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WILLIAM DONALD SCHAEFER, Governor Ch. 614

(I)  AN ALTERNATE PAYEE UNDER A QUALIFIED
DOMESTIC RELATIONS ORDER, AS DEFINED IN § 414(P) OF THE UNITED
STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED;

(II)  A RETIREMENT PLAN, QUALIFIED UNDER §
401(A) OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS
AMENDED, AS A CREDITOR OF AN INDIVIDUAL RETIREMENT ACCOUNT
QUALIFIED UNDER § 408 OF THE UNITED STATES INTERNAL REVENUE CODE
OF 1986, AS AMENDED; OR

(III)  THE ASSETS OF A BANKRUPTCY CASE FILED
BEFORE JANUARY 1, 1988.

(3)  THE INTEREST OF AN ALTERNATE PAYEE IN A PLAN
DESCRIBED IN SUBSECTION (H)(1) OF THIS SECTION SHALL BE EXEMPT
FROM ANY AND ALL CLAIMS OF ANY CREDITOR OF THE ALTERNATE PAYEE,
EXCEPT CLAIMS BY THE DEPARTMENT OF HEALTH AND MENTAL HYGIENE.

(4) IF A CONTRIBUTION TO A RETIREMENT PLAN DESCRIBED
UNDER PARAGRAPH (1) OF THIS SUBSECTION EXCEED THE AMOUNT
DEDUCTIBLE UNDER THE APPLICABLE PROVISIONS OF THE UNITED STATES
INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE PORTION OF THAT
CONTRIBUTION THAT EXCEEDS THE AMOUNT DEDUCTIBLE, AND ANY ACCRUED
EARNINGS ON SUCH A PORTION, ARE NOT EXEMPT UNDER PARAGRAPH (1) OF
THIS SUBSECTION.--------------------------------------------------------

(4) A CONTRIBUTION TO A RETIREMENT PLAN THAT EXCEEDS
THE AMOUNT DEDUCTIBLE UNDER THE APPLICABLE PROVISIONS OF THE
UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND ANY
ACCRUED EARNINGS ON SUCH A CONTRIBUTION, IS EXEMPT UNDER THIS
SUBSECTION UNLESS IT IS DEEMED TO BE A FRAUDULENT CONVEYANCE
UNDER SUBTITLE 2 OF TITLE 15 OF THE COMMERCIAL LAW ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 27, 1988.

CHAPTER 614

(Senate Bill 718)

AN ACT concerning

Credit Regulation - Interest or Finance Charges -
Outstanding Balance

FOR the purpose of clarifying that the interest or finance charge
on certain revolving credit plans may not be imposed with

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