3512

LAWS OF MARYLAND

[Ch. 846

(IV) BEGINNING JULY, 1, 1976, SCHOOL BOARD
MEMBERS IN PRINCE GEORGE'S COUNTY SHALL SERVE FOR FOUR
YEARS. THIS SUBSECTION SHALL NOT BE CONSTRUED TO APPLY
TO ANY INCUMBENT AS OF JULY 1, 1976.

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

Approved May 15, 1975.

CHAPTER 847
(Senate Bill 693)

AN ACT concerning

Insurance Code — Service Charge on Finance Agreements

FOR the purpose of providing for the increase of the
maximum allowable service [[charge]] charges on
premium finance agreements.

BY repealing and re—enacting, with amendments,

Article 48A — Insurance Code

Section 486D(a)

Annotated Code of Maryland

(1972 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 486D(a) of Article 48A - Insurance
Code, of the Annotated Code of Maryland (1972 Replacement
Volume and 1974 Supplement) be and it is hereby repealed
and re—enacted, with amendments, to read as follows:

Article 48A — Insurance Code

486D.

(a) The service charge shall be computed on the
entire premium loan advanced, after subtracting any down
payment on the premium loan made by the insured, from the
inception date of the insurance contract, or from the due
date of such premium, disregarding any period of grace or
credit allowed for payment thereof, to and including the
date when the final installment under the premium finance
agreement is payable, at a rate not exceeding [one half]