HARRY HUGHES, Governor                             1995

Insurance Commissioner. Property insurance may [not] be
provided [if, to] BY the [lender's knowledge, the borrower
at the time the loan is made has valid and collectible
insurance covering the property to be insured and has
furnished] 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 THE BORROWER, AT THE
TIME THE LOAN IS MADE, FAILS TO FURNISH a loss payable
endorsement for the protection of the lender. IN AN AMOUNT
SUFFICIENT TO COVER THE VALUE OF THE PROPERTY OFFERED TO THE
LENDER AS SECURITY ON THE LOAN AMOUNT OF THE LOAN OR THE
VALUE OF THE PROPERTY SECURING THE LOAN, WHICHEVER IS LESS.
IF, HOWEVER, WITHIN 30 DAYS OF THE INCEPTION DATE OF THE
LOAN, THE BORROWER DOES PROVIDE A LOSS PAYABLE ENDORSEMENT
FOR THE PROTECTION OF THE LENDER, AND NO CLAIM HAS BEEN
FILED UNDER THE COVERAGE PURCHASED, THE LENDER SHALL CANCEL
THE PROPERTY INSURANCE ON THE LOAN AND SHALL REFUND THE
ENTIRE ORIGINAL PROPERTY INSURANCE PREMIUM TO THE BORROWER.
A LENDER PROVIDING PROPERTY INSURANCE UNDER THIS SECTION
SHALL GIVE THE BORROWER, AT THE TIME THE LOAN IS MADE, A
WRITTEN NOTICE OF THE BORROWER'S RIGHT TO PROVIDE A LOSS
PAYABLE ENDORSEMENT FOR THE PROTECTION OF THE LENDER AND THE
BORROWER'S RIGHT TO A REFUND OF THE ENTIRE PROPERTY
INSURANCE PREMIUM.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980 January 1, 1981.

Approved May 20, 1980.

CHAPTER 548

(Senate Bill 291)

AN ACT concerning

Certain Regulatory and Licensing Boards and
Commissions - Continuation

FOR the purpose of continuing the State Athletic Commission,
Board of Barber Examiners, State Board of
Cosmetologists, Board of Inspection of Horse Riding
Stables, Mine Examining Board, Board of Veterinary
Medical Examiners, Maryland Board of Certification for
Superintendents of Waterworks, Wastewater Works, and
Industrial Wastewater Works, and State Board of Well
Drillers in accordance with the provisions of the
Regulatory Programs Evaluation Act of 1978 (Sunset Law)
by extending to a certain date the termination
provision relating to the statutory and regulatory
authority of these boards and commissions and the
regulation of boxing and wrestling matches, barbers,
cosmetologists, horse riding stables, certain mining