(e) The Task Force shall complete a comprehensive study of all existing State
laws that affect the operation and powers of State-chartered credit unions in order to
modernize the State's credit union laws.

(f) In carrying out its duties, the Task Force shall identify, document, and
study:

(1) Federal law changes since 1934 that affect credit unions;

(2) The response to these federal law changes by other states; and

(3) Current State laws for chartering credit unions.

(g) In carrying out its duties, the Task Force may draw on any available
source of data that the Task Force considers useful, including federal, State, or local
governments, organizations that represent the financial services industry, or
financial institutions.

(h) (1) The Task Force shall issue a report to the General Assembly of its
findings and recommendations, including a draft revision of Title 6 of the Financial
Institutions Article of the Annotated Code of Maryland, to modernize the State credit
union law.

(2) The Task Force shall issue a final report on or before December 1,
1999 January 15, 2000.

(2) The Task Force shall:

(i) Issue an interim report, including, any recommendations for
legislative changes for consideration by the General Assembly in the 2000 Session, by
December 1, 1999; and

(ii) Issue a final report, including any additional recommendations
for legislative changes for consideration by the General Assembly, by December 1,
2000.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect October July 1, 1999. It shall remain effective for a period of 1 year 2 years and,
at the end of June 30, 2000 2001, with no further action required by the General
Assembly, this Act shall be abrogated and of no further force and effect.

May 27, 1999

The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis MD 21401

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed Senate Bill 118.