Section 4-301 - Definitions.
§ 4-301. Definitions.
(a) In general.- In this subtitle the following words have the meanings indicated.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-1001(a).
No changes are made.
(b) Eligible homebuyer.- "Eligible homebuyer" means an individual who meets the qualifications under § 4-305 of this subtitle.
Revisor's Note.
This subsection is new language added to provide a convenient reference to the term "eligible homebuyer".
(c) Fund.- "Fund" means the Homeownership Programs Fund.
Revisor's Note.
This subsection is new language added to provide a concise reference to "Homeownership Programs Fund".
(d) Homebuyer education.-
(1) "Homebuyer education" means instruction in preparing for homeownership, shopping for a home, getting a mortgage loan, loan closing, and life as a homeowner.
(2) "Homebuyer education" includes housing counseling.
Revisor's Note.
This subsection formerly was Art. 83B, § 2-1001(d).
In paragraph (1) of this subsection, the reference to a mortgage "loan" is added for clarity.
The only other changes are in style.
(e) Program.- "Program" means the Down Payment and Settlement Expense Loan Program.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-1001(g).
As to the title of the Program, see § 4-302 of this subtitle.
(f) Program loan.- "Program loan" means a loan that the Department makes under this subtitle.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-1001(e).
Defined Terms.
"Department" § 1-101
(g) Settlement expenses.-
(1) "Settlement expenses" means money that must be paid at the time of the purchase of real estate.
(2) "Settlement expenses" includes:
(i) fees and premiums for title examination, title insurance, and similar expenses;
(ii) fees for preparing deeds, settlement statements, and other documents;
(iii) payments owed at settlement for property taxes and hazard insurance coverage;
(iv) escrows for future payments of taxes and hazard insurance;
(v) fees for notarizing deeds and other documents;
(vi) appraisal fees;
(vii) fees for credit reports;
(viii) transfer and recordation taxes and fees;
(ix) fees and premiums for mortgage insurance; and
(x) loan discount points and origination fees.
Revisor's Note.
This subsection is new language derived without substantive change from former Art. 83B, § 2-1001(b).
In paragraph (2)(i) through (iii) of this subsection, the conjunction "and" is substituted for the former conjunction "or" as the standard conjunction used in an inclusive definition.
In paragraph (2) of this subsection, the former reference to "[d]own payments" is deleted from the definition of the term "settlement expenses" for consistency with the name of the "Down Payment and Settlement Expense Loan Program". Accordingly, the term "down payment" is added each time the term "settlement expenses" is used in this subtitle.
[An. Code 1957, art. 83B, § 2-1001(a), (b), (d), (e), (g); 2005, ch. 26, § 2.]