2646

LAWS OF MARYLAND

[Ch. 552

FEDERAL HOME LOAN BANK OR A SUBSIDIARY OF IT, OR UNDER
ANY OTHER PROGRAM OF MORTGAGE INSURANCE ACCEPTABLE TO THE
AUTHORITY.

(E) [["LOAN TO LENDER PROGRAM" MEANS THE PROGRAM
AUTHORIZED UNDER § 464 OF THIS ARTICLE.]]

[[(F)]] "MORTGAGE LENDER" MEANS A BANK, TRUST
COMPANY, BUILDING AND LOAN ASSOCIATION, OR SAVINGS AND
LOAN ASSOCIATION, WHICH (1) IS CHARTERED BY THE STATE OF
MARYLAND OR BY THE UNITED STATES OF AMERICA, [[(2) HAS
ITS PRINCIPAL OFFICE LOCATED IN MARYLAND, AND (3)]] AND
(2) AS PART OF ITS REGULAR BUSINESS ORIGINATES HOME
MORTGAGE LOANS IN THE STATE OF MARYLAND.

[[(G)]] (F) "MORTGAGE PURCHASE PROGRAM" MEANS THE
PROGRAM AUTHORIZES UNDER § 465 OF THIS ARTICLE.

[[(H)]] (G) "NEW HOME MORTGAGE LOAN" MEANS A HOME
MORTGAGE LOAN NOT LIMITED TO NEW CONSTRUCTION COMMITTED
AND MADE AFTER ([JANUARY]] APRIL 1, 1975.

[[(I)]] (H) "SINGLE FAMILY RESIDENCE" MEANS LAND,
OR A GROUND RENT LEASEHOLD INTEREST IN IT, IMPROVED BY A
DWELLING DESIGNED AND USED, OR TO BE USED, AS THE
PRINCIPAL RESIDENCE BY NOT MORE THAN TWO FAMILIES.

459. MARYLAND HOME FINANCE AUTHORITY; CREATION.

(A)   THE MARYLAND HOME FINANCE AUTHORITY IS CREATED
AS A BODY POLITIC AND CORPORATE AND AN INSTRUMENTALITY
AND AGENCY OF THE STATE, AND IS A UNIT WITHIN THE
DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT. THE
AUTHORITY CONSISTS OF AND IS GOVERNED BY THE STATE
COMPTROLLER, THE STATE TREASURER, [[AND]] THE SECRETARY
OF ECONOMIC AND COMMUNITY DEVELOPMENT AND TWO MEMBERS
REPRESENTATIVE OF THE PUBLIC AT LARGE. THE TWO PUBLIC
REPRESENTATIVES SHALL BE APPOINTED BY THE GOVERNOR WITH
THE ADVICE AND CONSENT OF THE SENATE AND SHALL RECEIVE
SUCH PER DIEM ALLOWANCE AND OTHER EXPENSES AS PROVIDED IN
THE BUDGET.

(B)   [[TWO]] THREE MEMBERS CONSTITUTE A QUORUM FOR
THE TRANSACTION OF BUSINESS. HOWEVER, THE AFFIRMATIVE
VOTE OF AT LEAST [[TWO]] THREE MEMBERS IS NECESSARY FOR
ANY ACTION TAKEN BY THE AUTHORITY.

(C)    THE STAFF OF THE AUTHORITY CONSISTS OF THOSE
EMPLOYEES PROVIDED IN THE STATE BUDGET. THE AUTHORITY
MAY EMPLOY A DIRECTOR, AT THE SALARY PROVIDED IN THE
STATE BUDGET, AND ASSIGN TO HIM THOSE DUTIES IT DEEMS
DESIRABLE. THE AUTHORITY SHALL, TO THE EXTENT FEASIBLE,
UTILIZE THE SERVICES AND PERSONNEL OF THE DEPARTMENT OF
ECONOMIC AND COMMUNITY DEVELOPMENT.