1182                                 LAWS OF MARYLAND                               Ch. 320

CHAPTER 320

(Senate Bill 476)

AN ACT concerning

Real Estate Guaranty Fund -
Interest Rate on Unpaid Claims

FOR the purpose of increasing the interest rate charged on
certain unpaid claims on the Real Estate Guaranty Fund;
and clarifying language.

BY repealing and reenacting, with amendments,

Article 56 - Licenses
Section 217A(d)
Annotated Code of Maryland
(1979 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 56 - Licenses

217A.

(d) (1) When any aggrieved person commences any claim
under this section which may result in collection from
[said] THE guaranty fund, the aggrieved person shall notify
[said] THE Commission in writing to this effect at the time
of the commencement of such action. (2) When any aggrieved
person sustains a pecuniary loss against any real estate
broker or real estate salesman or the unlicensed employee of
any such real estate broker for loss or damages sustained by
reason of the embezzlement of money or property, or money or
property unlawfully obtained from any person by false
pretenses, artifice, trickery or forgery or by reason of any
fraud, misrepresentation or deceit by or on the part of such
real estate broker or salesman or the unlicensed employee of
any such real estate broker, or by reason of a violation of
this subtitle by such broker, salesman, or employee such
aggrieved person shall file a verified claim with the
Commission, and apply to such Commission for payment out of
the guaranty fund of the amount of the loss found by the
Commission to be incurred by such aggrieved person, subject
to the limitations specified in this section. (3) The
Commission shall proceed upon such application in a summary
manner, and, upon the hearing thereof, the aggrieved person
shall be required to show: (i) he is not a spouse of the
debtor, or the personal representative of such spouse; (ii)
he has complied with all the requirements of this section.