Ch. 100                                    1996 LAWS OF MARYLAND

(2) shall mail to the person or governmental unit a notice of final
determination.

(d) The Department promptly:

(1)     shall act on a person's public service company franchise tax OR
FINANCIAL INSTITUTION FRANCHISE TAX application for revision under subsection (a)
of this section; or

(2)     (i) shall hold an informal hearing after giving reasonable notice to the
person; and

(ii) after the hearing:

1.       shall act on the application for revision; and

2.       may assess any additional tax, penalty, and interest due; and

(3)     shall mail to the person a notice of final determination.

SECTION 3. AND BE IT FURTHER ENACTED. That Section 1 of this Act
shall be applicable to all taxable years beginning after December 31, 1995 but before
January 1, 1998. It shall remain effective for a period of one and one-half years and, at
the end of December 31. 1997. with no further action required by the General Assembly,
Section 1 of this Act shall be abrogated and of no further force and effect.

SECTION 2. 4. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1996 and. Section 2 of this Act shall be applicable to assessments of financial
institution franchise tax issued on or after that date.

Approved April 30, 1996.

CHAPTER 100

(Senate Bill 98)

AN ACT concerning

Abandoned Property - Aggregate Amounts

FOR the purpose of altering the amount value of certain property presumed to be
abandoned for which certain information need not be specifically identified by the
owner in certain reports filed by certain holders under the Maryland Uniform
Disposition of Abandoned Property Act; altering the value of certain property for
which a certain administrator is required to mail a certain notice to certain persons;
altering the amount value of certain property required to be published in a certain
notice by a certain administrator; and generally relating to the distribution
disposition of abandoned property.

BY repealing and reenacting, with amendments,
Article - Commercial Law

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