Maryland § 2-603
Full text of Maryland Maryland Code § 2-603, with citation guidance and answers to common questions.
§ 2-603.
(a) (1) The Department may make direct loans not exceeding $15,000 to qualifying farmers at an interest rate which will make the program self-supporting. In establishing the interest rate from time to time, the Department shall take into account all of the expenses of the program including administrative expenses of the program, and possible losses. The interest rate may not exceed 1 percent above the cost of the loans to the State.
(2) The Department may collect a uniform application fee, and retain from it any amounts not expended for credit reports, appraisals, and other expenses of processing loan applications.
(3) Loans made under this subtitle shall be secured by a mortgage or lien on the property purchased and any improvements and fixtures, crops, and livestock on it, or whatever the Secretary of Agriculture may require.
(b) (1) To be eligible for a loan, an applicant shall meet all of the following conditions of eligibility:
(i) The Governor shall have declared a state of emergency because of a natural disaster making the applicant’s farm eligible for aid;
(ii) The applicant must have been the one to have suffered the actual loss as a result of the natural disaster;
(iii) The applicant shall have applied for a farm loan from any agency of the federal government; and
(iv) The applicant must make application for a farmer disaster loan within six months of the time of the natural disaster.
(2) The conditions of eligibility listed in this section apply jointly and severally in the case of spouses who are living together, except that the domicile requirement may be satisfied by either spouse.
(3) If a person receives a farm disaster loan from any agency of the federal government, that person shall reimburse the Department of Agriculture of Maryland for any loan made according to this subtitle, including any expense and interest as provided in subsection (a)(1) of this section.
Frequently Asked Questions About Maryland § 2-603
What does Maryland Code § 2-603 cover?
Section 2-603 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 2-603?
A common citation format is "Maryland Code § 2-603" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 2-603 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.