3052

LAWS OF MARYLAND

Ch. 593

Article - Financial Institutions

Section 13-401 through 13-409, inclusive, to be under the

new subtitle "Subtitle 4. Homeowners' Emergency

Mortgage Assistance Program"
Annotated Code of Maryland
(1980 Volume and 1983 Supplement)

SECTION 1. BE IT. ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

SUBTITLE 4. HOMEOWNERS' EMERGENCY MORTGAGE ASSISTANCE PROGRAM

13-401.

(A)   IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B)   "DEPARTMENT" MEANS THE DEPARTMENT OF ECONOMIC AND
COMMUNITY DEVELOPMENT.

(C)   "LOAN" MEANS A LOAN OF MONEY MADE BY THE DEPARTMENT
UNDER THIS SUBTITLE.

(D)   "MORTGAGE" INCLUDES A FIRST MORTGAGE, SECOND MORTGAGE,
OR A DEED OF TRUST.

(E)   "PROGRAM" MEANS THE HOMEOWNERS' EMERGENCY MORTGAGE
ASSISTANCE PROGRAM.

(F)   "SECRETARY" MEANS THE SECRETARY OF ECONOMIC AND
COMMUNITY DEVELOPMENT.

13-402.

THE PURPOSE OF THIS PROGRAM IS TO ASSIST HOMEOWNERS WHO,
BECAUSE OF RECENT INVOLUNTARY UNEMPLOYMENT, ARE UNABLE TO MAKE
CURRENT MORTGAGE PAYMENTS ON THEIR HOMES.

13-403.

THERE IS A HOMEOWNERS' EMERGENCY MORTGAGE ASSISTANCE PROGRAM
IN THE DEPARTMENT.

13-404.

(A)   IN ADDITION TO THE SPECIFIC POWERS GRANTED AND DUTIES
IMPOSED BY THIS SUBTITLE, THE DEPARTMENT HAS THE POWERS AND
DUTIES SET FORTH UNDER THIS SECTION.

(B)  (1} THE PROGRAM SHALL BE ADMINISTERED BY THE
DEPARTMENT.