1748                             Laws of Maryland                       Ch. 615

3. 200,000 to 500,000                       500,000

4. Over 500,000
THE FOLLOWING SCHEDULE:

TOTAL AMOUNT OF DEPOSITS          PENALTY OF BOND

HELD

1. $10,000 to $75,000                          FULL AMOUNT OF

DEPOSITS HELD

2.  $75,000 to $200,000                                  $75,000

3.  $200,000 to $500,000                                $200,000

4.  Over $500,000                                             $500,000

(c) The total amount of deposits considered held by a seller or
builder for the purpose of determining the penalty of any blanket
bond which the seller or builder shall obtain and maintain in any
given calendar year shall be determined as of May 31 of any given
calendar year and the penalty of such bond shall be in accordance
with the amount of deposits held as of May 31.

(d)    The Special Assistant Attorney General in charge of con-
sumer protection STATE INSURANCE DEPARTMENT shall adopt
such procedural regulations not inconsistent with this subtitle as
shall be necessary for the administration, maintenance, collection and
distribution of the bonds and bond proceeds provided for in this
subtitle.

(e)    Provided, however, that this subtitle shall not apply to

(1)    a sale by a seller or builder who, from the time of the con-
tract of sale until completion and conveyance of the residential unit,
has or shall have outstanding fewer than ten contracts of sale of
single family residential units to be constructed, as to which he has
accepted or is contractually entitled to receive sums of money in the
nature of deposits, escrow money or binder money.

(2)    a sale by or through a licensed real estate broker in connec-
tion with which all sums of money in the nature of deposits, escrow
money or binder money are paid to a broker to be held in the escrow
account of said broker.

(f)    Failure to obtain and maintain a corporate surety bond or
to hold sums of money in an escrow account as and whenever required
under this subtitle shall be a misdemeanor and shall be punishable
upon conviction by a fine not to exceed five hundred dollars ($500.00)
or imprisonment not to exceed six (6) months, or both. In case of a
violation by a corporation, any officer, director or employee who has
knowingly participated in any act or omission which is part of the
violation shall be subject to the penalties of this subsection.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved May 5, 1970