Ch. 21

2003 LAWS OF MARYLAND

Annotated Code in the 2002 Supplement to the 1998 Replacement Volume
is ratified by this Act.

3-302.

The Office of International [Business] Trade shall report not less than twice
annually to the Maryland Economic Development Commission on the status of the
State's international activities.

DRAFTER'S NOTE:

Error: Misnomer in Article 83A, § 3-302.

Occurred: As a result of a name change within the Department of
Business and Economic Development. Correction by the publisher of the
Annotated Code in the 2002 Supplement to the 1998 Replacement Volume
is ratified by this Act.

Article 83B - Department of Housing and Community Development

2-204.

The Administration shall have the following functions and responsibilities:

(13) (iii) Any commitment, mortgage or bonds or notes secured shall
contain terms and conditions necessary to secure repayment of its loan, the interest
thereon and other charges in connection with the loan. Mortgage loans for a
community development project or a public purpose project and reverse equity
mortgage loans may bear interest at any rate or rates which the Administration
determines will make such projects economically feasible, except that the
Administration may not increase the rate of interest originally charged on a
permanent direct mortgage loan to a family for the purchase of a dwelling unit in a
community development project or public purpose project. Subject to the provisions of
any contract with noteholders or bondholders, THE ADMINISTRATION MAY consent to
the modification, with respect to rate of interest, time of payments of any installment
of principal or interest, security, or any other term, of any mortgage, mortgage loan,
reverse equity mortgage loan, mortgage loan commitment, or reverse equity mortgage
loan commitment, contract, or agreement of any kind to which the Administration is
a party. In connection with any property on which it holds a mortgage loan or reverse
equity mortgage loan, the Administration may foreclose on the property or commence
any action to protect or enforce any right conferred upon it by any law, mortgage
contract or other agreement, and bid for and purchase the property at any foreclosure
or at any other sale, or acquire or take possession of the property; and in any event
the Administration may complete, administer, pay the principal of and interest on any
obligations incurred in connection with the property, dispose of, and otherwise deal
with the property, in a manner as may be necessary or desirable to protect the
interests of the Administration. Except for liens held in connection with public
purpose projects, any lien held by the Administration on property shall be a lien
superior to all other liens on the property except liens for taxes owed to the State or
any subdivision thereof and earlier mortgage liens. The Administration may sell any
mortgage or other obligation held by it, at public or private sale, with or without

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