3404

LAWS OF MARYLAND

Ch. 732

(A)  THE PROGRAM SHALL OPERATE A CONTINUING NONLAPSING
SPECIAL FUND THAT CONSISTS OF:

(1)  INTEREST MONEY EARNED ON TRUST ACCOUNTS HELD BY
REAL ESTATE LICENSEES UNDER ARTICLE 56, § 227A OR § 227A-1 OF THE
CODE;

(2)  INTEREST MONEY EARNED ON ESCROW ACCOUNTS HELD BY
VENDORS OR BUILDERS OF NEW HOUSING UNDER § 10-301 OF THE REAL
PROPERTY ARTICLE; AND

(3)  GRANTS, DONATIONS, AND FEDERAL FUNDS; AND FUNDS.
(4) MONEY APPROPRIATED BY THE STATE TO THE PROGRAM.

(B) (1) INTEREST MONEY PAID INTO THE FUND FROM TRUST OR
ESCROW ACCOUNTS BY REAL ESTATE LICENSEES OR NEW HOUSING VENDORS
OR BUILDERS SHALL BE PAID VOLUNTARILY AND WITH THE EXPRESS
WRITTEN CONSENT OF THE REALTOR OR HOME BUILDER LICENSEE, BUILDER,
OR VENDOR WHO ESTABLISHES THE ESCROW ACCOUNT.

(2) BEFORE INTEREST MONEY IS PAID INTO THE FUND FROM
A TRUST OR ESCROW ACCOUNT, THE REALTOR OR HOME BUILDER WHO
ESTABLISHES THE ESCROW ACCOUNT SHALL COMPLETE A SEPARATE WRITTEN
CONSENT FORM DIRECTING THAT THE INTEREST ON THE ACCOUNT BE
CREDITED TO THE FUND.

(C) THE STATE TREASURER SHALL HOLD AND THE STATE

COMPTROLLER SHALL ACCOUNT FOR THE FUND. THE FUND SHALL BE

INVESTED AND REINVESTED. ANY INVESTMENT EARNINGS OF THE FUND

SHALL BE PAID BACK INTO THE FUND. ANY REPAYMENT OF LOANS FROM
THE FUND SHALL BE PAID INTO THE FUND.

13-605.

(A) (1) THERE IS IN THE STATE A NONSTOCK CORPORATION KNOWN
AS "THE MARYLAND RENTAL HOUSING RESOURCE CORPORATION" THAT
MANAGES AND SUPERVISES THE MARYLAND RENTAL HOUSING RESOURCE
PROGRAM AND THE MARYLAND RENTAL HOUSING RESOURCE FUND.

(2)  THE CORPORATION SHALL MAINTAIN ITS PRINCIPAL
OFFICE IN THE STATE AND SHALL MAINTAIN A DESIGNATED AGENT TO
ACCEPT SERVICE OF PROCESS FOR THE CORPORATION. THE AGENT'S NAME
AND ADDRESS SHALL BE FILED WITH THE STATE DEPARTMENT OF
ASSESSMENTS AND TAXATION.

(3)  THE CORPORATION IS EXEMPT FROM ALL SPECIAL AND
ORDINARY TAXES AND FROM STAMP AND TRANSFER TAXES IMPOSED BY THE
STATE OR ANY POLITICAL SUBDIVISION.

(4)  EXCEPT AS OTHERWISE PROVIDED IN THIS SUBTITLE,
THE CORPORATION IS NOT A DEPARTMENT, AGENCY OR INSTRUMENTALITY OF
THE STATE.

(B)  (1) THE CORPORATION HAS A BOARD OF DIRECTORS. THE
BOARD CONSISTS OF 11 VOTING MEMBERS.