(a) A mortgage or deed of trust held as security for a child care special loan made under this part that is in default may be foreclosed by the Department in the same manner as the Maryland Rules provide for foreclosures in private transactions.
(b) The Department may take title in its name to any property foreclosed under this section as well as to convey title to that property to a bona fide purchaser of the property.
Structure Maryland Statutes
Division I - Secretary of Commerce and Department of Commerce
Title 5 - Economic Development and Financial Assistance Programs
Subtitle 3 - Maryland Economic Development Assistance Authority and Fund
Part VII - Child Care Special Loans
Section 5-342 - Authorized; Purpose; Separate Accounting
Section 5-343 - Considerations in Making Loans
Section 5-344 - Application Required
Section 5-345 - Standards for Making Loans
Section 5-346 - Terms and Conditions
Section 5-347 - Loan Documents