(a) If the Department determines that an entity is capable of administering financial assistance under the Program, the entity may originate and administer financial assistance in accordance with standards the Department adopts by regulation.
Regulations and standards
(b)(1) The Department shall adopt regulations to establish standards for determining the eligibility of an entity to administer financial assistance under the Program.
(2) The standards shall include provisions on:
(i) the size, training, and experience of the professional staff that would administer the financial assistance; and
(ii) the capability of the professional staff to:
1. determine financial capacity of a borrower;
2. originate financial assistance; and
3. evaluate applications for financial assistance.
Employee training
(c) The Department may:
(1) help train employees of an approved entity to administer financial assistance in accordance with standards that the Department adopts;
(2) charge and collect from a borrower:
(i) reasonable origination, application, and processing fees; and
(ii) other charges, fees, or reimbursements incidental to the financial assistance;
(3) include the fees and charges listed in item (2) of this subsection in the amount of financial assistance;
(4) pay an approved entity a reasonable origination, application, and processing fee for the financial assistance that is originated by the approved entity;
(5) directly fund the financial assistance that is originated by an approved entity;
(6) provide financial assistance to an approved entity for the purpose of the approved entity making the financial assistance in accordance with this subtitle;
(7) purchase or commit to purchase from approved entities any form of financial assistance that meets the requirements of this subtitle and any regulations adopted under this subtitle; and
(8) enter into agreements with approved entities to collectively lend money on a project that meets the requirements of this subtitle and any regulations adopted under this subtitle.
Credits
Added by Acts 2010, c. 118, § 1, eff. Oct. 1, 2010. Amended by Acts 2016, c. 482, § 2, eff. July 1, 2016; Acts 2017, c. 636, § 1, eff. Oct. 1, 2017.
MD Code, Housing & Community Development, § 6-308.1, MD HOUS & CMTY DEV § 6-308.1
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
