1816                                          LAWS OF MARYLAND [Ch. 518

SECTION 2. AMD BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1974.

Approved April 30, 1974.

CHAPTER 519
(House Bill 1237)
AN ACT concerning

Cancellation of Insurance Contracts — Premium Finance

FOR the purpose of clarifying when an insurance contract
is cancelled, and providing for the refund of
certain premiums.

BY repealing and re—enacting, with amendments.

Article 48A — Insurance Code

Section 486F (d) and (f)

Annotated Code of Maryland

(1972 Replacement Volume and 1973 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 486F(d) and (f) of Article 48A -
Insurance Code, of the Annotated Code of Maryland (1972
Replacement Volume and 1973 Supplement) be and it is
hereby repealed and re—enacted, with amendments, to read
as follows:

Article 48A — Insurance Code
486F.

(d) Upon receipt of a copy of such cancellation
notice by the insurer or insurers, the insurance contract
shall be cancelled EFFECTIVE AS OF THE DATE SPECIFIED IN
THE NOTICE as if the aforesaid notice of cancellation had
been submitted by the insured himself, but without
requiring the return of the insurance policy.

(f) Whenever an insurance contract is cancelled in
accordance with this section, the insurer shall return
whatever gross unearned premiums are due under the
contract to the Premium Finance Company [effecting the
cancellation] for the account of the insured or