Ch. 220                                           LAWS OF MARYLAND

HOMEOWNERS' EMERGENCY MORTGAGE ASSISTANCE PROGRAM, THE REVERSE
EQUITY PROGRAM, OR THE MARYLAND HOME FINANCING PROGRAM PRIOR TO
JULY 1, 1989, OR UNDER THE SETTLEMENT EXPENSE LOAN PROGRAM PRIOR
TO OR AFTER JULY 1, 1989;

(4)  ALL MONEYS CREDITED TO THE REVERSE EQUITY PROGRAM
OR THE HOMEOWNERS' EMERGENCY MORTGAGE ASSISTANCE PROGRAM WHICH
MONEYS SHALL BE TRANSFERRED TO THE HOMEOWNERSHIP PROGRAMS FUND AS
OF JULY 1, 1989; AND

(5)  ANY MONEYS TRANSFERRED TO THE FUND IN ACCORDANCE
WITH §§ 2-313(H) 2-313(J), 2-505(D), 2-708(D), AND 2-805(D) OF
THIS TITLE.

(B)  (1) THE STATE TREASURER SHALL HOLD AND THE STATE
COMPTROLLER SHALL ACCOUNT FOR THE HOMEOWNERSHIP PROGRAMS FUND.

(2) THE FUND SHALL BE INVESTED AND REINVESTED IN THE
SAME MANNER AS OTHER STATE FUNDS. ANY INVESTMENT EARNINGS OF THE
FUND SHALL BE PAID INTO THE FUND.

(C)  THE DEPARTMENT SHALL USE THE HOMEOWNERSHIP PROGRAMS
FUND TO MAKE LOANS AND TO PAY EXPENSES OF THE PROGRAM INCLUDING
RESERVES FOR ANTICIPATED FUTURE LOSSES DIRECTLY RELATED TO THE
PROGRAM AS PROVIDED IN THE ANNUAL BUDGET OF THE STATE OR OTHER
ACT APPROPRIATING MONEYS.

(D)  AT ANY TIME FOLLOWING THE FIRST 8 MONTHS OF ANY FISCAL
YEAR, THE DEPARTMENT MAY TRANSFER, SUBJECT TO THE PROVISIONS OF §
7-209 OF THE STATE FINANCE AND PROCUREMENT ARTICLE, UNENCUMBERED
MONEYS IN THE HOMEOWNERSHIP PROGRAMS FUND TO ANY OTHER FUND
ESTABLISHED UNDER THIS TITLE, EXCEPT AS MAY BE OTHERWISE PROVIDED
IN THE STATE BUDGET.

(E)  MONEY THAT IS RECEIVED AS REPAYMENTS OF PRINCIPAL OR
INTEREST ON THE LOANS MADE UNDER THE PROGRAM AND THAT IS NOT
APPROPRIATED IN THE STATE BUDGET MAY BE CREDITED TO THE ANNUITY
BOND FUND, TO BE USED TO PAY THE PRINCIPAL OF OR INTEREST ON
MONEYS BORROWED BY THE STATE AND APPROPRIATED TO THE PROGRAM.

[2-617.] 2-614.

(a)  A person may not knowingly make or cause to be made any
material misstatement of fact, including understatement or
overstatement of financial condition, in a statement or report in
or regarding an application for a loan or affecting a loan
already made.

(b)  Any person who violates any provision of this section
is guilty of a misdemeanor and on conviction is subject to a fine
not exceeding $5,000 or imprisonment not exceeding 2 years or
both.

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