§ 4-507. Housing Counseling and Foreclosure Mediation Fund.

   (a) "Fund" defined. -- In this section, "Fund" means the Housing Counseling and Foreclosure Mediation Fund.

(b) Fund established. -- There is a Housing Counseling and Foreclosure Mediation Fund.

(c) Purposes. -- The purposes of the Fund are to:

   (1) support nonprofit and government housing counselors and other nonprofit entities with providing:

      (i) legal assistance to homeowners or occupants who are trying to avoid foreclosure or manage foreclosure proceedings; and

      (ii) homebuyer education, housing advice, or financial counseling for homeowners and prospective homeowners;

   (2) support the establishment and operation of nonprofit housing counseling entities;

   (3) support efforts by the Department and the Department of Labor, Licensing, and Regulation to:

      (i) contact and provide advice and assistance to homeowners or occupants facing financial difficulty or foreclosure; and

      (ii) provide advice and assistance to prospective homeowners; and

   (4) assist in funding the costs of foreclosure mediations provided by the Office of Administrative Hearings under § 7-105.1 of the Real Property Article.

(d) Administration by Department. -- The Department shall administer the Fund.

(e) Status. --

   (1) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.

   (2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(f) Contents. -- The Fund consists of:

   (1) revenue distributed to the Fund under § 7-105.1 of the Real Property Article;

   (2) investment earnings of the Fund;

   (3) money appropriated in the State budget to the Fund; and

   (4) any other money from any other source accepted for the benefit of the Fund.

(g) Use. -- The Fund may be used only for the purposes described in subsection (c) of this section.

(h) Investments. --

   (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

   (2) Any investment earnings of the Fund shall be paid into the Fund.

(i) Expenditures from the Fund may be made only in accordance with the State budget.

HISTORY: 2010, ch. 485.