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S.B. 604
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VETOES
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(iii) conditioned on the faithful performance by the applicant of its
obligations under this title, including payment of any fines, fees, or penalties imposed
on it or restitution ordered under this title.
(2) The total liability of the surety insurer under the bond may not
exceed the penal sum of the bond.
(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.
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May 15, 2002
The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis MD 21401
Dear Mr. President:
In accordance with Article II, Section 17 of the Maryland Constitution,.! have today
vetoed Senate Bill 604 - Allegany County - Director of Emergency Management.
Senate Bill 604 would have provided that the Director of Emergency Management in
Allegany County is a county employee and must be hired in accordance with the
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- 4734 -
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