WILLIAM DONALD SCHAEFER, Governor Ch. 417

(B)  THE PRINCIPAL AND INTEREST OF A LOAN MADE OR GUARANTEED
UNDER THE PROGRAM SHALL:

(1)  BE REPAYABLE FROM SPECIFIED REVENUES EITHER BY
THE COUNTY, MUNICIPALITY, OR THE BUSINESS ENTITY SPONSORING THE
PROJECT;

(2)  BEAR INTEREST AT A RATE DETERMINED TO BE
NECESSARY AND REASONABLE FOR THE PROJECT AND, IN EXCEPTIONAL
CIRCUMSTANCES, MAY BE AS LOW AS ZERO PERCENT AT THE DISCRETION OF
THE SECRETARY; AND

(3)  BE REPAYABLE IN ACCORDANCE WITH A SCHEDULE
DETERMINED BY THE DEPARTMENT AND MAY BE ON A DEFERRED PAYMENT
SCHEDULE AT THE DISCRETION OF THE SECRETARY.

(C)  IN THE EVENT OF DEFAULT, THE DEPARTMENT MAY MODIFY THE
RATE OF INTEREST, THE TIME OR AMOUNT OF PAYMENT, OR ANY OTHER
TERM OF THE FINANCIAL ASSISTANCE IN ORDER TO ENSURE REPAYMENT AND
ACHIEVE THE PURPOSES OF THE PROGRAM.

4-509.

(A)  THE DEPARTMENT MAY:

(1)  ENTER INTO CONTRACTS WITH THIRD PARTIES WHO WOULD
MAKE, SERVICE, OR SETTLE LOANS MADE UNDER THIS TITLE; SUBTITLE;
AND

(2)  ACQUIRE ANY PROPERTY SECURING ANY FORM OF
FINANCIAL ASSISTANCE PROVIDED UNDER THIS SUBTITLE BY GIFT,
PURCHASE, FORECLOSURE, OR OTHERWISE AND SELL OR OTHERWISE DISPOSE
OF SUCH PROPERTY OR INTEREST THEREIN. APPROVAL OR EXECUTION BY
THE BOARD OF PUBLIC WORKS OR THE DEPARTMENT OF GENERAL SERVICES
IS NOT REQUIRED FOR THE SALE OR PURCHASE OF PROPERTY WHICH IS
ACQUIRED OR DISPOSED OF BY THE DEPARTMENT PURSUANT TO THIS
SECTION, NOR TO ASSIGN A MORTGAGE FOR VALUE, RELEASE A MORTGAGE
WHEN PAID, OR FORECLOSE A MORTGAGE, OR ACQUIRE A PROPERTY BY
ACCEPTING A DEED IN LIEU OF FORECLOSURE OR BIDDING AT FORECLOSURE
AND SUBSEQUENTLY SELLING OR TRANSFERRING SUCH A PROPERTY.

(B)  THE SECRETARY MAY:

(1)  SHALL ADOPT REGULATIONS GOVERNING ALL ASPECTS OF
THE PROGRAM, AND MAY FACILITATE THE APPLICATION PROCESS BY USING
UNDERWRITING GUIDELINES OR OTHER DIRECTIVES OR FORMS IN
NONREGULATORY FORM; AND

(2)  MAY CREATE AN ADVISORY COMMITTEE, INCLUDING A
REPRESENTATIVE OF THE DEPARTMENT OF ECONOMIC AND EMPLOYMENT
DEVELOPMENT, FOR THE PURPOSE OF REVIEWING APPLICATIONS AND
RECOMMENDING ACTION THEREON.

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