814

LAWS OF MARYLAND

Ch. 78

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be repealed, amended, or enacted to read as follows: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

257L.

(c) (6) Loans shall be made from the fund to families
of limited income owning and occupying the building to be
rehabilitated, or to sponsors. Loans may be either insured
or uninsured as the Department requires, and shall be at a
rate of interest at least equal to the rate of interest paid
by the State on the bonds issued to establish the fund plus
an amount calculated to cover administrative costs incurred
by the Department for the program, and losses resulting from
defaults on loans. Loans may not exceed an amount the
Secretary shall establish by regulation and they may not be
made where comparable private financing is available to the
prospective borrowers. Loans over [$3,500] $5,000 shall be
secured by a recorded mortgage OR DEED OF TRUST on the
property.

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

Approved April 8, 1980.

CHAPTER 79

(House Bill 481)

AN ACT concerning

Abandoned Property

FOR the purpose of specifying that, under certain
conditions, interests in a business association and
certain property held or owing by certain business
associations are presumed abandoned.

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 17-108

Annotated Code of Maryland

(1975 Volume and 1979 Supplement)