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LAWS OF MARYLAND

Ch. 33

(I)   5 YEARS HAVE PASSED FROM THE DATE OF
THE LOAN; OR

(II)   THE FINANCIAL CIRCUMSTANCES OF THE
BORROWER HAVE CHANGED AND THE BORROWER NO LONGER WOULD
QUALIFY AS AN ORIGINAL BORROWER UNDER THE PROGRAM.

(3) IF A BORROWER VIOLATES § 13-317 OF THIS
SUBTITLE, THE DEPARTMENT IMMEDIATELY MAY ACCELERATE THE
MATURITY.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the second and
third sentences of Art. 41, § 266FF-2(d)(3) and
the second sentence of § 266FF—3.

In paragraph (3) of this subsection, the present
phrase that excludes the status of the criminal
prosecution as a factor in permitting
acceleration is deleted as unnecessary.

The present term "preferred" modifying "interest
rate" is deleted as misleading. The Department
may set a new preferred interest rate
periodically, while this subsection refers to
modification of an interest rate set in an
existing mortgage.

(C) ADDITIONAL INFORMATION.

TO DETERMINE WHETHER TO INCREASE THE INTEREST RATE OR
ACCELERATE MATURITY, THE DEPARTMENT, ON A CONTINUING BASIS,
MAY REQUIRE ANY INFORMATION FROM OR RELATING TO THE
BORROWER, INCLUDING CERTIFIED COPIES OF STATE INCOME TAX
RETURNS.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the last sentence
of Art. 41, § 266FF-2(d)(3).

The terms "certified" and "State" are added to
the reference to copies of income tax returns to
conform to the provisions of § 13—312(a) of this
subtitle.

13-316. ENFORCEMENT.

A MORTGAGE SHALL INCLUDE THE RIGHT OF THE DEPARTMENT

TO:

ON; OR

(1) FORECLOSE THE MORTGAGE AND AT FORECLOSURE:

(I) TAKE TITLE TO THE PROPERTY FORECLOSED

(II) CONVEY TITLE TO A BUYER; AND