Ch. 3                                           LAWS OF MARYLAND

(A)  ESTABLISHMENT OF GUARANTY FUND.
THE COMMISSION SHALL:

(1)  ESTABLISH A REAL ESTATE GUARANTY FUND; AND

(2)  MAINTAIN THE GUARANTY FUND AT A LEVEL OF AT LEAST
$250,000.

(B)  DISPOSITION OF MONEY COLLECTED; INVESTMENTS BY STATE
TREASURER.

(1)  THE COMMISSION SHALL DEPOSIT ALL MONEY COLLECTED
TO THE CREDIT OF THE GUARANTY FUND WITH THE STATE TREASURER FOR
PLACEMENT INTO A SPECIAL ACCOUNT.

(2)  (I) THE STATE TREASURER MAY INVEST OR REINVEST
MONEY IN THE GUARANTY . FUND IN THE SAME MANNER AS MONEY IN THE
STATE EMPLOYEES RETIREMENT AND PENSION SYSTEM.

(II) THE INVESTMENT EARNINGS SHALL BE:

1.  CREDITED TO THE GUARANTY FUND; AND

2.  AVAILABLE FOR THE SAME PURPOSES AS THE
MONEY DEPOSITED INTO THE GUARANTY FUND.

(C)  REGULATIONS.

THE COMMISSION MAY ADOPT REGULATIONS FOR THE ADMINISTRATION
OF A GUARANTY FUND.

REVISOR'S NOTE: This section formerly appeared as Art. 56A,
§ 4-402.

There are no changes.

Defined terms: "Commission" § 16-101
"Guaranty Fund" § 16-101

16-403. INITIAL FEE; ASSESSMENTS.

(A) INITIAL FEE.

(1)  SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION,
BEFORE THE COMMISSION ISSUES A REAL ESTATE BROKER LICENSE, AN
ASSOCIATE REAL ESTATE BROKER LICENSE, OR A REAL ESTATE
SALESPERSON LICENSE TO ANY INDIVIDUAL, THE INDIVIDUAL SHALL PAY A
FEE OF $20 TO BE CREDITED TO THE GUARANTY FUND.

(2)  REGARDLESS OF HOW MANY TIMES AN INDIVIDUAL
APPLIES TO THE COMMISSION FOR A LICENSE UNDER THIS TITLE, THE

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