HARRY HUGHES, Governor

711

(H) APPLICATION FEES.

THE DEPARTMENT MAY SET A NONREFUNDABLE APPLICATION FEE
AND NEED NOT RETURN ANY AMOUNTS NOT SPENT TO PROCESS THE
APPLICATION.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the third
sentence of Art. 41, § 266FF-2(a).

13-307. PREFERRED INTEREST RATE.

THE DEPARTMENT PERIODICALLY SHALL SET A PREFERRED

INTEREST RATE IN AN AMOUNT THAT WILL MAKE THE PROGRAM

SELF-SUPPORTING.        IN SETTING THE   PREFERRED INTEREST RATE,

THE DEPARTMENT SHALL CONSIDER:

(1)       INTEREST THAT THIS STATE PAYS ON BONDS THAT
ARE USED TO FUND THE PROGRAM;

(2)       ADMINISTRATIVE EXPENSES OF THE PROGRAM;

(3)       POSSIBLE LOSSES; AND

(4)       ALL OF THE OTHER EXPENSES OF THE PROGRAM.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the first two
sentences of Art. 41, § 266FF-2(a).

13-308. RESERVED.

13-309. RESERVED.

PART III. LOANS.

13-310. GENERAL POWER AS TO LOANS.

(A)   POWER TO MAKE LOANS.

SUBJECT TO THE RESTRICTIONS OF THIS SUBTITLE, THE
DEPARTMENT, ON APPLICATION OF A PROPOSED MORTGAGOR, MAY MAKE
A LOAN AT THE PREFERRED INTEREST RATE TO THE APPLICANT.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the first clause
of the first sentence of Art. 41, § 266FF-2(a)
and the first clause of (d)(1).

(B)   ASSIGNMENT AND REFINANCING.

TO ASSURE THAT THE PROGRAM DOES NOT INFRINGE ON THE
PRIVATE MORTGAGE MARKET, THE DEPARTMENT MAY ASSIGN A
MORTGAGE TO OR HAVE A MORTGAGE REFINANCED BY ANOTHER LENDER.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the first