(a) There is a Local Land Trust Revolving Loan Program. (b) The purpose of the Program is to: (1) Support the efforts of local land trusts that work with State and local governmental entities; and (2) Provide revolving loans to land trusts on a rolling basis to assist the land trusts to purchase fee simple or easement interests in real property for conservation purposes. (c) (1) The Trust shall: (i) Administer the Program; and (ii) Establish application procedures and eligibility criteria for Program loans. (2) If the Trust approves an applicant's request for a Program loan, the Trust shall: (i) Prepare the loan documents; and (ii) Establish the terms and conditions for the loan. (d) A land trust that receives a Program loan to purchase property in accordance with subsection (b) of this section shall repay the Fund: (1) At a rate to be determined by the Trust, not to exceed one point below the prime interest rate; and (2) After the property is: (i) Placed under a conservation easement; or (ii) Transferred to a State or local governmental entity. (e) Nothing in this section obligates a State or local government entity to accept or purchase from a land trust a conservation easement or transferred property purchased with a Program loan. (f) Notwithstanding subsection (d)(2) of this section, a land trust shall repay a Program loan and any accrued interest within 5 years after receiving the Program loan, unless the Board of Trustees approves an extension of time based on extenuating circumstances. (g) If a land trust violates any provision of the loan documents or ceases to meet the requirements of this subtitle, on reasonable notice to the land trust, the Trust may exercise any remedy available under law, including any remedies provided for in the loan documents. (h) (1) A person may not knowingly make or cause to be made any false statement or report, including any understatement or overstatement of financial condition for a new loan or affecting a loan already made under this subtitle: (i) In any application or in any document furnished to the Trust; or (ii) For the purpose of influencing the action of the Trust on an application for financial assistance or for the purpose of influencing any action of the Trust affecting financial assistance whether or not such assistance may have already been extended. (2) Any person, aider, or abettor who violates any provision of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $50,000 or imprisonment not exceeding 5 years or both.
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