MARVIN MANDEL, Governor                        261

Any person who shall have taken and failed to pass any such
examination shall not be entitled to take any further examination
until fourteen (14) days after the date of the last examination in
which he failed. Any person shall be entitled to take not more than
three examinations for an initial fee of $5.00. If a person is not
successful in obtaining a passing grade after three examinations,
it shall be necessary for such person to wait a period of at least six
(6) months from the last examination before he is eligible to take
another examination. If having failed to obtain a passing grade after
six examinations, a person shall be required to wait at least one year
from the date of his last examination before attempting any further
examinations. Any person requiring more than three examinations
shall pay an additional fee of $5.00 which shall entitle him to
take three more examinations. Thereafter, a fee of $5.00 shall be
paid each time said examination shall be taken.

(4) Every person who obtains a new license as a life and/or

health insurance agent after June 30, 1969, shall within four (4)

years from the date of his successful completion of the examination
required complete further education in the Life Underwriters Train-
ing Course, (LUTC), or the Chartered Life Underwriting, (CLU),

Course or such other education as may be prescribed by the Com-

missioner in order to retain his qualification for such license.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved April 9, 1969.

CHAPTER 85
(House Bill 543)

AN ACT to repeal and re-enact, with amendments, Section 2 of
Chapter 736 of the Laws of Maryland of 1965, to provide for the
modification of the interest rate on the County Commissioners of
Charles County authority to borrow on the full faith and credit of
the county.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 2 of Chapter 736 of the Laws of Maryland of 1965, be
and it is hereby repealed and re-enacted, with amendments, to read
as follows:

Sec. 2. And be it further enacted, That said County Commissioners
shall by proper resolution fix the maturity or maturities of any such
bonds, provided, however, that no bonds so issued shall mature later
than twenty years from the date of their issue, and provided further
that any such bonds shall be issued on the serial maturity plan; such
resolution may fix the denomination or denominations in which said
bonds shall be issued, the interest rate or rates of said bonds or the
manner of determining the same, provided the rate or rates of inter-
est shall not exceed [four] five per centum FIVE AND ONE-HALF
PER CENTUM [(4%)] (5%) (5½%) per annum, the manner and
place of payment, the date, place and terms of the sale of the bonds,