MARVIN MANDEL, Governor                        2741

Marvin Mandel
Governor

Senate Bill No. 46 - Federal Truth—in—Lending Act

AN ACT concerning

Interest — Statement by Lender

[[FOR the purpose of including the total principal amount
and total amount of interest within the exception to
the requirement for a statement by the lender when
covered by the Federal Truth—in—Lending Act.]]

FOR the purpose of providing that the total principal
amount and the total amount of interest of certain

loans may be included on the Federal

Truth—in—Lending Act statement and generally
relating to disclosure on certain statements by the
lender.

May 17, 1976.
Honorable Steny H. Hoyer
President of the Senate
State House
Annapolis, Maryland 21404

Dear Mr. President:

In accordance with Article II, Section 17 of the
Maryland Constitution, I have today vetoed Senate Bill
46.

The original purpose of this bill, according to its
sponsor, was to exempt lenders who are subject to the
Federal Truth—In—Lending Act from the State disclosure
requirements contained in Section 12—106 of the
Commercial Law Article, in order to avoid duplication,
cost, and confusion.

The bill was amended, however, in such a way as to
compound the confusion rather than to eliminate it. As
passed, the bill purports to authorize a lender to
furnish some, but not all, of the information required
under State law "as part of the disclosure provisions of
the Federal Truth—In—Lending Act...". However, under
federal law, a lender cannot furnish inconsistent state
law disclosures as part of the federal disclosure. Any
state disclosures must be made on a separate piece of
paper or in a conspicuous manner on the same piece of