2996

LAWS OF MARYLAND

[Ch. 649

BANK UPON WHICH IT IS DRAWN, a fee [of $10.00] is imposed
[for each individual fee or charge or payment for any
purpose, which was included within the aggregate amount
of the check] to be collected from the person presenting
the check[, in order to cover the cost of its
collection], THE FEE IMPOSED IS $5 OR UP TO 10 PERCENT
OF THE AMOUNT OF THE CHECK [[, WHICHEVER IS GREATER]].

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved May 15, 1975.

CHAPTER 650

(House Bill 146)

AN ACT concerning

Life Insurance and Annuities — Cancellation

FOR the purpose of providing that life insurance policies
and annuity contracts must contain a notice to the
policyholder that the policy or contract may be
cancelled by the policyholder within a certain
period after its delivery, upon written notice to
the insurer; and providing for a pro rata premium
refund upon cancellation; [[and]] providing for an
alternate form of notice, subject to the approval of
the insurance commissioner and providing for an
exception to this Act.

BY adding to

Article 48A — Insurance Code

Section 387C

Annotated Code of Maryland

(1972 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 387C be and it is hereby added
to Article 48A — Insurance Code, of the Annotated Code of
Maryland (1972 Replacement Volume and 1974 Supplement) to
read as follows:

Article 48A — Insurance Code

387C.