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2000 LAWS OF MARYLAND
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Ch. 631
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matching fund. No part of the grantee's matching fund may be provided, either
directly or indirectly, from funds of the State, whether appropriated or
unappropriated. The fund may consist of real property or funds expended prior to the
effective date of this Act. No part of the fund may consist of in kind contributions. In
case of any dispute as to the amount of the matching fund or what money or assets
may qualify as matching funds, the Board of Public Works shall determine the matter
and the Board's decision is final. The grantee has until June 1, 2002, to present
evidence satisfactory to the Board of Public Works that a matching fund will be
provided. If satisfactory evidence is presented, the Board shall certify this fact and
the amount of the matching fund to the State Treasurer, and the proceeds of the loan
equal to the amount of the matching fund shall be expended for the purposes provided
in this Act. Any amount of the loan in excess of the amount of the matching fund
certified by the Board of Public Works shall be canceled and be of no further effect.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2000.
Approved May 18, 2000.
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CHAPTER 631
(House Bill 698)
AN ACT concerning
Commercial Law - Revolving Credit Plans - Access to Home Equity Credit
Through Use of Credit Device
FOR the purpose of repealing a certain provision of law that prohibits a revolving
credit plan from being secured by a lien on residential real property under
certain circumstances.
BY repealing and reenacting, with amendments,
Article — Commercial Law
Section 12-902
Annotated Code of Maryland
(1990 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Commercial Law
12-902.
(a) Any credit grantor may, subject to the other provisions of this subtitle:
(1) Offer and extend credit under a revolving credit plan to a borrower
and in that connection charge and collect the interest, finance charges, and other
charges permitted by this subtitle;
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- 3282 -
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