Md. Code Ann., Fin. Inst. § 4-209
Payments to initial guaranty fund
Effective Jul 1, 1996Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.State of Maryland
(a) Payment to the initial guaranty fund shall be:
- (1) Made in money; and
- (2) Evidenced by transferable deferred payment certificates.
(b) The approval of the Commissioner is required as to:
- (1) The form of the transferable deferred payment certificates;
- (2) The rate of interest that the holder of a certificate will be entitled to receive; and
- (3) The terms under which and the pro rata installments by which the holder of a certificate will be repaid.
Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.