1994                                 LAWS OF MARYLAND                               Ch. 546

(b)  For the purposes of this section, the debtor is
presumed to have made his election under subsection (a)
unless he affirmatively claims the exemption under § 11-504.

(c)  A sheriff may not execute on the items described
in subsection (a) unless the debtor has affirmatively
claimed the exemption under § 11-504.]

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 20, 1980.

CHAPTER 547

(Senate Bill 290)

AN ACT concerning

Consumer Loans - Insurance Coverage

FOR the purpose of providing that property insurance may be
provided by the lender only if at the time of the loan
the borrower either has no property insurance or has
such insurance but is unable to furnish a less payable
endorsement for the protection of the lender in a
certain amount in certain cases; providing for when the
lender shall cancel the property insurance and refund
the premium to the borrower; and requiring the lender
to give the borrower a certain notice.

BY repealing and reenacting, with amendments,

Article - Commercial Law
Section 12-312(c)(l)
Annotated Code of Maryland
(1975 Volume and 1979 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be repealed, amended, or enacted to read as follows: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 - Commercial Law

12-312.

(c) (1) The amount of property insurance may not
exceed either the reasonable value of the property insured
or the originally scheduled total of payments under the loan
contract. The terms and conditions of the property
insurance policy shall be filed with and approved by the