The Department of Assessments and Taxation shall have the au-

thority to establish and enforce such reasonable rules and regula-

tions as from time to time it may deem proper to effect the purposes
of this subsection. THE DEPARTMENT SHALL PROMPTLY RE-
MIT THE TAXES SO COLLECTED TO THE COMPTROLLER
OF THE TREASURY. AFTER DEDUCTING THE COST TO THE
DEPARTMENT OF ADMINISTERING THIS SUBSECTION, THE
COMPTROLLER SHALL DISTRIBUTE THE NET PROCEEDS
TO THE COUNTIES AND BALTIMORE CITY IN THE SAME
RATIO AS THE RECORDATION TAX COLLECTED BY EACH
OF THE COUNTIES AND BALTIMORE CITY IN THE NEXT
PRECEDING FISCAL YEAR BEARS TO THE TOTAL RECORDA-
TION TAXES COLLECTED BY ALL OF THE COUNTIES AND
BALTIMORE CITY IN THAT YEAR, ALL AS DETERMINED
BY THE COMPTROLLER. THE DEPARTMENT OF ASSESS-
MENTS AND TAXATION SHALL HAVE THE AUTHORITY TO
ESTABLISH AND ENFORCE SUCH REASONABLE RULES
AND REGULATIONS AS FROM TIME TO TIME IT MAY DEEM
PROPER TO EFFECT THE PURPOSES OF THIS SUBSECTION.

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

Approved May 26, 1972.

Marvin Mandel, Governor                       1513

that conveyances to the State or any agency thereof or any
political subdivision of the State shall not be subject to the tax
or charge imposed by this section. The term "instruments of writ-
ing" shall include deeds, mortgages, chattel mortgages, bills of sale,
leases, deeds of trust, contracts and agreements, and shall also
include a filed financing statement under the Uniform Commercial
Code used to publicize any of such types of a secured transaction
which prior to enactment hereof were subject to the tax hereby
imposed but shall not include mechanic's liens, crop liens, or security
agreements relating to farm products or equipment used in farming
operations, purchase-money mortgages, assignments of mortgages,
conditional sales contracts or other purchase-money security agree-
ments or a security agreement relating to the assignment of contract
rights, accounts, general intangibles or inventory as these terms
are defined in the Uniform Commercial Code OR A FILED FINANC-
ING STATEMENT UNDER THE UNIFORM COMMERCIAL
CODE used to publicize any of the same, judgments, releases or
others of satisfaction.

(s) Notwithstanding the other provisions of this section, where
an instrument of writing is filed only with the State Department
of Assessments and Taxation under article 95B, section 9-401(1)(c)
(The Uniform Commercial Code-Filing), the Department shall col-
lect the tax at the rate of $1.65 for each $500 of the principal amount
of the debt secured under the instrument. Out of the proceeds

of the tax so collected, the Department shall deduct the cost of it of

collection and administration of the tax and shall pay the net amount

remaining, not less frequently than quarterly, equally among the

political subdivisions of this state in which the debtor has a place

of business.