712                                              LAWS OF MARYLAND                                       Ch. 33

sentence of Art. 41, § 266FF-2(d)(3).

The phrase, "another lender" is substituted for
"private persons and financial institutions" to
make clear that the assignee or refinancer can be
any person other than the Department.

(C)   ASSUMPTION OF MORTGAGES.

THE DEPARTMENT MAY PERMIT ASSUMPTION OF A MORTGAGE IF
THE TRANSFEREE WOULD QUALIFY AS AN ORIGINAL BORROWER UNDER
THIS SUBTITLE.

REVISOR'S NOTE: This subsection presently appears as
the eight clause of the first sentence of Art.
41, 41, § 266-FF-2(d)(1).

The only changes are in style.

(D)   ACTION BY BOARD OF PUBLIC WORKS NOT REQUIRED.

APPROVAL OR EXECUTION BY THE BOARD OF PUBLIC WORKS IS
NOT REQUIRED TO:

(1)   ASSIGN A MORTGAGE FOR VALUE;

(2)   RELEASE A MORTGAGE WHEN PAID; OR

(3)   FORECLOSE A MORTGAGE.

REVISOR'S NOTE: This subsection presently appears as
the last sentence of Art. 41, § 266FF-2(d)(1).

The only changes are in style.

13-311. QUALIFICATIONS OF APPLICANTS.

(A)   IN GENERAL.

IF AN INDIVIDUAL APPLYING FOR A LOAN IS MARRIED AND
LIVES WITH THE SPOUSE, BOTH SPOUSES SHALL APPLY.

(B)       QUALIFICATIONS.

EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION,
TO QUALIFY FOR A LOAN, AN APPLICANT:

(1)   SHALL HAVE BEEN DOMICILED IN THIS STATE FOR
AT LEAST 1 YEAR BEFORE FILING THE APPLICATION;

(2)   SHALL INTEND TO LIVE IN THE HOME TO BE
FINANCED;

(3)   MAY NOT OWN ANY OTHER PROPERTY USED OR
USABLE AS A RESIDENCE AS OF THE TIME OF CLOSING;

(4)   MAY NOT BE FINANCIALLY ABLE TO OBTAIN A