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§ 7-610. Requirements

West's Annotated Code of MarylandHuman ServicesEffective: July 1, 2008

West's Annotated Code of Maryland
Human Services (Refs & Annos)
Title 7. Individuals with Disabilities (Refs & Annos)
Subtitle 6. Assistive Technology Guaranteed Loan Program (Refs & Annos)
Effective: July 1, 2008
MD Code, Human Services, § 7-610
§ 7-610. Requirements
In general
(a) The Board may enter into an agreement with an applicant to guarantee a loan or provide a subsidy for loan interest to the applicant only if the applicant demonstrates:
(1) that the loan to be guaranteed or the subsidy of loan interest will be used to acquire assistive technology;
(2) the ability to repay the loan;
(3) creditworthiness; and
(4) the inability to qualify for a loan from a lending institution without a loan guarantee or a subsidy of loan interest.
Additional requirements
(b) The Board may elect to provide the borrower with an interest rate equivalent to the guaranteed rate by either guaranteeing the loan or subsidizing the interest rate if:
(1) a participating lending institution approves a loan without the requirement of a guarantee; and
(2) the interest rate is higher than the interest rate otherwise available for a guaranteed loan.

Credits

Added by Acts 2007, c. 3, § 2, eff. Oct. 1, 2007. Amended by Acts 2008, c. 62, § 1, eff. July 1, 2008.
MD Code, Human Services, § 7-610, MD HUMAN SERV § 7-610
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.
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