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Ch. 274 2002 LAWS OF MARYLAND
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(iii) Foreclose a mortgage;
(iv) Acquire property securing a loan in default; [or]
(v) Encumber, sell, or otherwise dispose of property acquired in
connection with a loan in default;
(VI) SELL LOANS ON THE SECONDARY MARKET; OR TERMS
ACCEPTABLE TO THE DEPARTMENT, INCLUDING SELLING LOANS AT A DISCOUNT;
(VII) TRANSFER MONEY RECEIVED FROM THE SALE OF A LOAN
UNDER ITEM (VI) OF THIS PARAGRAPH TO THE HOMEOWNERSHIP PROGRAMS FUND;
OR
(VIII) REPURCHASE OR PAY THE COSTS FOR SERVICING A LOAN THAT
HAS BEEN SOLD UNDER ITEM (VI) OF THIS PARAGRAPH WITH MONEYS IN THE
HOMEOWNERSHIP PROGRAMS FUND AND ON TERMS ACCEPTABLE TO THE
DEPARTMENT.
2-613.
(a) The Program shall be operated with moneys in the Homeownership
Programs Fund, which Fund shall be a continuing, nonlapsing special fund consisting
of:
(1) Moneys appropriated by the State for homeownership programs,
including the Maryland Home Financing Program authorized under this subtitle and
the Settlement Expense Loan Program authorized under Subtitle 10 of this title;
(2) Any moneys received from the sale of the State's general obligation
bonds;
(3) Repayments or prepayments of principal and interest on loans made
under the Program, or under the Homeowners' Emergency Mortgage Assistance
Program, the Reverse Equity Program, or the Maryland Home Financing Program
prior to July 1, 1989, or under the Settlement Expense Loan Program prior to or after
July 1, 1989;
(4) All moneys credited to the Reverse Equity Program or the
Homeowners' Emergency Mortgage Assistance Program which moneys shall be
transferred to the Homeownership Programs Fund as of July 1, 1989; and
(5) Any moneys transferred to the Fund in accordance with §§ 2-313(i),
2-505(d), 2-612, 2-708(d), 2-805(d), and 4-208(d) of this article.
SECTION 2. AND BE IT FURTHER ENACTED, That it is the intent of the
General Assembly that the proceeds from the sale of a mortgage that was provided
under the Maryland Home Financing Program to an individual with a disability may
be used only for the purposes of the Program that directly assists individuals with
disabilities, and are in addition to and may not supplant money from the
Homeownership Programs Fund established under Article 83B, § 2-613 of the Code
that would otherwise be used for these purposes.
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- 2096 -
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