Marvin Mandel, Governor                        1425

(c)  The Department, upon authorization by the mortgagee, may
insure upon such terms as it may prescribe any mortgage offered
which is eligible for insurance under the provisions of this section.
Fees shall be established for said insurance in an amount calcu-
lated to cover administrative costs for this program as well as pay-
ments made where defaults on mortgages cause insured losses to
the lenders.

(d)  The Department shall promulgate such standards for the
eligibility of insurance as are reasonable to provide that the insur-
ance shall aid in the financing of purchases of housing. These stand-
ards shall also assure that the mortgagee is responsible and able to
service the mortgage properly.

(e)  The Department shall promulgate such rules as are necessary
to carry out the purpose of this subtitle. SUBHEADING.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1971.

Approved May 24, 1971.

CHAPTER 670
(Senate Bill 659)

AN ACT to repeal and re-enact, with amendments, Section 2-320 (b)
SECTIONS 2-320 (A) AND (B) of Article 66½ of the Annotated
Code of Maryland (1970 Replacement Volume and 1970 Interim
Supplement), title "Vehicle Laws," subtitle "Subtitle 2 Highway
Safety Administration," and Section 11 (d) of Article 94A of the
said Code (1969 Replacement Volume and 1970 Supplement), title
"Transportation," subtitle "Financing," subheading "Consolidated
Transportation Bonds," clarifying the provisions of said sections
as repealed and re-enacted, with amendments, by Chapters 526
and 534 for OF the Laws of Maryland of 1970, PERTAINING TO
RETENTION OR PAYMENT OF FUNDS IN THE MOTOR
VEHICLE REVENUE FUND BY THE COMPTROLLER, and
relating to the expenditure of certain funds by the Secretary of
Transportation.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 2-320 (b) SECTIONS 2-320 (A) AND (B) of Article
66½ of the Annotated Code of Maryland (1970 Replacement Volume
and 1970 Interim Supplement), title "Vehicle Laws," subtitle "Sub-
title 2 Highway Safety Administration," be and it is hereby repealed
and re-enacted, with amendments, to read as follows:

2-320.

(A) EXCEPT AS SPECIFICALLY OTHERWISE PROVIDED
BY LAW, ALL MONEYS RECEIVED PURSUANT TO THE
PROVISIONS OF THIS ARTICLE SHALL BE ACCOUNTED
FOR AND REMITTED TO THE COMPTROLLER, WHO AFTER