1644

LAWS OF MARYLAND

Ch. 313

BALANCE OF ALL LOANS, INCLUDING INTEREST, WHICHEVER AMOUNT
IS LESS, EXCEPT:

1.  IF THE BORROWER AND THE LENDER
AGREE, THE AMOUNT PAID MAY BE LESS; OR

2.  IF BOTH THE BORROWER AND THE
BORROWER'S SPOUSE HAVE LOANS, THEIR COMBINED ANNUAL PAYMENT
MUST MEET THIS REQUIREMENT.

(II) THE PROVISIONS         IN SUBSECTION

(B)(5) (I) OF THIS SECTION MAY NOT RESULT   IN AN EXTENSION OF

THE 10 AND 15 YEAR REPAYMENT PERIOD    MAXIMUMS, UNLESS
FORBEARANCE HAS BEEN APPROVED.

[(c) The board may determine by rule or regulation
whether to extend the 10 or 15 year period for repayment for
a borrower who received a 3-year extension because of
service in:

(1)  The armed forces;

(2)  The Peace Corps; or

(3)  VISTA.]

[(d)] (C) [(1)] The corporation may make or guarantee
a loan under terms and conditions of repayment ' that are
more lenient or more restrictive than those provided in this
section if the board determines that this is justified by
special circumstances and is consistent with the general
objectives of the corporation.

[(2) If the borrower is a medical student, the
board shall consider any period of formal internship,
residency training, or fellowship, and the financial need of
the borrower in determining the period of repayment.]

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 12, 1981.

CHAPTER 314

(Senate Bill 763)

AN ACT concerning

Automotive Dismantlers and Recyclers
Automotive Dismantler and Recycler Facilities