2410                                    LAWS OF MARYLAND                                 Ch. 610

436J.

All policies of credit life insurance, [and] credit
health, AND INVOLUNTARY UNEMPLOYMENT BENEFIT insurance shall
be delivered or issued for delivery in this State only by an
insurer authorized to do an insurance business therein and
shall be issued only through holders of licenses or
authorizations issued by the Commissioner.

436L.

When credit life insurance, [or] credit health, OR
INVOLUNTARY UNEMPLOYMENT BENEFIT insurance is required as
additional security for any indebtedness, the debtor, upon
notice to the creditor, shall at any time during the credit
transaction have the option of furnishing the required
amount of insurance through existing policies of insurance
owned or controlled by him or of procuring and furnishing
the required coverage through any insurer authorized to
transact an insurance business within this State. The
creditor shall, at the time that said transaction is
consummated wherein the debtor agrees to purchase credit
life insurance, [or] credit health insurance, OR INVOLUNTARY
UNEMPLOYMENT BENEFIT INSURANCE inform the debtor in writing
of the option referred to in this section, and the debtor
shall acknowledge in writing, that he has received notice of
said option.

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

Approved May 19, 1981.

CHAPTER 611

(House Bill 395)

AN ACT concerning

Interest and Usury

FOR the purpose of requiring the inclusion of a certain
statement on installment sales agreements relating to
nonfiling insurance policy premiums; permitting lenders
to collect certain fees for nonfiling insurance
policies; and generally relating to nonfiling insurance
policies.

BY repealing and reenacting, with amendments,

Article - Commercial Law
Section 12-606 and 12-609