WILLIAM DONALD SCHAEFER, Governor                        S.B. 211

Annotated Code of Maryland

(1990 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 - Commercial Law

17-301.

(a) The following property held by a banking or financial organization, or business
association is presumed abandoned, if the depositor has been issued a notice by first class
mail to the depositor's last known address of the fact that the property will be considered
abandoned and there is no response within 30 days to the notification:

(2) Any funds paid toward the purchase of shares or other interest in a
financial organization, or any deposit made with these funds, and any interest or
dividends on these, excluding any charges that lawfully may be withheld, unless, within 5
years, the owner has:

(i) Increased or decreased the amount of the funds or deposit, or
presented an appropriate record for the crediting of interest or dividends;

(ii) Corresponded in writing with the financial organization concerning
the funds or deposit; [or]

(III) ENGAGED IN ANY CREDIT, SHARE, OR OTHER DEPOSIT
TRANSACTION WITH THE FINANCIAL ORGANIZATION; OR

[(iii)] (IV) Otherwise indicated an interest in the funds or deposit as
evidenced by a memorandum on file with the financial organization;

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1994.

May 26, 1994

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 211.

This bill would authorize a credit union to make loans to members of $20,000 or less
without security, if the credit union has the approval of the Bank Commissioner.

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