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Session Laws, 1981
Volume 741, Page 3561   View pdf image
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HARRY HUGHES, Governor

3561

(A)  IN ADDITION TO THE DUTIES SET FORTH ELSEWHERE IN
THIS SUBHEADING, THE SECRETARY SHALL:

(1)  MANAGE AND SUPERVISE THE PROGRAM FOR THE
PURPOSE OF MAKING LOANS AT A PREFERRED RATE OF INTEREST TO
QUALIFIED RESIDENTIAL PROPERTY OWNERS FOR THE PURCHASE OR
INSTALLATION OF ENERGY SAVING DEVICES;

(2)  USE ANY FEDERAL PROGRAM THAT COMPLEMENTS OR
FACILITATES THE MAKING OF LOANS;

(3)  ALLOCATE FUNDS WITHIN THE STATE TO INSURE
THAT ALL AREAS ARE SERVED APPROPRIATELY; AND

(4)  IN ESTABLISHING AN INTEREST RATE FROM TIME
TO TIME FOR THE PROGRAM, TAKE INTO ACCOUNT ALL THE EXPENSES
OF THE PROGRAM, INCLUDING INTEREST PAID BY THE STATE ON
BONDS USED TO FUND THE PROGRAM, ADMINISTRATIVE EXPENSES OF
THE PROGRAM, AND POSSIBLE LOSSES.

(B)  IN ADDITION TO THE POWERS SET FORTH ELSEWHERE IN
THIS SUBHEADING, THE SECRETARY MAY:

(1)  MAKE DIRECT LOANS TO QUALIFYING RESIDENTIAL
PROPERTY OWNERS AT AN INTEREST RATE THAT WILL MAKE THE
PROGRAM SELF-SUPPORTING;

(2)  COLLECT A UNIFORM APPLICATION FEE AND RETAIN
FROM IT ANY AMOUNTS NOT EXPENDED FOR CREDIT REPORTS,
APPRAISALS, AND OTHER EXPENSES OF PROCESSING LOAN
APPLICATIONS;

(3)  SET THE PRINCIPAL AMOUNTS AND MATURITIES OF
THE LOANS, ENFORCE THEM ACCORDING TO THEIR TERMS, AND
EXECUTE ALL NECESSARY AND CONVENIENT DOCUMENTS;

(4)  FORECLOSE MORTGAGES, TAKE TITLE TO
FORECLOSED PROPERTIES, CONVEY TITLE TO PURCHASERS, OBTAIN
AND ENFORCE DEFICIENCY JUDGMENTS, PERMIT ASSUMPTION OF
MORTGAGES IF THE TRANSFEREE WOULD QUALIFY AS AN ORIGINAL
BORROWER, AND CONTRACT WITH PRIVATE MORTGAGE SERVICERS TO
PERFORM FUNCTIONS ORDINARILY PERFORMED BY THEM, INCLUDING
FORECLOSURES AND THE EMPLOYMENT OF COUNSEL BY THE SERVICERS;

(5)  CAUSE MORTGAGES TO BE INSURED BY FEDERAL,
STATE, OR PRIVATE INSTRUMENTALITIES AT THE EXPENSE OF THE
MORTGAGORS, IF SUCH INSURANCE IS AVAILABLE AND WOULD FURTHER
THE OBJECTIVES OF THE PROGRAM;

(6)  REQUIRE AND OBTAIN APPRAISALS, CREDIT
INFORMATION, AND OTHER INFORMATION NECESSARY OR DESIRABLE TO
MAKE SOUND LOANS AND TO ADOPT REASONABLE MINIMUM
REQUIREMENTS OF CREDIT WORTHINESS AND SECURITY;

 

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Session Laws, 1981
Volume 741, Page 3561   View pdf image
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