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VETOES
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S.B. 660
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(I) WITH AN APPROPRIATION FROM THE FUND APPROVED BY THE
GENERAL ASSEMBLY IN THE ANNUAL STATE BUDGET; OR
(II) BY THE BUDGET AMENDMENT PROCEDURE PROVIDED FOR IN §
7-209 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.
(3) IF, IN ANY FISCAL YEAR, THE AMOUNT OF THE REVENUE COLLECTED
BY THE COMMISSIONER AND DEPOSITED INTO THE FUND EXCEEDS THE ACTUAL
APPROPRIATION FOR THE COMMISSIONER TO REGULATE MORTGAGE LENDING
UNDER SUBTITLE 5 OF THIS TITLE AND MORTGAGE ORIGINATION UNDER THIS
SUBTITLE, THE EXCESS AMOUNT SHALL BE CARRIED FORWARD WITHIN THE FUND.
(E) (1) THE STATE TREASURER IS THE CUSTODIAN OF THE FUND.
(2) THE STATE TREASURER SHALL DEPOSIT PAYMENTS RECEIVED FROM
THE COMMISSIONER INTO THE FUND.
(F) (1) (I) THE FUND IS A SPECIAL, NONLAPSING FUND THAT IS NOT
SUBJECT TO § 7-302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.
(II) THE FUND MAY NOT BE DEEMED A PART OF THE GENERAL
FUND OF THE STATE.
(2) UNLESS OTHERWISE PROVIDED BY LAW, NO PART OF THE FUND MAY
REVERT OR BE CREDITED TO:
(I) THE GENERAL FUND OF THE STATE; OR
(II) A ANY OTHER SPECIAL FUND OF THE STATE.
11-611.
(A) BEGINNING IN FISCAL YEAR 2006, THE GOVERNOR SHALL APPROPRIATE IN
THE ANNUAL STATE BUDGET FUNDS TO THE DIVISION OF FINANCIAL REGULATION
FOR THE PURPOSE OF CREATING NECESSARY POSITIONS TO IMPLEMENT THE
PROVISIONS OF THIS SUBTITLE.
(B) AN AMOUNT EQUAL TO THE GOVERNOR'S APPROPRIATION UNDER
SUBSECTION (A) OF THIS SECTION SHALL BE REPAID BY THE FUND TO THE GENERAL
FUND OF THE STATE ON OR BEFORE JUNE 30, 2008.
11-612.
(A) THE COMMISSIONER SHALL ADOPT REGULATIONS THAT:
(1) SET CONTINUING EDUCATION REQUIREMENTS AS A CONDITION TO
THE RENEWAL OF A LICENSE UNDER THIS SUBTITLE; AND
(2) PRESCRIBE RULES FOR THE CLASSROOM EDUCATION REQUIREMENT
PROVIDED FOR IN § 11-605(A) OF THIS SUBTITLE.
(B) ANY CONTINUING EDUCATION REQUIREMENT ESTABLISHED BY THE
COMMISSIONER UNDER THIS SECTION SHALL APPLY TO THE FIRST RENEWAL OF A
LICENSE.
- 3760 -
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