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2007 Laws of Maryland
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Ch. 3
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Former Art. 41, § 14-910(1), which required an applicant to "[meet] the
qualifications required in § 14-911 of this subtitle", is deleted in light of
the revision of the required qualifications in this section.
Defined terms: "Assistive technology" § 7-601
"Board" § 7-601
7-611. AMOUNT AND TERMS OF LOAN GUARANTEES AND INTEREST SUBSIDIES.
(A) DETERMINATION OF AMOUNT AND TERMS.
EXCEPT AS PROVIDED IN THIS SUBTITLE, THE BOARD AND LENDER JOINTLY
SHALL DETERMINE THE AMOUNT AND TERMS OF THE GUARANTEE OF THE LOAN OR
THE SUBSIDY OF LOAN INTEREST.
(B) MAXIMUM LOAN GUARANTEE.
THE TOTAL AGGREGATE AMOUNT OF A LOAN GUARANTEE MAY BE UP TO 100%
OF THE LOAN.
(C) AGGREGATE LOAN GUARANTEES NOT TO EXCEED BALANCE IN FUND.
THE TOTAL AGGREGATE AMOUNT OF GUARANTEES PROVIDED FROM THE FUND
MAY NOT AT ANY TIME EXCEED THE BALANCE AVAILABLE IN THE FUND.
REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 41, § 14-912.
Defined terms: "Board" § 7-601
"Fund" § 7-601
7-612. VIOLATIONS OF LOAN PROVISIONS.
IF A BORROWER VIOLATES ANY PROVISION OF A LOAN GUARANTEE OR SUBSIDY
AGREEMENT OR CEASES TO MEET THE REQUIREMENTS OF THIS SUBTITLE, ON
REASONABLE NOTICE TO THE BORROWER THE BOARD MAY:
(1) WITHHOLD FROM THE BORROWER FURTHER LOAN GUARANTEES OR
SUBSIDIES UNTIL THE BORROWER COMPLIES WITH THE AGREEMENT OR
REQUIREMENTS; AND
(2) EXERCISE ANY OTHER REMEDY THAT THE LOAN GUARANTEE OR
SUBSIDY AGREEMENT PROVIDES.
REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 41, § 14-913.
Defined term: "Board" § 7-601
7-613. ASSISTIVE TECHNOLOGY GUARANTEED LOAN FUND.
(A) ESTABLISHED.
THERE IS AN ASSISTIVE TECHNOLOGY GUARANTEED LOAN FUND IN THE
DEPARTMENT.
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- 256 -
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