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PARRIS N. GLENDENING, Governor Ch. 515
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PROCEDURES TO BE USED BY AN INSURER TO PROVIDE TIMELY NOTIFICATION TO
AN INSURED OF THE PENALTIES THAT MAY BE IMPOSED IN ACCORDANCE WITH §
17-106 OF THIS SUBTITLE IF THE INSURED FAILS TO RENEW OR REPLACE A POLICY
OF MOTOR VEHICLE LIABILITY INSURANCE WITHOUT SURRENDERING THE
EVIDENCES OF REGISTRATION.
[(c)] (D) (1) In this subsection, " replacement vehicle" means a vehicle that is
loaned by an auto repair facility or a dealer, or that an individual rents temporarily, to
use while a vehicle owned by the individual is not in use because of loss, as " loss" is
defined in that individual's applicable private passenger automobile insurance policy
or because of breakdown, repair, service, or damage.
(2) Subject to paragraph (3) of this subsection, an owner of a replacement
vehicle may satisfy the requirement of subsection (a) of this section by maintaining the
required security described in § 17-103 of this subtitle that is secondary to any other
valid and collectible coverage and that extends coverage in amounts required under §
17-103(b) of this subtitle to the owner's vehicle while it is used as a replacement
vehicle.
(3) If an owner of a replacement vehicle provides coverage as provided
under paragraph (2) of this subsection, the agreement for the replacement vehicle to be
signed by the renter or the individual to whom the vehicle is loaned shall contain a
provision on the face of the agreement, in at least 10 point bold type, that informs the
individual that the coverage on the vehicle being serviced or repaired is primary
coverage for the replacement vehicle and the coverage maintained by the owner on the
replacement vehicle is secondary.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2000.
Approved May 18, 2000.
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CHAPTER 515
(Senate Bill 309)
AN ACT concerning
Maryland Research and Development Tax Credit
FOR the purpose of allowing a credit against the State income, tax for certain research
or development expenses incurred by an individual' or corporation; allowing a
credit against the State income tax based on certain increases in expenses paid
or incurred for certain research and development conducted in the State;
providing for calculation of the credit based on the amount by which certain
research and development expenses for a taxable year exceed a certain base
amount; providing for applications to the Department of Business and Economic
Development for approval of the credit and certification by the Department to
taxpayers of approved credit amounts; limiting the total amount of credits that
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