Md. Code, Housing and Community Development § 4-909.1
This is the official text of Md. Code, Housing and Community Development § 4-909.1, part of Maryland’s Code, Housing and Community Development — governs housing programs and community development.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§4–909.
Official statutory text
§4–909.1.
(a) If a Program loan to a member of a cooperative housing corporation is secured by a security interest in the member’s cooperative interest, the Department may:
(1) foreclose on the security interest or otherwise enforce the security interest as permitted under Title 9 of the Commercial Law Article;
(2) take possession of the premises in lieu of foreclosure;
(3) obtain and enforce deficiency judgments;
(4) transfer the cooperative interest;
(5) allow assumption of the security agreement; and
(6) contract with private loan servicers to perform on behalf of the Department any functions the private loan servicers ordinarily perform.
(b) Without approval or execution by the Board of Public Works, the Department may:
(1) assign a security interest for value;
(2) release a security interest when paid;
(3) foreclose on a security interest;
(4) take possession of the premises in lieu of foreclosure; or
(5) transfer a cooperative interest after acquisition.
(a) If a Program loan to a member of a cooperative housing corporation is secured by a security interest in the member’s cooperative interest, the Department may:
(1) foreclose on the security interest or otherwise enforce the security interest as permitted under Title 9 of the Commercial Law Article;
(2) take possession of the premises in lieu of foreclosure;
(3) obtain and enforce deficiency judgments;
(4) transfer the cooperative interest;
(5) allow assumption of the security agreement; and
(6) contract with private loan servicers to perform on behalf of the Department any functions the private loan servicers ordinarily perform.
(b) Without approval or execution by the Board of Public Works, the Department may:
(1) assign a security interest for value;
(2) release a security interest when paid;
(3) foreclose on a security interest;
(4) take possession of the premises in lieu of foreclosure; or
(5) transfer a cooperative interest after acquisition.
Status: in_force · Read it on the official government site
Need a lawyer in Maryland?
Find a Maryland lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.