1998

LAWS OF MARYLAND

Ch. 549

CHAPTER 549

(Senate Bill 309)

AN ACT concerning

Community Development Administration

FOR the purpose of authorizing the Community Development
Administration to purchase securities backed by
mortgage loans for community development projects, and
to borrow money and issue bonds or notes for that
purpose; authorizing and providing generally for the
issuance by the Administration of such securities
guaranteed by the Government National Mortgage
Association; revising the provisions relating to
assignment and assumption of residential mortgage loans
under the Administration's mortgage purchase or loans
to mortgage lenders programs; and clarifying language.

BY repealing and reenacting, with amendments,

Article 41 - Governor - Executive and Administrative

Departments
Section 266DD-4(13) and, 266DD-6(c) and 266DD-8(h)
Annotated Code of Maryland
(1978 Replacement Volume and 1979 Supplement)

BY adding to;

Article 41 - Governor - Executive and

Administrative Departments
Section 266DD-4(14)
Annotated Code of Maryland
(1978 Replacement Volume and 1979 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 41 - Governor - Executive and Administrative
Departments

266DD-4.

The Administration shall have the following functions
and responsibilities:

(13) In accordance with the provisions of §
266DD-5, make and participate in making mortgage loans for
any community development project, secured by a mortgage
lien, including temporary loans or advances, permanent