2198

LAWS OF MARYLAND

Ch. 626

SUPPLIES, OR SERVICES BEING OFFERED WITHIN 3 YEARS PRIOR TO
THE DATE OF THE DISCLOSURE STATEMENT.

(XIX) OTHER INFORMATION AS THE

COMMISSIONER MAY REASONABLY REQUIRE BY RULE OR ORDER.

(XX) WHEN THE SELLER PROVIDING THE

DISCLOSURE IS A LICENSEE, THE DISCLOSURE SHALL ALSO INCLUDE
THE SAME INFORMATION CONCERNING THE LICENSOR AS IS REQUIRED
FROM THE SELLER PURSUANT TO THIS SECTION.

409.

(A)  IF THE BUSINESS OPPORTUNITY SELLER MAKES ANY OF
THE REPRESENTATIONS SET FORTH IN § 401(B)(3), THE SELLER
EITHER SHALL HAVE OBTAINED A SURETY BOND ISSUED BY A SURETY
COMPANY AUTHORIZED TO DO BUSINESS IN THIS STATE, OR SHALL
HAVE ESTABLISHED A TRUST ACCOUNT WITH A LICENSED AND INSURED
BANK OR SAVINGS INSTITUTION LOCATED IN THE STATE OF
MARYLAND. THE BOND OR TRUST ACCOUNT SHALL BE IN FAVOR OF
THE STATE OF MARYLAND.

(B) THE AMOUNT OF THE BOND OR TRUST ACCOUNT SHALL BE
AN AMOUNT OF NOT LESS THAN $50,000 AND THE BOND SHALL BE
RENEWED OR MAINTAINED IN THIS AMOUNT ANNUALLY FROM THE DATE
OF INITIAL REGISTRATION.

(B)  THE AMOUNT OF THE BOND OR TRUST ACCOUNT SHALL BE
AN AMOUNT OF NOT LESS THAN $50,000.

(C)  ANY PERSON WHO IS DAMAGED BY ANY VIOLATION OF THIS
SUBTITLE, OR BY THE SELLER'S BREACH OF ANY CONTRACT
OBLIGATION FOR A BUSINESS OPPORTUNITY SALE, OR OF ANY
OBLIGATION ARISING THEREFROM MAY BRING AN ACTION AGAINST THE
BOND OR TRUST ACCOUNT TO RECOVER DAMAGES SUFFERED. HOWEVER,
THE AGGREGATE LIABILITY OF THE SURETY OR TRUSTEE MAY BE ONLY
FOR ACTUAL DAMAGES AND IN NO EVENT MAY EXCEED THE AMOUNT OF
THE BOND OR TRUST ACCOUNT.

410.

(A) PRIOR TO PLACING ANY ADVERTISEMENT OR MAKING ANY
OTHER REPRESENTATIONS TO ANY PROSPECTIVE PURCHASER IN THIS
STATE, THE SELLER OF A BUSINESS OPPORTUNITY SHALL FILE WITH
THE COMMISSIONER A COPY OF THE DISCLOSURE REQUIRED BY § 408
OF THIS SUBTITLE. THE FILING OF THIS DISCLOSURE, TOGETHER
WITH THE FILING OF A STATEMENT SIGNED BY THE SELLER
VERIFYING ITS CONTENTS, THE FILING OF ANY BONDS OR A COPY OF
THE FORMAL NOTIFICATION BY THE DEPOSITORY AS TO ANY TRUST
ACCOUNT REQUIRED BY § 409 OF THIS SUBTITLE, AND THE PAYMENT
OF THE APPLICABLE FEE SHALL CONSTITUTE AN APPLICATION FOR
REGISTRATION OF AN OFFER.

(B) THE SELLER SHALL AMEND THESE FILINGS AS ANY
MATERIAL CHANGE IN THE REQUIRED INFORMATION OCCURS AND SHALL
RENEW THE ENTIRE APPLICATION FOR REGISTRATION ANNUALLY FROM
THE INITIAL DATE OF REGISTRATION OF THE OFFER.