 23
(2021 Replacement Volume and 2025 Supplement) 24
BY repealing and reenacting, with amendments, 25
Article – State Finance and Procurement 26
Section 6–226(a)(2)(iii)212. and 213. 27
2 HOUSE BILL 1371
Annotated Code of Maryland 1
(2021 Replacement Volume and 2025 Supplement) 2
BY adding to 3
Article – State Finance and Procurement 4
Section 6–226(a)(2)(iii)214. 5
Annotated Code of Maryland 6
(2021 Replacement Volume and 2025 Supplement) 7
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 8
That the Laws of Maryland read as follows: 9
Article – Economic Development 10
SUBTITLE 27. MARYLAND–AFRICA AND THE CARIBBEAN INVESTMENT AND 11
DEVELOPMENT PROGRAM. 12
5–2701. 13
(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANI NGS 14
INDICATED. 15
(B) (1) “AFRICAN DIASPORA ” MEANS INDIVIDUALS OF AFRICAN OR 16
CARIBBEAN DESCENT RESIDING IN MARYLAND. 17
(2) “AFRICAN DIASPORA ” INCLUDES FIRST –GENERATION 18
IMMIGRANTS AND THEIR DESCENDANTS. 19
(C) “BOARD” MEANS THE ADVISORY BOARD ESTABLISHED UNDER § 5–2703 20
OF THIS SUBTITLE. 21
(D) “FUND” MEANS THE MARYLAND AFRICAN DIASPORA INVESTMENT AND 22
DEVELOPMENT FUND. 23
(E) “PROGRAM” MEANS THE MARYLAND–AFRICA AND THE CARIBBEAN 24
INVESTMENT AND DEVELOPMENT PROGRAM. 25
5–2702. 26
(A) THERE IS A MARYLAND–AFRICA AND THE CARIBBEAN INVESTMENT 27
AND DEVELOPMENT PROGRAM. 28
(B) THE DEPARTMENT SHALL ADMINISTER THE PROGRAM. 29
HOUSE BILL 1371 3
(C) THE PURPOSE OF THE PROGRAM IS TO STUDY AND PROM OTE THE 1
INVESTMENT, TRADE, AND ECONOMIC DEVELOP MENT BETWEEN THE AFRICAN 2
DIASPORA IN MARYLAND AND AFRICA AND THE CARIBBEAN REGION. 3
5–2703. 4
(A) THERE IS AN ADVISORY BOARD FOR THE PROGRAM. 5
(B) THE BOARD CONSISTS OF THE FOLLOWING MEMBERS: 6
(1) THE SECRETARY, OR THE SECRETARY’S DESIGNEE; 7
(2) THE MAYOR OF BALTIMORE, OR THE MAYOR’S DESIGNEE; AND 8
(3) THE FOLLOWING MEMBERS APPOINTED BY THE GOVERNOR: 9
(I) AT LEAST ONE REPRESENTATIVE FROM THE AFRICAN 10
DIASPORA BUSINESS COMMUNITY IN MARYLAND; 11
(II) AT LEAST ONE REPRESENTATIVE OF A COMMUNITY 12
ORGANIZATION BASED IN BALTIMORE CITY; 13
(III) AT LEAST TWO REPRESENTATIVES FROM ACADEMIC 14
INSTITUTIONS IN THE STATE, INCLUDING ONE FROM A HISTORICALLY BLACK 15
COLLEGE OR UNIVERSITY; 16
(IV) ONE REPRESENTATIVE OF ORGANIZED LABOR; AND 17
(V) AT LEAST ONE REPRESENTATIVE OF THE FINANCIAL OR 18
BUSINESS SECTOR. 19
(C) THE CHAIR AND VICE CHAIR OF THE BOARD SHALL BE ELECTED FROM 20
AMONG THE MEMBERS OF THE BOARD. 21
(D) A MEMBER OF THE BOARD: 22
(1) MAY NOT RECEIVE COMPENSATION AS A MEMBER OF THE BOARD; 23
BUT 24
(2) IS ENTITLED TO REIMB URSEMENT FOR EXPENSE S UNDER THE 25
STANDARD STATE TRAVEL REGULATIONS, AS PROVIDED IN THE STATE BUDGET. 26
(E) THE GOVERNOR MAY REMOVE AN APPOINTED MEMBER FOR CAUSE. 27
4 HOUSE BILL 1371
(F) THE BOARD SHALL STUDY AND MAKE RECOM MENDATIONS TO THE 1
DEPARTMENT REGARDING: 2
(1) ADVANCING BILATERAL TRADE AND INVESTMENT BETWEEN THE 3
AFRICAN DIASPORA IN THE STATE AND AFRICA AND THE CARIBBEAN REGION; 4
(2) INITIATING JOINT ACT ION ON POLICY ISSUES OF MUTUAL 5
INTEREST TO THE AFRICAN DIASPORA IN T HE STATE AND AFRICA AND THE 6
CARIBBEAN REGION; 7
(3) ENCOURAGING MUTUAL I NVESTMENT IN THE INF RASTRUCTURE 8
OF THE AFRICAN DIASPORA IN T HE STATE AND AFRICA AND THE CARIBBEAN 9
REGION, WITH A FOCUS ON JOB CREATION AND INV ESTMENT IN COMMUNITI ES IN 10
NORTHEAST BALTIMORE; 11
(4) ESTABLISHING REQUIREMENTS TO PART ICIPATE IN THE 12
PROGRAM; AND 13
(5) OTHER ISSUES AS DETERMINED BY THE BOARD. 14
5–2704. 15
(A) THERE IS A MARYLAND AFRICAN DIASPORA INVESTMENT AND 16
DEVELOPMENT FUND. 17
(B) THE PURPOSE OF THE FUND IS TO PROVIDE GRANTS , LOW–INTEREST 18
LOANS, AND TECHNICAL ASSISTANCE TO BUSINESSES THAT ARE OWNED DIRECTLY 19
BY OR IN PARTNERSHIP WITH THE AFRICAN DIASPORA. 20
(C) THE DEPARTMENT SHALL ADMINISTER THE FUND. 21
(D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 22
SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 23
(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 24
AND THE COMPTROLLER SHALL ACCOUNT FOR THE FUND. 25
(E) THE FUND CONSISTS OF: 26
(1) MONEY APPROPRIATED IN THE STATE BUDGET TO THE FUND; 27
(2) INTEREST EARNINGS; AND 28
HOUSE BILL 1371 5
(3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACCEPTE D FOR 1
THE BENEFIT OF THE FUND. 2
(F) THE FUND MAY BE USED ONLY FOR: 3
(1) GRANTS AND LOANS TO BUSINESSES ELIGIBLE UNDER § 5–2705 OF 4
THIS SUBTITLE; 5
(2) PROVIDING TECHNICAL ASSISTANCE AND DEVEL OPMENT 6
SERVICES TO BUSINESSES ELIGIBLE UNDER § 5–2705 OF THIS SUBTITLE; 7
(3) PROVIDING CAPITAL FOR STARTUP AND EXPANSIO N TO 8
BUSINESSES ELIGIBLE UNDER § 5–2705 OF THIS SUBTITLE; AND 9
(4) ADMINISTRATIVE EXPENSES OF THE DEPARTMENT TO CARRY OUT 10
THE PROGRAM. 11
(G) (1) THE STATE TREASURER SHALL INVEST THE MONEY OF THE FUND 12
IN THE SAME MANNER AS OTHER STATE MONEY MAY BE INVESTED. 13
(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITED TO 14
THE FUND. 15
(H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 16
WITH THE STATE BUDGET. 17
(I) FOR EACH OF FISCAL YEAR S 2028 THROUGH 2032, THE GOVERNOR 18
SHALL INCLUDE IN THE ANNUAL BUDGET BILL AN APPROPRIATION OF $10,000,000 19
TO THE FUND. 20
5–2705. 21
(A) TO CARRY OUT THE RECOMMENDATIONS OF T HE BOARD, THE 22
DEPARTMENT MAY: 23
(1) ISSUE GRANTS , LOW–INTEREST LOANS, OR CAPITAL TO 24
BUSINESSES ELIGIBLE UNDER SUBSECTION (B) OF THIS SECTION; AND 25
(2) PROVIDE FINANCING FOR TECHNICAL ASSISTANCE AND BUSINESS 26
SERVICES FOR BUSINESSES ELIGIBLE UNDER SUBSECTION (B) OF THIS SECTION. 27
6 HOUSE BILL 1371
(B) TO BE ELIGIBLE TO REC EIVE FUNDS OR SERVICES FROM THE FUND, A 1
BUSINESS MUST BE: 2
(1) OWNED BY A MEMBER OF THE AFRICAN DIASPORA; OR 3
(2) PARTNERED WITH A BUS INESS OWNED BY A MEM BER OF THE 4
AFRICAN DIASPORA; AND 5
(3) LOCATED IN NORTHEAST BALTIMORE OR ANOTHER COMMUNITY 6
DESIGNATED BY THE BOARD. 7
(C) A BUSINESS THAT RECEIVES FUNDS UNDER THE PROGRAM SHALL: 8
(1) HIRE AT LEAST 50% OF NEW HIRES FROM TH E COMMUNITY IN 9
WHICH THE BUSINESS IS LOCATED; AND 10
(2) COMPLY WITH PREVAILI NG WAGE REQUIREMENTS FOR 11
CONSTRUCTION AND APPLICABLE CONTRACTS. 12
(D) A BUSINESS THAT RECEIV ES FUNDS UNDER THE PROGRAM MAY NOT 13
USE THE FUNDS TO: 14
(1) PAY FOR PASSIVE INVESTMENT; 15
(2) REFINANCE DEBT; OR 16
(3) PAY FOR ACTIVITIES R ELATED TO LOBBYING , AS DEFINED IN 17
TITLE 5 OF THE GENERAL PROVISIONS ARTICLE. 18
(E) THE DEPARTMENT MAY REQUIR E A BUSINESS THAT RECEIV ES FUNDS 19
UNDER THE PROGRAM BUT FAILS TO MEET THE REQUIREMENTS OF THE PROGRAM 20
TO RETURN ALL OR A PORTION OF THE FUNDS. 21
5–2706. 22
(A) ON OR BEFORE DECEMBER 31, 2028, AND EACH DECEMBER 31 23
THEREAFTER, THE DEPARTMENT SHALL REPORT, IN ACCORDANCE WITH § 2–1257 24
OF THE STATE GOVERNMENT ARTICLE, TO THE GENERAL ASSEMBLY ON: 25
(1) THE PROJECTS FUNDED THROUGH THE PROGRAM; 26
(2) THE ECONOMIC IMPACT OF THE PROGRAM, INCLUDING THE 27
NUMBER OF JOBS CREATED; 28
HOUSE BILL 1371 7
(3) THE GEOGRAPHIC DISTRIBUTION OF INVESTMENTS; AND 1
(4) THE COMMUNITY ENGAGEMENT WITH THE PROGRAM. 2
(B) ON OR BEFORE DECEMBER 31, 2031, THE DEPARTMENT SHALL 3
REPORT, IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT ARTICLE, 4
TO THE GENERAL ASSEMBLY ON: 5
(1) WHETHER THE PROGRAM IS ACHIEVING THE EXPECTED 6
OUTCOMES; 7
(2) WHETHER THE PROGRAM SHOULD BE CON TINUED OR 8
TERMINATED; 9
(3) ANY CHANGES TO THE PROGRAM SUGGESTED BY THE BOARD; AND 10
(4) WHETHER THE PROGRAM SHOULD BE EXPANDED. 11
5–2707. 12
THE DEPARTMENT SHALL ADOP T REGULATIONS TO CAR RY OUT THIS 13
SUBTITLE. 14
Article – State Finance and Procurement 15
6–226. 16
(a) (2) (i) This paragraph does not apply in fiscal years 2024 through 2028. 17
(ii) Notwithstanding any other provision of law, and unl ess 18
inconsistent with a federal law, grant agreement, or other federal requirement or with the 19
terms of a gift or settlement agreement, net interest on all State money allocated by the 20
State Treasurer under this section to special funds or accounts, and ot herwise entitled to 21
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 22
Fund of the State. 23
(iii) The provisions of subparagraph (ii) of this paragraph do not 24
apply to the following funds: 25
212. the Department of Social and Economic Mobility Special 26
Fund; [and] 27
213. the Population Health Improvement Fund; AND 28
8 HOUSE BILL 1371
214. THE MARYLAND AFRICAN DIASPORA INVESTMENT 1
AND DEVELOPMENT FUND. 2
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 3
October 1, 2026. 4