§14–203.

    (a)    By regulation, the Secretary of General Services, the Secretary of Transportation, the Chancellor of the University System of Maryland, and the President of Morgan State University each shall specify the criteria that a business must meet to qualify as a small business.

    (b)    (1)    The criteria for qualification as a small business may vary among industries to reflect their particular characteristics.

        (2)    Regulations adopted under this section shall include, for each class of business, the maximum number of employees a business may have to qualify as a small business.

    (c)    The regulations adopted under subsection (a) of this section shall require the qualification of a business as a small business for the exclusive purpose of pursuing out–of–state contracts, if the business has:

        (1)    250 or fewer employees; or

        (2)    average annual gross receipts of $10,000,000 or less averaged over its most recently completed 3 fiscal years.