VETOES

      (B) THIS SECTION APPLIES TO A COMPLIANCE REVIEW COMMITTEE WHOSE
FUNCTIONS ARE TO EVALUATE AND SEEK TO IMPROVE:

(1)      LOAN UNDERWRITING STANDARDS;

(2)      ASSET QUALITY;

(3)      FINANCIAL REPORTING TO FEDERAL OR STATE REGULATORY
AGENCIES; OR

(4)      COMPLIANCE WITH FEDERAL OR STATE STATUTORY OR
REGULATORY REQUIREMENTS.

(C)      EXCEPT AS PROVIDED IN SUBSECTION (D) OF THIS SECTION:

(1)      THE RECORDS AND FILES OF A COMPLIANCE REVIEW COMMITTEE
COMPLIANCE REVIEW DOCUMENTS ARE CONFIDENTIAL AND ARE NOT
DISCOVERABLE OR ADMISSIBLE IN EVIDENCE IN ANY CIVIL ACTION ARISING OUT
OF MATTERS EVALUATED BY THE COMPLIANCE REVIEW COMMITTEE; AND

(2)      THE RECORDS AND FILES OF A COMPLIANCE REVIEW COMMITTEE
PREPARED IN RESPONSE TO FEDERAL OR STATE STATUTORY OR REGULATORY
REQUESTS OR REQUIREMENTS ARE COMPLIANCE REVIEW DOCUMENTS DELIVERED
TO A FEDERAL OR STATE GOVERNMENTAL AGENCY REMAIN CONFIDENTIAL AND
ARE NOT DISCOVERABLE OR ADMISSIBLE IN EVIDENCE IN ANY CIVIL ACTION
ARISING OUT OF MATTERS EVALUATED BY THE COMPLIANCE REVIEW COMMITTEE.

(D)     SUBSECTION (C) OF THIS SECTION DOES NOT APPLY TO ANY
INFORMATION REQUIRED BY STATUTE OR REGULATION TO BE MAINTAINED BY OR
PROVIDED TO A GOVERNMENTAL AGENCY WHILE THE INFORMATION IS IN THE
POSSESSION OF THE GOVERNMENTAL AGENCY TO THE EXTENT APPLICABLE LAW
EXPRESSLY AUTHORIZES ITS DISCLOSURE..

(E)     THIS SECTION MAY NOT BE CONSTRUED TO LIMIT THE DISCOVERY OR
ADMISSIBILITY IN ANY CIVIL ACTION OF ANY DOCUMENTS THAT ARE NOT
COMPLIANCE REVIEW DOCUMENTS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1993. .

May 27, 1993

The Honorable Thomas V. Mike Miller, Jr.

President of the Senate

State House

Annapolis, Maryland 21401

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed Senate Bill 769.

- 3386 -

S.B. 769