1678

LAWS OF MARYLAND

Ch. 463

CHAPTER 463

(House Bill 574)

AN ACT concerning

FOR

Unemployment Insurance - Interest on Advances

the purpose of providing that the interest payable on any
loans made under Title XII of the Social Security Act shall
be paid in a timely manner; and providing that these
interest payments may not be made from an equivalent
reduction in unemployment taxes and from amounts in the
Unemployment Trust Fund.

BY renumbering

Article 95A - Unemployment Insurance Law

Section 10(e)

to be Section 10(f)

Annotated Code of Maryland

(1985 Replacement Volume)

BY adding to

Article 95A - Unemployment Insurance Law

Section 10(e)

Annotated Code of Maryland

(1985 Replacement Volume)

SECTION 1. BE IT ENACTED BY    THE GENERAL ASSEMBLY OF

MARYLAND, That Section(s) 10(e) of  Article 95A - Unemployment

Insurance Law of the Annotated Code of  Maryland be renumbered to

be Section(s) 10(f).

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of

Maryland read as follows:

Article 95A - Unemployment Insurance Law

10.

(E) ANY INTEREST REQUIRED TO BE PAID ON ADVANCES UNDER
TITLE XII OF THE SOCIAL SECURITY ACT:

(1) SHALL BE PAID IN A TIMELY MANNER; AND

(2) MAY NOT BE PAID, DIRECTLY OR INDIRECTLY, EITHER
BY AN EQUIVALENT REDUCTION IN THIS STATE'S UNEMPLOYMENT TAXES OR
FROM AMOUNTS IN THE STATE UNEMPLOYMENT TRUST FUND.