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Session Laws, 1972
Volume 708, Page 1395   View pdf image
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Marvin Mandel, Governor                       1395

tated Code of Maryland (1972 Replacement Volume), title "Motor
Clubs," be and it is hereby repealed and re-enacted, with amend-
ments, to read as follows:

3.

(b) (5) Evidence of security, which may be shown by depositing
with the Treasurer of the State of Maryland, who shall maintain
the same in trust registered United States government bonds having
a market value at all times of not less than [one hundred thousand
dollars ($100,000)] fifteen thousand dollars ($15,000) OR IN A
HIGHER AMOUNT AS PRESCRIBED BY THE INSURANCE
COMMISSIONER NOT TO EXCEED ONE
HUNDRED THOU-
SAND DOLLARS ($100,000)
, OR IN THE DISCRETION OF THE
INSURANCE COMMISSIONER A LOWER AMOUNT NOT TO
BE LESS THAN FIFTEEN THOUSAND DOLLARS ($15,000),
or a corporate surety bond in such form as the Commissioner may
prescribe in a sum of not less than [one hundred thousand dollars
($100,000)] fifteen thousand dollars ($15,000) OR IN A HIGHER
AMOUNT AS PRESCRIBED BY THE INSURANCE COMMIS-
SIONER NOT TO EXCEED ONE
HUNDRED THOUSAND DOL-
LARS ($100,000), OR IN THE DISCRETION OF THE INSUR-
ANCE COMMISSIONER A LOWER AMOUNT NOT TO BE LESS
THAN FIFTEEN THOUSAND DOLLARS ($15,000), in favor of the
State of Maryland on behalf of members and subscribers residing
therein. Said bond shall be issued by a surety company authorized
to do business in this State, and it shall be conditioned upon the
faithful performance by the applicant of its obligations under this
article, including payment of any fines, fees or penalties imposed on
it or restitution ordered pursuant to the provisions of this article,
UNDER THIS ARTICLE, INCLUDING PAYMENT OF ANY
FINES, FEES OR PENALTIES IMPOSED ON IT OR RESTI-
TUTION ORDERED PURSUANT TO THE PROVISIONS OF
THIS ARTICLE, TO MEMBERS AND SUBSCRIBERS, but the
aggregate liability of the surety for all breaches of the conditions
of the bond shall, in no event exceed the amount of such bond. The
surety on the bond shall have the right to cancel such bond by giving
thirty days notice to the Commissioner and thereafter shall be
relieved of liability for any breach of condition occurring after the
effective date of said cancellation. The Commissioner may promul-
gate rules and regulations specifying conditions concerning said
bond and providing methods for termination of said bond.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1972.

Approved May 26, 1972.

CHAPTER 468
(Senate Bill 841)

AN ACT to add new Section 46A to Article 41 of the Annotated
Code of Maryland (1971 Replacement Volume), title "Governoró
Executive and Administrative Departments," subtitle "1 The

 

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Session Laws, 1972
Volume 708, Page 1395   View pdf image
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