§ 7-611. Amount and terms of loan guarantees and interest subsidies

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(a) Determination of amount and terms. -- Except as provided in this subtitle, the Board and lender jointly shall determine the amount and terms of the guarantee of the loan or the subsidy of loan interest.

(b) Maximum loan guarantee. -- The total aggregate amount of a loan guarantee may be up to 100% of the loan.

(c) Aggregate loan guarantees to be set annually by Board. -- The total aggregate amount of the loan guarantees to be provided from the Fund in any given year shall be set annually by the Board in accordance with the requirements of the banks underwriting the loans at any given time.

HISTORY: An. Code 1957, art. 41, § 14-912; 2007, ch. 3, § 2; 2008, ch. 62.

                    
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