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ROBERT L. EHRLICH, JR., Governor Ch. 194
SECTION 8. AND BE IT FURTHER ENACTED, That any and all obligations
issued under this Act, their transfer, the interest payable on them, and any income
derived from them from time to time (including any profit made in their sale) shall be
and are hereby declared to be at all times exempt from State, County, municipal, or
other taxation of every kind and nature whatsoever within the State of Maryland.
SECTION 9. AND BE IT FURTHER ENACTED, That the authority to borrow
money and issue bonds conferred on the County by this Act shall be deemed to provide
additional, alternative, and supplemental authority for borrowing money and shall be
regarded as supplemental and additional to powers conferred upon the County by
other laws and may not be regarded as in derogation of any power now existing; and
all previously enacted laws authorizing the County to borrow money are hereby
continued to the extent that the power contained in them is continuing or has not
been exercised, unless any law is expressly repealed by this Act, and the validity of
any bonds issued under previously enacted laws is hereby ratified, confirmed, and
approved. This Act, being necessary for the welfare of the inhabitants of the County,
shall be liberally construed to effect its purposes. All Acts and parts of Acts
inconsistent with the provisions of this Act are hereby repealed to the extent of any
inconsistency.
SECTION 10. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2006.
Approved April 25, 2006.
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CHAPTER 194
(House Bill 861)
AN ACT concerning
Insurance - Regulation of Premium Finance Companies
FOR the purpose of altering the filing requirements and registration fee for an initial
registration by a premium finance company; altering the requirements for
renewal of a registration; requiring a premium finance company to report
certain changes within a certain number of days after a change occurs; requiring
a premium finance company to file all changes to the form of the premium
finance agreement used by the premium finance company and to certain fees
and charges applied by the premium finance company; prohibiting a premium
finance company from using a premium finance agreement form or applying
certain fees or charges unless the form, fee, or charge is approved by the
Maryland Insurance Commissioner; requiring a premium finance company to
disclose a certain method or formula to the Commissioner on written request;
altering the penalties that may be imposed on a premium finance company for
certain violations; providing that a premium finance company that delegates
administration of a premium finance agreement to a third party is responsible
for a violation of certain provisions of law by the third party; altering the
information that must be contained in a premium finance agreement; altering
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