Marvin Mandel, Governor                         1039

bursed or, if such original or copy of a recorded release is not readily
obtainable at the time of recording, it shall be sufficient to furnish
the buyer or seller the original or a copy of the court's recordation
receipt for such release or other certified court document clearly
evidencing the recordation of such release.

(2) Time of delivery of evidence.—The required evidence of a
recorded release shall be mailed or otherwise delivered to the seller
and buyer within thirty days from the delivery of the deed or deeds
conveying title to the real property, except that if the recording of
the release will be delayed beyond the thirty-day period for causes
not attributable to the neglect, omission or malfeasance of the person
responsible for the disbursement of funds, a letter explaining the delay
shall be mailed or otherwise delivered to the seller and buyer with-
in the thirty-day period, and such person shall furnish to the seller
and buyer the required evidence of the recorded release at the ear-
liest opportunity thereafter, provided that the person shall follow the
procedure of mailing or otherwise delivering a letter of explana-
tion each thirty days until the required evidence of a recorded re-
lease is furnished to the buyer and seller.

(3) Noncompliance with subsections (1) and (2).—If the provi-
sions of subsections (1) and (2) are not complied with by the per-
son responsible for the disbursement of funds, the seller, buyer or a
duly organized bar association of this State may petition a court
of equity to order an audit to be made of the accounts maintained
by such person for funds received in connection with real estate
closing transactions in this State. The petition shall state concisely
the facts showing such noncompliance and shall be verified. The
court shall upon receipt of such petition issue an order to the person
to show cause within ten days why such audit should not be con-
ducted. If such cause is not shown, the court may order the audit
to be conducted. The court may order such other relief as it deems
appropriate under the circumstances of the case.

(4) Seller and buyer to be informed of provisions of sections.—
Prior to the execution of the deed or deeds conveying title to the real
property, the person responsible for the disbursement of funds shall
inform the seller and buyer in writing of the provisions of this sec-
tion.

(5)    Effect of proper disbursement of funds within five days.—
Unless specifically requested to do so by either the buyer or the
seller, a person responsible for the disbursement of funds in a real
estate closing transaction shall not be required to provide such
buyer or seller with the required evidence of a recorded release if
such person properly disburses all funds entrusted to him in the
course of the closing transaction within five (5) days from the date
of the delivery of the deed or deeds conveying title to the real
property.

(6)    Payment of cost of reproducing and mailing release.—The
cost of reproducing and mailing a recorded release under this section
shall be borne by the seller unless the parties otherwise agree.

(7)    This Section 7-106 (b) shall not apply where the loan secured
by the mortgage or deed of trust is one in which it is lawful to charge
any rate of interest under the provisions of Art. 49, Sec. 7.

(c) Procedure for release of certain mortgages or deeds of trust.