Md. Code Regs. 05.03.02.21

Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.03.02.21 - Issuance of Bonds and Notes

A. Timing of Issuance. The Administration may obtain funds to make or purchase mortgage loans from any source authorized by law, particularly by issuing bonds or notes payable from revenues from the mortgage loans. The timing of any bond or note sale and the acceptability of the interest rate to be paid by the Administration are solely within the discretion of the Secretary.

B. Restricted Bond Purchase. A mortgage lender, servicer, developer, or mortgage insurer, including any related person as defined in §144 of the Code, may not, under any arrangement, formal or informal or direct or indirect, purchase bonds or other obligations of the Administration in an amount related to the aggregate principal amount of the mortgage loans to be sold to the Administration by the mortgage lender, subject to a commitment to a developer, or to be insured by the mortgage insurer.

Regulations .21 adopted as an emergency provision effective April 23, 1980 (7:10 Md. R. 949); adopted permanently effective September 5, 1980 (7:18 Md. R. 1737)
Regulations .21 adopted effective July 30, 1984 (11:15 Md. R. 1329)
Regulations .21 adopted effective September 30, 1991 (18:19 Md. R. 2098)