Marvin Mandel, Governor                           15

land Interest and Usury Laws solely with relation to loans guaranteed
or insured by the Federal Housing Administration, Veterans Ad-
ministration or any other instrumentality of the Federal Govern-
ment; now therefore

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 12 be and it is hereby added to Article 49 of the
Annotated Code of Maryland (1957 Edition, 1968 Replacement
Volume, 1969 Supplement), title "Interest and Usury," to follow
immediately after Section 11 thereof, and to read as follows:

12.

Any loan secured by a mortgage or deed of trust and insured or
guaranteed by the Federal Housing Administration, Veterans Ad-
ministration or any other agency or instrumentality of the Federal
Government, provided said loan is made in accordance with appli-
cable Federal laws, rules, regulations and directives, shall be exempt
from Sections l(a), 2 and S of this Article. Such secured loans
insured or guaranteed by agencies or instrumentalities of the Federal
Government shall be subject to all other Sections of this Article as
the same now exist or may be amended from time to time. Unless
otherwise provided in the Sections of this Article applicable to such
secured loans insured or guaranteed by agencies or instrumentalities
of the Federal Government, or unless otherwise provided elsewhere
in this Code, the allowable rate of interest on such loans and the
allowable charges in connection with such loans, shall be as pre-
scribed by WHATEVER IS CONSISTENT WITH federal law, rules,
regulations or directives.

Sec. 2. And be it further enacted, That this Act is hereby
declared to be an emergency measure and necessary for the im-
mediate preservation of the public health and safety 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 Assem-
bly, the same shall take effect from the date of passage.

Approved by the Governor, December 18, 1969.

CHAPTER 4
(Senate Bill 4)

AN ACT to repeal and re-enact, with amendments, Sections 4, 5, 6
and 7 of, and to add new Section 12A to, Chapter 403 of the Laws
of Maryland of 1969, which Act authorized the creation of a State
debt to be known as the "Outdoor Recreation Land Loan of 1969,"
correcting erroneous wording therein, clarifying certain provi-
sions of the Act, including the imposition of the State property tax
as the secondary source of funds for debt service as to both the
principal of and interest on such State debt in the event revenues
from the "State Property Transfer Tax" are in any year insufficient
for such purpose, and including the use of certain proceeds of said
"State Property Transfer Tax," adding a severability clause to the
Act and relating generally to the issue and sale of Certificates of
Indebtedness evidencing such State debt.