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PARRIS N. GLENDENING, Governor
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Ch. 89
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(3) THE TOTAL LIABILITY OF THE BANK UNDER THE LETTER OF CREDIT
MAY NOT EXCEED THE AMOUNT OF THE LETTER OF CREDIT.
[(3)] (4) (i) The surety insurer OR BANK may cancel the bond OR
LETTER OF CREDIT after notifying the Commissioner at least 30 days before the
effective date of the cancellation.
(ii) [The] NEITHER THE surety insurer NOR THE BANK is [not]
liable for any breach of condition that occurs after the effective date of the
cancellation.
[(4)] (5) The Commissioner may adopt regulations that specify
conditions for surety bonds AND LETTERS OF CREDIT required by this section and
provide methods for THEIR termination [of the bonds],
(c) (1) The security required by subsection (a) of this section shall be
maintained as long as the licensee has any outstanding liability or obligation in the
State.
(2) SUBJECT TO APPROVAL BY THE COMMISSIONER THE LICENSEE MAY
SUBSTITUTE ANY TYPE OF SECURITY REQUIRED BY SUBSECTION (A) OF THIS
SECTION FOR ANY OTHER TYPE OF SECURITY REQUIRED BY SUBSECTION (A) OF THIS
SECTION.
[(2)] (3) On proof satisfactory to the Commissioner that the licensee has
stopped doing business and that all of the licensee's liabilities and obligations have
been satisfied, the Commissioner shall authorize the Treasurer to return the security
to the licensee.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2002.
Approved April 9, 2002.
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CHAPTER 89
(House Bill 942)
AN ACT concerning
Washington County - Property Tax Credit - Hagerstown Soccer Club, Inc.
FOR the purpose of authorizing the governing body of Washington County or a
municipal corporation in Washington County to grant, by law, a property tax
credit against the county or municipal corporation property tax imposed on real
property that is owned by the Hagerstown Soccer Club, Inc.; providing for the
application of this Act; and generally relating to authorization for a property tax
credit on real property that is owned by the Hagerstown Soccer Club, Inc.
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BY repealing and reenacting, with amendments,
Article - Tax - Property
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- 1237 -
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