WILLIAM DONALD SCHAEFER, Governor Ch. 87

(d) Discharge in insolvency proceedings; and

(e) Any other discharge of which the holder has notice when he takes
the instrument; AND

(3) ALL CLAIMS OR DEFENSES OF THE MAKER OR DRAWER OF
A PURCHASE MONEY INSTRUMENT OBTAINED BY OR ON BEHALF OF A
TIME-SHARE DEVELOPER AS DEFINED IN § 11A-101 OF THE REAL
PROPERTY ARTICLE, PROVIDED THE DEVELOPER HAS DELIVERED A
POLICY OF TITLE INSURANCE TO THE MAKER OR DRAWER INSURING
GOOD AND MERCHANTABLE TITLE TO THE TIME-SHARE PURCHASED.

Article - Real Property

11A-121.

(e) The Commission, after notice and hearing, may issue an order revoking a
registration upon determination that a developer has:

(1) Failed to comply with a cease and desist order issued by the
Commission;

(2) Concealed, diverted, or disposed of any funds or assets of any person in
a manner impairing rights of purchasers of those time-shares;

(3) Failed to perform any stipulation or agreement made to induce the
Commission to issue an order relating to those time-shares;

(4) Misrepresented or failed to disclose a material fact in the application
for registration; [or]

(5) Failed to meet any of the requirements for registration;

(6) VIOLATED ANY PROVISIONS OF THIS TITLE; OR

(7) COMMITTED AN UNFAIR OR DECEPTIVE TRADE PRACTICE
AS DEFINED IN § 11 1302(C) OF THE COMMERCIAL LAW ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.

Approved April 24, 1990.

CHAPTER 87
(Senate Bill 117)

AN ACT concerning

Independent or Intercountry Adoptions - Reimbursement of Nonrecurring Adoption

Expenses

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