S.B. 406

VETOES

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

Article - Financial Institutions

1-206.

(A) IN THIS SECTION, "FIDUCIARY DEPOSIT SURETY BOND" MEANS A SURETY
BOND THAT:

(1) GUARANTEES THE PAYMENT OF DEPOSITED FUNDS AWAITING
DISTRIBUTION OR INVESTMENT HELD BY A FINANCIAL INSTITUTION IN A FIDUCIARY
CAPACITY; AND

(2) SUBJECT TO THE TERMS AND CONDITIONS OF THE BOND, IS
IRREVOCABLE AND ABSOLUTE.

(B) IF APPLICABLE LAW REQUIRES A DEPOSIT MADE BY A FINANCIAL
INSTITUTION TO BE COLLATERALIZED, THE FINANCIAL INSTITUTION MAY TAKE AS
COLLATERAL FOR THE DEPOSIT, IN ADDITION TO ANY OTHER PERMISSIBLE
COLLATERAL, A FIDUCIARY DEPOSIT SURETY BOND ISSUED BY AN INSURANCE
COMPANY AUTHORIZED TO DO BUSINESS IN THIS STATE, THE CLAIMS-PAYING
ABILITY OF WHICH IS RATED IN THE HIGHEST CATEGORY BY AT LEAST TWO
NATIONALLY RECOGNIZED STATISTICAL RATING AGENCIES.

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 406.

This bill would provide that a mobile home park owner must renew a "qualified
resident's" one-year lease no later than 30 days before the expiration of the existing term,
or offer a month-to-month lease; if the land use of the park is changed, residents must be
given one year's notice; within 30 days of obtaining ownership of a mobile home through
inheritance, the owner must apply for a rental agreement, offer the mobile home for sale,
or move the mobile home; and the park owner must submit a plan for relocating residents
when applying for a change of land use of a park.                                   

House Bill 673, which was passed by the General Assembly and signed by me on May 26,
1994, accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate
Bill 406.

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