Ch. 123                                    1995 LAWS OF MARYLAND

Chapter 725 of the Acts of 1986, as amended by Chapter 497 of the Acts of 1989

SECTION 2. AND BE IT FURTHER ENACTED, That the provisions of this Act
creating the Maryland "Small Business Extension Service Center Program, and any
regulations adopted under this Act, shall be void and of no effect after July 1, [1995]

2000.

SECTION 2. AND BE IT FURTHER ENACTED, That the provisions of this Act
creating the Maryland Small Business Extension Service Center Program, and any regulations
adopted under this Act, shall be void and of no effect after July 1, [1995] 2000.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1995.

Approved May 9, 1995.

CHAPTER 123
(Senate Bill 98)

AN ACT concerning

Real Property Tax—Semiannual Payment
First-Time Maryland Home Buyers - Closing Cost Reduction Act of 1995

FOR the purpose of requiring the counties and Baltimore City and municipal
corporations to allow certain property owners to elect to pay real property taxes on
a semiannual basis, subject to certain conditions; providing that a certain service
charge may not be considered to be a property tax for certain purposes; authorizing a
county that has a county transfer tax to provide for an exemption from the tax for certain
instruments of writing for certain residentially improved owner-occupied real property if
the instruments of writing are accompanied by certain statements under oath;
authorizing the governing body of a county or Baltimore City to provide for a similar
exemption from the recordation tax; modifying the rate of the State transfer tax for
the sale of certain property to first-time Maryland home buyers under certain
circumstances; requiring the seller of certain property to pay the entire amount of
State and local transfer tax and recordation tax under circumstances; defining
certain terms; generally relating to an exemption from the State transfer tax for
certain instruments of writing if the grantee is a first time Maryland home buyer;
repealing a certain exemption from the State transfer tax for the first $30,000 of
consideration payable for an instrument of writing for certain property; requiring
counties and municipal corporations to make certain changes to their property tax
collection data processing systems to the extent necessary; prohibiting lenders from
requiring borrowers or prospective borrowers to deposit certain moneys that exceed
certain limits in connection with certain mortgage loans or certain installment
payments under such loans; requiring certain transfer tax revenues for a certain
fiscal year to be credited to a certain account for a certain purpose; providing for
certain moneys to be paid from a certain account to a certain county and municipal
corporations under certain circumstances; providing for the intent of the General

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