Ch. 408 1997 LAWS OF MARYLAND

(4) [shall] report immediately to the Comptroller the loss of any motor
fuel, unless the loss is due to:

(i) temperature correction; or

(ii) a spill that is reported to another State unit.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1997.

Approved May 8, 1997.

CHAPTER 408
(House Bill 162)

AN ACT concerning

Procurement - Security on Construction Contracts

FOR the purpose of allowing a pledge of real property located in the State to be accepted
as certain security on a construction contract in lieu of a certain bond or cash under
certain circumstances; capping the amount of an acceptable mortgage or deed of
trust based on the contractor's equity interest: requiring a mortgage or deed of trust
above a specified value to be recorded: and generally relating to security on
construction contracts under the State Procurement Law Maryland Little Miller
Act.

BY repealing and reenacting, with amendments,
Article - State Finance and Procurement
Section 17-104
Annotated Code of Maryland
(1995 Replacement Volume and 1996 Supplement)

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

Article - State Finance and Procurement

17-104.

(A) Payment security or performance security required under this subtitle shall be:

(1) a bond executed by a surety company authorized to do business in the

State;

(2) cash in an amount equivalent to a bond; or

(3) other security [that], INCLUDING A PLEDGE OF REAL PROPERTY
LOCATED IN THE STATE WHICH SHALL BECOME A LIEN, PROVIDED THAT THE
SECURITY is satisfactory to the public body awarding the contract.

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