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On May 28 Maryland Governor Larry Hogan vetoed HB 719, legislation that would have rendered personal guaranty clauses in commercial contracts unenforceable for 180 days after the COVID-19 state of emergency is lifted in the state.
ICSC advocated in support of this veto for a number of reasons, particularly to avoid the precedent set by a state’s interference in contracts agreed upon by private parties.
ICSC believes this outcome is also important considering potential constitutional questions over impairment of contracts. Governor Hogan’s statement recognizes the goal of HB 719 is well-intentioned and aimed at providing relief to small businesses temporarily closed by COVID-19. Nonetheless, the legislation, if enacted, would have created more problems than it solved and simply shifted the burden from one business to another.
ICSC thanks its Maryland members for their successful efforts to educate the legislature and governor’s office on the consequences of this measure, which culminated in the governor’s decisive veto.
For more information, contact Jim Hill, VP of State and Local Government Relations at jhill@icsc.com.