872                                     LAWS OF MARYLAND                              Ch. 308

licensed to do business in [the State of Maryland] THIS
STATE. In lieu of having a bond executed by a corporate
surety, the applicant may elect to deposit, with the
local governing body, cash or negotiable bonds of the
U.S. government or of [the State of Maryland] THIS STATE
or any other securities acceptable to the Department.
The amount of the cash deposit or the market value of any
securities shall be at least equal to the required sum of
the bond. The local governing body shall receive and
hold any such cash or securities in the name of the
appropriate subdivision, in trust, for the purposes for
which the deposit is posted. The Department shall adopt
standards for the closing and covering of landfill refuse
disposal systems. The obligation of the applicant and
of any corporate surety under the bond shall become due
and payable, and all or any part of any cash or
securities shall be applied to payment of the costs of
properly closing and covering a landfill only if the
Department has (1) notified the applicant and any
corporate surety that the landfill has not been closed or
covered in a manner which prevents erosion, health and
safety hazards, nuisances, and pollution, specifying in
[such] THE notice the particular deficiencies in the
closing or covering of the landfill to be corrected; and
(2) given the applicant and any corporate surety a
reasonable opportunity to correct [such] THE deficiencies
and to close and cover the landfill in accordance with
the standards adopted by the Department; and (3)
authorized the local governing body to close and cover
the landfill properly in accordance with the standards
adopted by the Department.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 4, 1976.

CHAPTER 309

(Senate Bill 582)

AN ACT concerning

Licenses — Real Estate Guaranty Fund

FOR the purpose of specifying that the Real Estate
Guaranty Fund applies only to transactions arising
out of a real estate business and that recovery is
restricted to actual loss; and clarifying language.

BY repealing and reenacting, with amendments,