Maryland Code, Economic Development § 5-208

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) If a recipient of a loan under this subtitle violates any provision of the loan documents or ceases to meet the requirements of this subtitle, the Department may, on reasonable notice to the loan recipient:

(1) withhold further advances of loan proceeds until the loan recipient complies with the agreement or requirements; or

(2) exercise any other remedy provided in the loan documents.

(b)(1) If a loan made under this subtitle is in default, the Department may foreclose on a mortgage or deed of trust held as security for the loan in the manner provided under the Maryland Rules for foreclosures in private transactions.

(2) The Department may take title in the Department's name to any property foreclosed and convey title to a bona fide purchaser.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 5-208 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-5-208/

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