J. MILLARD TAWES, Governor                      375

ing, a layoff or separation from employment shall be allocated to a
number of weeks following the date of payment equal to the number
of weeks' pay received; excepting, however, such allowances as are
paid by the employer pursuant to the provisions of and during the
period of a written contract in effect [on] or extension or renewal
thereof on or after TO December 6, 1962 1965, between such employer
and a collective bargaining agent for such employee. [if it is not the
normal practice of the employer to grant the employee time off with
pay for vacation purposes during the year.]

Provided, that if such remuneration is less than his weekly benefit
amount, an otherwise eligible individual shall not be deemed ineligible
and shall be entitled to receive for such week benefits reduced by the
amount of such payments. Any benefit payment reduced because of
the provisions of this section shall constitute a full week's benefits
for the purposes of computing duration during the benefit year.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1964.

Approved April 7, 1964.

CHAPTER 141
(House Bill 354)

AN ACT, to add sections 486A to 486G, inclusive to Article 48A, OF
THE Annotated Code of Maryland (1963 Supplement), title "Insur-
ance CODE," to follow immediately after Section 486 thereof and
to be under the new subtitle: "30A. Premium Finance Agree-
ments"; providing limitations upon insurance premium finance
charges and interest rates; providing for the registration and
examination of companies in the premium finance business; pro-
viding certain restrictions upon cancellations and other provisions
of premium finance agreements; providing civil and criminal
penalties for charges in excess of the prescribed rates and for
failure to register; and relating generally to the financing of
property, casualty, and marine insurance premiums.

Section 1. Be it enacted by the General Assembly of Maryland,
That new sections 486A to 486G, inclusive, be and they hereby are
added to Article 48A of the Annotated Code of Maryland (1957)
(1963 SUPPLEMENT), TITLE "Insurance Code," and to follow im-
mediately after Section 486 thereof and to be under the new subtitle
30A "30A Premium Finance Agreements" and to read as follows:

30A Premium Finance Agreements
486A.

For purposes of this subtitle:

(a) A premium finance agreement is any agreement by which an
insured or prospective insured promises or agrees to pay to or to the
order of another person an amount advanced or to be advanced under
the agreement to an insurer, agent, or broker in payment of premiums