140                                        LAWS OF MARYLAND                                  Ch. 78

CHAPTER 78
(Senate Bill 532)

AN ACT to repeal and re-enact, with amendments, Section 265(a) of Article 56 of
the Annotated Code of Maryland (1972 Replacement Volume), title "Licenses,"
subtitle "Home-Improvement Law," to provide that home improvement
contract requirements apply either where the aggregate contract price exceeds
$200.00 or where the contractor is licensed or subject to be licensed.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 265(a) of Article 56 of the Annotated Code of
Maryland (1972 Replacement Volume), title "Licenses," subtitle
"Home-Improvement Law," be and it is hereby repealed and re-enacted, with
amendments, to read as follows:

265.

(a) This section shall apply only to home-improvement contracts between a
prime contractor and the owner for work upon one-, two-, or three-family dwelling
places, where the aggregate contract price exceeds $200.00; [and] OR where the
contractor is licensed, or is subject to be licensed, in accordance with the provisions
of this subtitle, with regard to the home-improvement transaction. Contracts which
fail to comply with the requirements of this section shall not be deemed to be
invalid solely because of noncompliance.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved April 26, 1973.

CHAPTER 79
(Senate Bill 541)

AN ACT to repeal and re-enact, with amendments, Section 74(2) of Article 48A
of the Annotated Code of Maryland (1972 Replacement Volume), title
"Insurance Code," subtitle "Kinds of Insurance; Limits of Risk; Reinsurance,"
providing that in order for a reinsurer to be accepted for reinsurance such
insurer shall file annually with the Insurance Commissioner its Annual
Statement and Certificates of Deposit and Compliance.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 74(2) of Article 48A of the Annotated Code of
Maryland (1972 Replacement Volume), title "Insurance Code," subtitle "Kinds of
Insurance; Limits of Risk; Reinsurance," be and it is hereby repealed and
re-enacted, with amendments, to read as follows:

74.

(2) Except as provided in §§ 273 and 274 (bulk reinsurance), an insurer may
reinsure all or any part of any particular risk. No credit shall be allowed, as an
asset or a deduction from liability, to any ceding insurer for such reinsurance
unless the assuming insurer is authorized to transact such insurance business in this
State or is a solvent insurer approved or accepted by the Commissioner for the
purpose of such reinsurance. EVERY UNAUTHORIZED INSURER