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Ch. 585
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1916
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LAWS OF MARYLAND
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(2) THE LOAN AGREEMENT SHALL INCLUDE:
(I) THE RATE OF INTEREST ON THE LOAN, WHICH
SHALL BE LESS THAN THE MARKET RATE FOR A CONVENTIONAL LOAN OF
COMPARABLE RISK;
(II) A PAYMENT SCHEDULE THAT PROVIDES MONEY TO
THE APPLICANT IN THE AMOUNT AND AT THE TIMES THAT THE APPLICANT
NEEDS THE MONEY TO CARRY OUT THE PROJECT;
(III) A REQUIREMENT THAT, BEFORE EACH ADVANCE
OF MONEY IS RELEASED TO THE APPLICANT, THE APPLICANT AND THE
DEPARTMENT COSIGN THE REQUEST FOR THE MONEY; AND
(IV) PROVISIONS FOR REPAYMENT OF THE LOAN.
(3) THE LOAN AGREEMENT MAY INCLUDE ANY OTHER
PROVISIONS THAT THE DEPARTMENT DETERMINES IS NECESSARY TO SECURE
THE LOAN, INCLUDING, IF ALLOWABLE, AN ASSIGNMENT OF OR A LIEN ON
PAYMENT UNDER CONTINGENT AGREEMENTS.
13-411. 266LL-11.
IF AN APPLICANT VIOLATES ANY PROVISION OF THE LOAN GUARANTEE
AGREEMENT OR CEASES TO MEET THE REQUIREMENTS OF THIS SUBTITLE
SUBHEADING, ON REASONABLE NOTICE TO THE APPLICANT, THE DEPARTMENT
MAY:
(1) WITHHOLD FROM THE APPLICANT FURTHER LOAN PAYMENTS
GUARANTEES UNTIL THE APPLICANT COMPLIES WITH THE AGREEMENT OR
REQUIREMENTS; AND
(2) EXERCISE ANY OTHER REMEDY FOR WHICH THE LOAN
GUARANTEE AGREEMENT PROVIDES.
266LL-12.
(A) A PERSON MAY NOT KNOWINGLY MAKE OR CAUSE ANY FALSE
STATEMENT OR REPORT TO BE MADE IN ANY APPLICATION OR IN ANY
DOCUMENT FURNISHED TO THE DEPARTMENT.
(B) A PERSON MAY NOT KNOWINGLY MAKE OR CAUSE ANY FALSE
STATEMENT OR REPORT TO BE MADE FOR THE PURPOSE OF INFLUENCING THE
ACTION OF THE DEPARTMENT ON AN, APPLICATION FOR FINANCIAL
ASSISTANCE OR FOR THE PURPOSE OF INFLUENCING ANY ACTION OF THE
DEPARTMENT AFFECTING FINANCIAL ASSISTANCE WHETHER OR NOT SUCH
ASSISTANCE MAY HAVE ALREADY BEEN EXTENDED.
(C) ANY PERSON OR ANY AIDER AND ABETTOR, WHO VIOLATES ANY
PROVISION OF THIS SUBHEADING, IS GUILTY OF A MISDEMEANOR AND ON
CONVICTION IS SUBJECT TO A FINE NOT EXCEEDING $50,000 OR
IMPRISONMENT IN THE PENITENTIARY NOT EXCEEDING 5 YEARS, OR BOTH.
13-412. 266LL-13.
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