BLAIR LEE III, Acting Governor

2451

Article 48A - Insurance Code

Section 111(1)

Annotated Code of Maryland

(1972 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 48A - Insurance Code

111.

(1) [Upon request of the insurer, the] THE State
Treasurer, with the consent of the Commissioner, may
[designate] REQUIRE THAT AN INSURES INSURER DEPOSIT
SECURITIES WITH A DEPOSITORY DESIGNATED BY THE STATE
TREASURY TREASURER TO RECEIVE AND HOLD THE SECURITIES. THE
STATE TREASURY TREASURES MAY MAKE AN APPROPRIATE AGREEMENT
WITH A DEPOSITORY TO INSURE THE RECEIPT, SAFEKEEPING, AND
RELEASE OF THE SECURITIES. THE DESIGNATED DEPOSITORY MAY BE
any solvent trust company or other solvent financial
institution having trust powers AND domiciled in this State
[as the Treasurer's depository to receive and hold any such
deposit]. Any such deposit so held shall be at the expense
of the insurer].

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 29, 1978.

CHAPTER 846
(Senate Bill 1119)
AN ACT concerning

Racing Commission — Harness Racing

board of the Maryland Racing Commission from racing

horses in Maryland except in certain circumstances;

requiring each harness track to pay an estimated tax on
wagers; permitting the Racing Commission to award

racing day to harness tracks up to 3 years in advance;

requiring the State to provide any security guards

required by a licensee and requiring the licensee to

reimburse the State for providing security guards;
prohibiting a licensee from loaning money to any person

for the purpose of making a wager; requiring that

FOR the purpose of prohibiting members of the harness racing