276                              Laws of Maryland                       [Ch. 216

Sec. 8. And be it further enacted, That the various provisions
of this Act shall be regarded as separate and severable, and should
any section, sentence, clause, or provision thereof be held invalid
or unconstitutional for any reason, the validity of the remaining
parts hereof shall not be affected thereby.

Sec. 9. And be it further enacted, That this Act is hereby de-
clared to be an emergency measure and necessary for the immediate
preservation of the public health and welfare, and having 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, the
same shall take effect from the date of its passage.

Approved March 24, 1959.

CHAPTER 216
(Senate Bill 343)

AN ACT to repeal and re-enact, with amendments, Section 28(1) (g)
of Article 48A of the Annotated Code of Maryland (1957 Edition),
title "Insurance", sub-title "General Provisions", to permit life
insurance companies to invest their reserves and capital in loans
secured by first mortgages, or deeds of trust, on unencumbered
fee simple or leasehold real estate in the District of Columbia or
in any State of the United States of America, to an amount not
exceeding 75% of the fair market value of such fee simple or
leasehold real estate if such real estate is primarily improved by
a single-family residence and such loans provide for amortization
of principal over a period of not more than twenty-five years.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 28(1)(g) of Article 48A of the Annotated Code of
Maryland (1957 Edition), title "Insurance", sub-title "General Pro-
visions", be and it is hereby repealed and re-enacted, with amend-
ments, to read as follows:

28. (1)

(g) Loans secured by first mortgages, or deeds of trust, on unen-
cumbered fee simple or improved leasehold real estate in the District
of Columbia or in any State of the United States of America, to an
amount not exceeding 66⅔% of the fair market value of such fee
simple or improved leasehold real estate [.] except that if such fee
simple or leasehold real estate is primarily improved by a single-
family residence and such loans provide for amortization of princi-
pal, such amortization payments to be made annually or more fre-
quently, over a period of not more than twenty-five years, such loans
may be made to an amount not exceeding 75% of the fair market
value of such fee simple or leasehold real estate. Whenever such

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.