Section 7-614 - Assistive Technology Guaranteed Loan Fund - Composition; use of Fund. - Maryland Statutes

§ 7-614. Assistive Technology Guaranteed Loan Fund - Composition; use of Fund.
 

(a)  Composition.- The Fund consists of: 

(1) premiums and fees charged for the guarantees of loans or the subsidies of loan interest; 

(2) income from investment earnings; 

(3) proceeds from the sale, disposition, lease, or rental of collateral relating to the guarantees of loans or subsidies of loan interest; 

(4) money appropriated by the State to the Fund; and 

(5) any other money made available to the Fund. 

(b)  Use of Fund.- The Fund shall be used to pay: 

(1) guaranty payments required by loan defaults; 

(2) subsidies of loan interest; 

(3) expenses for administrative, legal, actuarial, technical assistance, and other services; and 

(4) any other expenses and disbursements that the Board authorizes for administering the Fund and financing the guarantees of loans and the subsidies of loan interest for the purchase of assistive technology. 
 

[An. Code 1957, art. 41, § 14-907; 2007, ch. 3, § 2.]