The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
Annapolis MD 21401
Dear Mr. President:
In accordance with Article II, Section 17 of the Maryland Constitution, I have today vetoed Senate Bill 340 - Commercial Law - Revolving Credit Plans - Access to Home Equity Credit Through Use of Credit Device.
This bill repeals the provision of law that prohibits a revolving credit plan from being secured by a lien on residential real property if the plan is accessed through the use of a credit device through which the credit grantor acquires purchase obligations incurred by honoring the credit device.
House Bill 698, which was passed by the General Assembly and signed by me today, accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate Bill 340.
Parris N. Glendening