WILLIAM DONALD SCHAEFER, Governor Ch. 223
5-1A-08.

(A) THE TRUST SHALL BE EXEMPT FROM:

(1) TAXATION BY THE STATE AND LOCAL GOVERNMENT;

(2) THE GENERAL PROCUREMENT LAW PROVISIONS OF
DIVISION II OF THE STATE FINANCE AND PROCUREMENT ARTICLE; AND

(3) THE PROVISIONS OF ARTICLE 64A OF THE CODE.

5-1A-09.

(A) ALL DEBTS, CLAIMS, OBLIGATIONS, AND LIABILITIES OF THE
TRUST AND ITS SUBSIDIARIES, WHENEVER INCURRED, SHALL BE THE
DEBTS, CLAIMS, OBLIGATIONS, AND LIABILITIES OF THE TRUST ONLY
AND NOT OF THE STATE, ITS AGENCIES, INSTRUMENTALITIES, OFFICERS,
OR EMPLOYEES.

(B) THE DEBTS, CLAIMS, OBLIGATIONS, AND LIABILITIES OF THE
TRUST MAY NOT BE CONSIDERED TO BE A DEBT OF THE STATE OR A
PLEDGE OF ITS CREDIT.

SECTION 2. AND BE IT FURTHER ENACTED, That the terms of trustees
serving on the Board of Trustees beginning July 1, 1990, shall expire as follows: (1) 4
trustees in 1992; (2) 3 members in 1994.

SECTION 3. AND BE IT FURTHER ENACTED, That notwithstanding §
5-1A-4, Article 83A of the Code, if on July 1, 1990 there are fewer than 4 participating
investors, the Governor shall appoint other trustees for all or part of one term.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.

Approved May 2, 1990.

CHAPTER 223
(House Bill 511)

AN ACT concerning

Real Property - Licensing and Regulation - New Home Warranties

FOR the purpose of requiring new home builders to make certain disclosures to
purchasers and owners of new homes; requiring an acknowledgment by the
purchaser under certain circumstances; allowing certain purchasers who have
made the acknowledgment to rescind the contract within a certain number of
days; establishing the required provisions and permitted exclusions of new home
warranty coverage; requiring builders who participate in warranty security plans to
furnish certain information and provide a new home with a warranty under certain

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