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PARRIS N. GLENDENING, Governor S.B. 482
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2-1246 of the State Government Article, to the Senate Finance Committee and House
Environmental Matters Committee on whether health maintenance organizations in
the State should:
(1) individually credential nurse practitioners: and
(2) allow for the designation by a member or subscriber of a nurse
practitioner as a primary care provider.
SECTION St 4. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 2002.
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May 15, 2002
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 482 - Credit Regulation - Credit Grantor Revolving Credit
Provisions - Amendment of Plan Agreement.
Senate Bill 482 alters the law governing amendments to revolving credit plan
agreements (agreements for credit cards, personal lines of credit or open-ended home
equity loans). Most agreements generally permit a credit grantor to amend the terms
of the agreement, including the interest rate or finance charge, the method of
computing the outstanding balance and the applicable repayment schedule. In
instances where amendments are allowed under the agreement, certain provisions of
current law establish a process for notifying the borrower of the changes. Senate Bill
482 repeals three of these provisions: (1) the requirement that a credit grantor give
notice to a borrower if the amendment alters the manner of the computation of
interest, finance charges or other fees and charges; (2) the requirement that a credit
grantor send a second notice to a borrower if the amendment increases the interest,
finance charges or other fees and charges; and (3) the requirement that the
Commissioner of Financial Regulation approve the form of the notice to the borrower.
The notice provisions in Maryland law are designed to inform a consumer of certain
substantive changes to the terms of a credit plan agreement. Many consumers would
expect to be informed of a change in the manner of the computation of interest,
finance charges or other fees and charges. Further, it is not unreasonable to require
that the Commissioner of Financial Regulation approve the form of the notice to the
borrower. This requirement is not unduly burdensome on the credit grantor and
provides some assurance to the consumer that someone other than the credit grantor
believes that the notice is comprehensible and informative. While many of the notice
forms now in use may be uniform, I expect that is the result of prior regulation by the
Commissioner. In short, the benefits of the notices to borrowers in current law are not
outweighed by the desire of some credit grantors to obtain relief from what they may
consider minor, insignificant consumer protections.
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- 4627 -
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