Current through Register Vol. 51, No. 21, October 18, 2024
Section 05.06.09.03 - Eligible PropertyA. Real properly financed by loans insured by the Fund shall: (1) Have clear and merchantable title acceptable to the Fund;(2) Conform to all applicable federal, State, and local building, zoning, environmental, health, and housing codes;(3) Be insured with hazard insurance issued by a company that is approved by the State Insurance Commissioner and, when applicable, flood insurance;(4) Have an appraised value that is satisfactory to the Fund;(5) Be secured by a lien against the mortgaged property or other collateral acceptable to the Fund; and(6) Meet any other standards of the Fund.B. Personal property financed by loans insured by the Fund shall:(1) Have clear and merchantable title acceptable to the Fund;(2) Have an appraised value that is satisfactory to the Fund;(3) Be secured by a lien against real property, personal property or other collateral acceptable to the Fund; and(4) Meet any other standards of the Fund.C. Loan to business project for credit, operating costs and administrative costs insured by the Fund shall: (1) Be secured by a lien against real property, personal property or other collateral acceptable to the Fund; and(2) Meet any other standards of the Fund.Md. Code Regs. 05.06.09.03
Regulation .03 adopted effective 45:6 Md. R. 317, eff. 3/26/2018