VETOES

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland
Constitution, I have today vetoed Senate Bill 165.

This bill eliminates the residency requirement for secondary
mortgage licensees, and makes other changes relative to these
licensees.

I have today signed into law House Bill 1604. It is my
understanding that Senate Bill 165 was introduced as a
contingency in the event that House Bill 1604 did not pass, but
since House Bill 1604 did pass and has been signed, it is not
necessary to sign Senate Bill 165.

For this reason, I have today vetoed Senate Bill 165.

Sincerely,

William Donald Schaefer

Governor

Senate Bill No. 165

AN ACT concerning

Secondary Mortgage Loans - Licensing Provisions -
Revision of Qualifications and Examinations

FOR the purpose of repealing the residency requirement to qualify
for a Maryland secondary mortgage loan license; adding an
additional ground for denial of a license; providing for the
reimbursement to the State of certain expenses where the
licensee maintains its principal place of business or
records outside of the State; making this Act subject to a
certain contingency; and generally relating to the licensure
and examination of secondary mortgage loan lenders.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 12-305 and 12-312

Annotated Code of Maryland

(1986 Replacement Volume and 1988 Supplement)

BY repealing and reenacting, without amendments,

Article - Financial Institutions

Section 12-508

Annotated Code of Maryland

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