MARVIN MANDEL, Governor

2313

Section 266FF-1 through 266FF-4 including the

subtitle "Division of Home Financing"
Annotated Code of Maryland
(1971 Replacement Volume and 1974 Supplement)

BY adding to

Article 41 — Governor — Executive and

Administrative Departments
Section 266FF—1 through 266FF—4 to be under the new

subtitle "Home Financing Program"
Annotated Code of Maryland
(1971 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 266FF-1 through 266FF-4 including
the subtitle "Division of Home Financing" of Article 41 —
Governor—Executive and Administrative Departments, of the
Annotated Code of Maryland (1971 Replacement Volume and
1974 Supplement) be and they are hereby repealed:

Article 41 — Governor—Executive and
Administrative Departments

[Division of Home Financing]

[266FF-1.

(a)   There is hereby created as a part of the
Department of Economic and Community Development the
Division of Home Financing, hereinafter referred to in
this subheading as the "Division."

(b)  The Secretary, with the consent of the Governor
shall appoint an executive director, who shall serve at
the pleasure of the Secretary, be responsible to him, and
receive such salary as may be fixed in the annual State
budget from time to time; he shall be the chief
administrative officer of the Division and the Secretary
may delegate to him any of his administrative powers and
authorizations; he shall be a person of good character,
integrity, and business experience in the field of real
estate or mortgage banking.]

[266FF-2.

(a) The Division shall have the power and authority
to make loans to disadvantaged and low income citizens of
Maryland to be used to finance homes at a preferred rate
of interest. The interest charged on any loan shall be
at the rate of interest which the State is required to