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H.B. 972 VETOES
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(I) (1) MORTGAGES OR DEEDS OF TRUST HELD AS SECURITY FOR LOANS
MADE UNDER THIS SECTION WHICH ARE IN DEFAULT MAY BE FORECLOSED BY THE
DEPARTMENT IN THE SAME MANNER AS PROVIDED BY THE MARYLAND RULES FOR
FORECLOSURES IN PRIVATE TRANSACTIONS.
(2) THE DEPARTMENT MAY TAKE TITLE IN ITS NAME TO ANY PROPERTY
FORECLOSED UNDER THIS SECTION AS WELL AS TO CONVEY TITLE TO SUCH
PROPERTY TO BONA FIDE PURCHASERS OF THE PROPERTY.
(J) THE TERM OF THE CHILD CARE SPECIAL LOAN MAY NOT EXCEED 10
YEARS.
(K) (1) THE APPLICANT FOR A CHILD CARE SPECIAL LOAN TO FINANCE A
CHILD CARE FACILITY MUST AGREE TO OPERATE THE CHILD CARE FACILITY FOR AT
LEAST THE TERM OF THE LOAN AND TO REPAY THE OUTSTANDING LOAN IN FULL
UPON THE LOSS OF LICENSE, TERMINATION OF LEASE, OR TRANSFER SALE, OR
REFINANCING OF THE CHILD CARE FACILITY, AS APPLICABLE, BEFORE THE END OF
THE LOAN TERM.
(2) THE CHILD CARE SPECIAL LOAN DOCUMENTS MAY PROVIDE FOR
PENALTIES FOR ANY APPLICANT WHO FAILS TO OPERATE THE CHILD CARE FACILITY
FOR THE ENTIRE TERM OF THE LOAN.
(L) THE MINIMUM AMOUNT OF A SPECIAL LOAN FOR A FACILITY SHALL BE
$1,000 AND THE MAXIMUM AMOUNT SHALL BE $10,000.
(M) (1) THE PROCEEDS OF THE CHILD CARE SPECIAL LOANS MAY BE USED:
(I) TO ASSIST APPLICANTS IN MEETING APPLICABLE STATE AND
LOCAL CHILD CARE STANDARDS;
(II) TO PAY FOR MINOR RENOVATIONS, AND FOR UPGRADING
CHILD CARE FACILITIES TO ASSURE THAT APPLICANTS MEET STATE AND LOCAL
CHILD CARE STANDARDS; OR
(III) FOR THE PURCHASE AND INSTALLATION OF EQUIPMENT,
MACHINERY, AND FURNITURE, INCLUDING EQUIPMENT NEEDED TO ACCOMMODATE
CHILDREN WITH SPECIAL NEEDS.
(2) THE LOAN PROCEEDS MAY NOT BE USED FOR THE PURCHASE OR
IMPROVEMENT OF LAND OR FOR THE PURCHASE, CONSTRUCTION, OR
IMPROVEMENT OF ANY BUILDING OR FACILITY.
[5-1406.] 5-1409. 5-1410.
(a) Annually, after considering the recommendation of the Maryland
Economic Development Commission, the Authority shall establish a list of industry
sectors that will be eligible for loans from the Fund.
(b) Before making its recommendation to the Authority, the Maryland
Economic Development Commission shall:
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- 4692 -
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