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PARRIS N. GLENDENING, Governor Ch. 274
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Approved April 25, 2002.
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CHAPTER 274
(House Bill 1217)
AN ACT concerning
Housing and Community Development - Maryland Home Financing
Program - Mortgage Sales
FOR the purpose of allowing the Department of Housing and Community
Development to sell loans on the secondary market terms acceptable to the
Department; allowing the Department to transfer money to the Homeownership
Programs Fund; allowing money to be placed in the Fund from the sale of
mortgages; and generally relating to loans from the Department of Housing and
Community Development.
BY repealing and reenacting, with amendments,
Article 83B - Department of Housing and Community Development
Section 2-612 and 2-613(a)
Annotated Code of Maryland
(1998 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 83B - Department of Housing and Community Development
2-612.
The Department may:
(1) Contract for services relating to the Program;
(2) Contract with private mortgage servicers to perform on behalf of the
Department functions ordinarily performed by private mortgage servicers, including
foreclosures and employment of counsel;
(3) Require payment of a nonrefundable application fee;
(4) Purchase, and make commitments to purchase, from mortgage
lenders notes or mortgages that evidence residential mortgage loans made in
conformance with the requirements of this subtitle and any regulations or Program
directives, as appropriate, that govern the Program; and
(5) Without approval or execution by the Board of Public Works:
(i) Assign a mortgage for value;
(ii) Release a mortgage;
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- 2095 -
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