2000                                 LAWS OF MARYLAND                               Ch. 549

MAY BE AS THE ADMINISTRATION DETERMINES NECESSARY OR
DESIRABLE FOR GUARANTY BY THE GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION, NOTWITHSTANDING INCONSISTENT PROVISIONS OF THIS
SUBHEADING RELATING TO BONDS OR NOTES ISSUED BY THE
ADMINISTRATION. EXCEPT AS SO DETERMINED, THE PROVISIONS OF
THIS SUBHEADING RELATING TO BONDS OR NOTES ISSUED BY THE
ADMINISTRATION APPLY TO THESE SECURITIES.

266DD-6.

(c) The Administration may borrow money and issue
bonds or notes to provide funds for making or participating
in making mortgage loans for any community development
project, PURCHASING SECURITIES BACKED BY A MORTGAGE LOAN OR
LOANS FOR A COMMUNITY DEVELOPMENT PROJECT, meeting any
development cost, purchasing a residential mortgage loan, or
interest in the loan, making a loan to a mortgage lender,
making a residential mortgage loan to a family of limited
income, or achieving any other of its purposes. Every
issuance of bonds or notes shall be pursuant to a
determination that the issuance is necessary to achieve one
or more purposes of the Administration. The determination
shall be made by the Director of the Administration or by
any person designated by the Secretary of Economic and
Community Development, and approved by the Secretary of
Economic and Community Development. The determination is
effective upon that approval, without any other proceeding,
action, or approval, and is conclusive of the matters
determined therein.

266DD-8.

(h) [Any] NO new [or existing] residential mortgage
LOAN which is purchased by the Administration or in which
the Administration purchases an interest, NO RESIDENTIAL
MORTGAGE LOAN MADE WITH THE PROCEEDS OF PURCHASE OF
RESIDENTIAL MORTGAGES, and [any] NO RESIDENTIAL mortgage
LOAN made with the proceeds of a loan [made] by the
Administration to a mortgage lender may [not] be assigned to
or assumed by any person not qualified under the appropriate
Administration program, EXCEPT AS REQUIRED TO QUALIFY FOR
INSURANCE OR GUARANTY BY AN AGENCY OR INSTRUMENTALITY OF THE
FEDERAL GOVERNMENT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 20, 1980.

CHAPTER 550
(Senate Bill 310)