WILLIAM DONALD SCHAEFER, Governor                   Ch. 748

the agent responsible for settlement as provided in subsection
(c) of this section.

(c)  A lender shall disburse the loan to the agent
responsible for settlement in the form of:

(1)  Cash;

(2)  Wired funds;

(3)  A certified check;

(4)  A check issued by a political subdivision;

(5)  A TELLER'S CHECK ISSUED BY A DEPOSITORY
INSTITUTION AND DRAWN ON ANOTHER DEPOSITORY INSTITUTION;

(5) (6) A cashier's check; or

(6) (7) A check drawn on a financial institution that
is insured by FDIC (Federal Deposit Insurance Corporation), FSLIC
(Federal Savings and Loan Insurance Corporation), or MDIF (State
of Maryland Deposit Insurance Fund Corporation)[, and which is
located in the 5th Federal Reserve District].

(d)  If the loan is not disbursed as provided in subsection
(c) of this section, a lender may not charge interest on a loan
for the first 30 days following the date of closing.

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

Approved May 27, 1988.

CHAPTER 748

(House Bill 1444)

AN ACT concerning

Vehicle Laws - Multiyear Registration

FOR the purpose of authorizing the Motor Vehicle Administration
to adopt a system of multiyear vehicle registration for
certain vehicles; providing for the calculation of the
amount of a multiyear registration fee; authorizing
requiring the Administration to refund registration fees
under certain circumstances; authorizing the Administration
to adopt certain regulations; clarifying language; and

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