Md. Code Regs. 05.13.04.06

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

Section 05.13.04.06 - Creation of Reserve Account

Upon execution of a participation agreement between the Department and the lender, the Department shall establish a federally insured reserve account with the lender in the name of the Department, for the purpose of receiving all:

A. Required premium charges to be paid by the lender and the borrower;

B. Transfers made by the Department under this chapter.

Md. Code Regs. 05.13.04.06