WILLIAM DONALD SCHAEFER, Governor                         Ch. 506

Approved May 26, 1994.

CHAPTER 506
(Senate Bill 646)

AN ACT concerning

Vehicle Laws - Motor Vehicle Administration Funds - Time to Process Payment Bond

Program

FOR the purpose of altering the time period within which certain persons licensed by the
Motor Vehicle Administration must process certain funds received by the licensee
which are owed to the Administration altering certain provisions of law relating to
the processing of certain Motor Vehicle Administration funds to require the
Administration to adopt regulations that establish a certain payment bond program;
requiring that the amount of any payment bond required under the program be
based on a certain factor; providing that the deadline for sending certain funds and
documents to the Administration depends on whether a licensee participates in the
payment bond program established under this Act; and generally relating to vehicle
laws and the time for processing certain Motor Vehicle Administration funds.

BY repealing and reenacting, with amendments,
Article - Transportation
Section 15-114
Annotated Code of Maryland
(1992 Replacement Volume and 1993 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Transportation

15-114.

(a) In this section, "licensee" means any person licensed under Subtitle 2, 3, 4, or
6 of this title.

(b) If a licensee accepts Administration funds, the licensee shall:

(1) Deposit the Administration funds in an interest bearing account
maintained by the licensee:

(i) Separately from the licensee's operating accounts;

(ii) Solely for the purpose of depositing and maintaining
Administration funds; and

(iii) Within the time period specified in subsection (c) of this section;
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