1446                            LAWS OF MARYLAND                       CH. 71ft

nuities," to follow immediately after Section 387 thereof and to read
as follows:

387A. Wholesale Life Insurance Defined.

Wholesale life insurance is defined to be life insurance distributed
on a mass merchandising basis and administered by group methods
provided, with or without evidence of insurability, by individual
policies and made available to employees or members under a pro-
gram sponsored by (a) an employer, (b) an association of employers,
(c) a union or association of unions, (d) an association of persons
having the same occupation or profession, (e) an association of
civil service employees, (f) a religious, charitable, recreational,
educational, civic or fraternal organization or association, (g) a
school, (h) a sports team, (i) a volunteer fire department or (j)
any substantially similar group approved by the Commissioner. The
program may also cover dependents of such employees or members.

An arrangement for premium payment such as salary deduction,
salary savings or payroll allotment shall not in and of itself cause
a policy to be classified as wholesale life insurance.

387B. Wholesale Life Insurance. Required Provisions.

(a)    Any insurer authorized to write ordinary life insurance in
this State shall have authority to issue wholesale life insurance.

(b)    No wholesale life insurance policy may be delivered or is-
sued for delivery in this State unless it contains such provisions
and conforms to such requirements as may be established from time
to time by regulation, and a copy of the form thereof shall have
been filed in accordance with Section 375 of this Article and approved
by the Commissioner.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved May 7, 1968.

CHAPTER 718
(House Bill 736)

AN ACT to repeal Section 30 of Article 21 of the Annotated Code
of Maryland (1966 Replacement Volume), title "Conveyancing,"
subtitle "Mortgages," and to enact new Section 30, to stand in
the place of the section so repealed, to provide that no purchase

money montage or deed of trust is valid either between the

parties or as to third parties unless the affidavit of consideration

states that the loan sum has been paid over and disbursed at the

time of execution of the mortgage or deed of trust. TO REQUIRE
THAT PURCHASE MONEY DEEDS OF TRUST CONTAIN
AN AFFIDAVIT RECITING THE PAYMENT AND DIS-
BURSEMENT OF THE LOAN FUNDS, WITH EXCEP-
TIONS, TO PROVIDE FOR THE MANNER OF SUCH PAY-