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VETOES

Senate Bill No. 808

AN ACT concerning

Finance Charges - Refunds - Prospective Effect

FOR the purpose of providing that a certain Act relating to
calculations of refunds on installment sales agreements
shall have only a prospective effect.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the calculation of refunds on installment
sale agreements provided under sections 12-612 and 12-620 of
the Commercial Law Article, as enacted by Chapter 465 of the
Acts of the General Assembly of 1980, applies only to
installment sale agreements executed on or after January 1,
1981.

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

May 19, 1981
The Honorable James Clark, Jr.
President of the Senate
State House
Annapolis, Maryland 21404

Dear Mr. President:

In accordance with Article II, Section 17 of the
Maryland Constitution, today I have vetoed Senate Bill 808.

This bill provides that the calculation of refunds on
retail installment sales agreements, as provided for by the
1980 Session of the General Assembly, shall be applicable
only to such agreements executed after January 1, 1981.

House Bill 1401, which was enacted by the General
Assembly and signed by me on May 19, 1981, accomplishes the
same purpose.

Therefore it is unnecessary for me to sign Senate Bill
808.

Sincerely,
Harry Hughes
Governor