1518

LAWS OF MARYLAND

Ch. 488

Article - Financial Institutions

Section 13-308

Annotated Code of Maryland

(As enacted by (H.B. 1) Chapter ____ of the Acts

of the General Assembly of 1980)

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 13-301, 13-306(d), 13-307, and 13-311(b)(5)

Annotated Code of Maryland

(As enacted by (H.B. 1) Chapter ____ of the Acts

of the General Assembly of 1980)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland

(as enacted by (H.B. 1) Chapter ____ of the Acts of the

General Assembly of 1980) be repealed, amended, or enacted
to read as follows:

Article - Financial Institutions

13-301.

(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:

(1)  UNUSUAL OR TEMPORARY INCOME ITEMS;

(2)  LONG-TERM UNUSUAL EXPENSES SUCH AS MEDICAL,
REHABILITATION, OR SPECIAL EDUCATION EXPENSES;

(3)  ALLOWANCES FOR DEPENDENTS AND FAMILY SIZE.

[(b)](C) "Department" means the Department of Economic
and Community Development.

[(c)](D) "Loan" means a loan of money made by the
Department under this subtitle, OR BY THE MARYLAND HOME
FINANCING PROGRAM BEFORE ENACTMENT OF THIS SUBTITLE.

(E) "MEDIAN ANNUAL FAMILY INCOME" MEANS A FIGURE
REPORTED AS MEDIAN ANNUAL FAMILY INCOME, BY COUNTY OR
REGION, BY THE CENSUS BUREAU OF THE UNITED STATES DEPARTMENT
OF COMMERCE AND UPDATED AT LEAST ONCE EVERY 2 YEARS BASED ON
CURRENT DATA PUBLISHED BY FEDERAL OR STATE AGENCIES.

[(d)](F) "Preferred interest rate" means the interest
rate that the Department sets periodically under § 13-307 of
this subtitle.