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HARRY HUGHES, Governor
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497
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registered with the Real Estate Commission as a time-share
developer; providing for the issuance, denial, suspension,
and revocation of certificates of registration of time-share
developers; providing that time-share developers must
maintain certain surety bonds for the protection of
purchasers of time-share estates; prohibiting certain claims
against the real estate guaranty fund established and
maintained by the Real Estate Commission; providing certain
criminal sanctions for certain failures to comply with this
Act; providing that certain records, books, and accounts
must be maintained and displayed in a certain manner and
under certain circumstances; providing that real estate
brokers, real estate salesmen, and time-share developers are
prohibited from, making certain misrepresentations; defining
certain terms; and generally relating to the offering and
sale of time-share estates to the public.
BY repealing and reenacting, with amendments,
Article 56 - Licenses
Section 212(d) and 224C
Annotated Code of Maryland
(1979 Replacement Volume and 1982 Supplement)
BY adding to
Article 56 - Licenses
Section 212(d-l), (d-2), and (d-3), 217B, and 224D
Annotated Code of Maryland
(1979 Replacement Volume and 1982 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 56 - Licenses
212.
(d) (1) "Real estate" [shall include leaseholds and all
other tangible interests] MEANS ANY INTEREST OR ESTATE in real
property LOCATED IN OR OUTSIDE OF THIS STATE.
(2) "REAL ESTATE" INCLUDES A TIME-SHARE ESTATE.
(D-l) "REAL PROPERTY" INCLUDES A CONDOMINIUM.
(D-2) A "TIME-SHARE ESTATE" MEANS THE OWNERSHIP OF, OR THE
RIGHT TO USE OR OCCUPY, REAL PROPERTY DURING 5 OR MORE SEPARATED
TIME INTERVALS OVER A PERIOD OF AT LEAST 5 YEARS, INCLUDING
RENEWAL OPTIONS.
(D-3) A "TIME-SHARE DEVELOPER" MEANS ANY PERSON,
PARTNERSHIP, ASSOCIATION, OR CORPORATION OWNING OR CONTROLLING
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