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Ch. 356
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2002 LAWS OF MARYLAND
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TRANSFER OF PROPERTY, IT IS SUFFICIENT THAT ALL CURRENT ANNUAL
INSTALLMENTS OF ANY BENEFIT CHARGE LEVIED UNDER THIS SUBTITLE HAVE
BEEN PAID.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2002.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act is an emergency
measure, is necessary for the immediate preservation of the public health or safety,
has been passed by a yea and nay vote supported by three-fifths of all the members
elected to each of the two Houses of the General Assembly, and shall take effect from
the date it is enacted.
Approved May 6, 2002.
CHAPTER 356
(House Bill 229)
AN ACT concerning
Premium Finance Agreements - Delinquency and Collection Charge -
Cancellation Charge
FOR the purpose of altering the maximum amount of a certain delinquency and
collection charge with respect to private passenger automobile or personal fire
or liability insurance that may be imposed under a premium finance agreement;
altering the amount of a certain cancellation charge with respect to private
passenger automobile or personal fire or liability insurance that may be imposed
under a premium finance agreement; and generally relating to charges under
premium finance agreements.
BY repealing and reenacting, with amendments,
Article - Insurance
Section 23-306 and 23-307
Annotated Code of Maryland
(1997 Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
23-306.
(a) A premium finance agreement may require the insured to pay a
delinquency and collection charge on each installment that is in default for a period of
not less than 5 days.
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