Maryland § 14-891

§ 14-891.

    (a)    In this section, “Fund” means the Homeowner Protection Fund.

    (b)    There is a Homeowner Protection Fund.

    (c)    The purpose of the Fund is to finance the Program.

    (d)    The Department shall administer the Fund.

    (e)    (1)    The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.

        (2)    The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

    (f)    The Fund consists of:

        (1)    tax and interest payments made to the Department by homeowners enrolled in the Program;

        (2)    voluntary donations to the Fund under § 4–201.1 of this article;

        (3)    money appropriated in the State budget to the Fund;

        (4)    money paid by county governments under subsection (h) of this section;

        (5)    interest earnings; and

        (6)    any other money from any other source accepted for the benefit of the Fund.

    (g)    For each fiscal year, the Governor shall include in the annual budget bill an appropriation of $250,000 of the interest on overdue State property tax to the Fund.

    (h)    (1)    For each fiscal year, county governments shall collectively pay $500,000 to the Fund.

        (2)    The amount required to be paid under paragraph (1) of this subsection shall be allocated among the counties based on the number of real property accounts in each county as a percentage of the total number of real property accounts statewide as of July 1 of the preceding fiscal year.

        (3)    The amount paid by each county under this subsection shall be derived from interest on overdue county property tax.

        (4)    Each county shall remit to the Department the county’s share of the amount required under paragraph (1) of this subsection on or before the first day of each fiscal year.

    (i)    (1)    The Fund may be used only for any expenses associated with the Program.

        (2)    The Fund may not be used for any expenses of the office of the State Tax Sale Ombudsman that are not directly related to the Program.

    (j)    (1)    The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

        (2)    Any interest earnings of the Fund shall be credited to the Fund.

    (k)    Expenditures from the Fund may be made only in accordance with the State budget.

    (l)    The Fund is the exclusive source of funding for the Program.