LAWS OF MARYLAND

(4) ALL MONEYS CREDITED TO THE REVERSE EQUITY PROGRAM
OR THE HOMEOWNERS' EMERGENCY ASSISTANCE PROGRAM WHICH MONEYS
SHALL BE TRANSFERRED TO THE HOMEOWNERSHIP PROGRAMS FUND AS OF
JULY 1, 1989; AND

(5) ANY MONEYS TRANSFERRED TO THE FUND IN ACCORDANCE
WITH §§ 2-313(K), 2-505(D), 2-708(D), AND 2-805(D) OF THIS TITLE.

(B)(1) THE STATE TREASURER SHALL HOLD AND THE STATE
COMPTROLLER SHALL ACCOUNT FOR THE HOMEOWNERSHIP PROGRAMS FUND.

(2) THE FUND SHALL BE INVESTED AND REINVESTED IN THE
SAME MANNER AS OTHER STATE FUNDS. ANY INVESTMENT EARNINGS OF THE
FUND SHALL BE PAID INTO THE FUND.

(C) THE DEPARTMENT SHALL USE THE HOMEOWNERSHIP PROGRAMS
FUND TO MAKE LOANS AND TO PAY EXPENSES OF THE PROGRAM INCLUDING
RESERVES FOR ANTICIPATED FUTURE LOSSES DIRECTLY RELATED TO THE
PROGRAM AS PROVIDED IN THE ANNUAL BUDGET OF THE STATE OR OTHER
ACT APPROPRIATING MONEYS.

(D) AT ANY TIME FOLLOWING THE FIRST 8 MONTHS OF ANY FISCAL
YEAR, THE DEPARTMENT MAY TRANSFER, SUBJECT TO THE PROVISIONS OF §
7-209 OF THE STATE FINANCE AND PROCUREMENT ARTICLE, UNENCUMBERED
MONEYS IN THE HOMEOWNERSHIP PROGRAMS FUND TO ANY OTHER FUND
ESTABLISHED UNDER THIS TITLE.

2-609.

(A) A PERSON MAY NOT KNOWINGLY MAKE OR CAUSE TO BE MADE ANY

MATERIAL MISSTATEMENT OF FACT, INCLUDING UNDERSTATEMENT OR

OVERSTATEMENT OF FINANCIAL CONDITION, IN A STATEMENT OR REPORT IN
OR REGARDING AN APPLICATION FOR A LOAN OR AFFECTING A LOAN
ALREADY MADE.

(B) ANY PERSON WHO VIOLATES ANY PROVISION OF THIS SECTION
IS GUILTY OF A MISDEMEANOR AND ON CONVICTION IS SUBJECT TO A FINE
NOT EXCEEDING $5,000 OR IMPRISONMENT NOT EXCEEDING 2 YEARS OR
BOTH.

Subtitle 6. MARYLAND Home Financing Program

[Part I. Definitions; General Provisions]

2-601.

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

(b)   "Adjusted annual income" means gross income from all
sources, including wages, investment income, social security,
retirement, disability, and unemployment insurance with the
following adjustments determined by the Department:

- 2126 -

Ch. 220