PARRIS N. GLENDENING, Governor

S.B. 810

(2)     Premiums and fees received from loans guaranteed by the Fund;

(3)     Proceeds from the sale, lease, rental, or other disposal of property,
goods, or other collateral held or acquired by the Fund to secure the repayment of a loan
insured under this section; and

(4)     Income from investments that the State Treasurer, on instruction of the
Department, makes for the Fund.

(c)     The Department shall manage and supervise, the State Treasurer shall hold,
and the State Comptroller shall account for the Fund.

(d)     The Fund shall be invested and reinvested in the same manner as other State
funds and any investment earnings shall be paid into the Fund. If moneys derived by
borrowings by the State are deposited in the Fund, then such moneys shall be invested
and reinvested in compliance with any applicable federal treasury regulations governing
the borrowings of money by the State.

(e)     The Fund shall be used to insure loans approved by the Department under the
provisions of this subtitle.

(f)     The Fund may insure upon such terms as the Secretary may prescribe any loan
which is eligible for insurance under the provisions of this subtitle. Premiums and fees
shall be established by the Secretary for the insurance in an amount calculated to cover
administrative costs for this program as well as payments made where defaults on loans
cause insured losses to the lenders.

(g)     The Department shall be entitled to exercise any power necessary or
convenient to carry out the purposes of this section, including, by way of example, the
power to:

(1)     Contract for and accept, for use in carrying out the provisions of this
subtitle, loans and grants from the federal, State, or any local government and any of its
agencies and instrumentalities;

(2)     Acquire, manage, operate, and dispose of property, take assignments of
rentals and leases, and make contracts, leases, agreements, and arrangements that are
necessary or incidental to the performance of its duties;

(3)     Acquire or take assignments of loan documents;

(4)     Acquire, attach, seize, accept, or take title to any property by
conveyance or by foreclosure, and in either event the Fund may complete, administer,
dispose of, or otherwise deal with that property in the manner necessary or desirable to
protect the interests of the Fund therein, including by way of example, the payment of
principal or interest on any obligations incurred for that property;

(5)     Sell, lease, or rent property for any use;

(6)     Adopt rules and regulations necessary to carry out the purposes of this
subtitle.

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