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Ch. 66
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498
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LAWS OF MARYLAND
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REAL PROPERTY IN WHICH 5 OR MORE TIME-SHARE ESTATES ARE OFFERED
FOR SALE TO THE PUBLIC.
217B.
(A) A TIME-SHARE DEVELOPER MAY NOT OFFER A TIME-SHARE
ESTATE FOR SALE TO THE PUBLIC UNTIL THE DEVELOPER HAS RECEIVED A
CERTIFICATE OF REGISTRATION AS A TIME-SHARE DEVELOPER AND HAS
OTHERWISE COMPLIED WITH THIS SECTION.
(B) THE COMMISSION MAY ISSUE, DENY, SUSPEND, OR REVOKE
CERTIFICATES OF REGISTRATION TO TIME-SHARE DEVELOPERS UNDER §
224C OR THIS SECTION. EVERY APPLICATION FOR REGISTRATION AS A
TIME-SHARE DEVELOPER SHALL BE ON A FORM PREPARED BY THE
COMMISSION AND SHALL PROVIDE SUCH INFORMATION AS MAY BE
REASONABLY REQUIRED BY THE COMMISSION TO DETERMINE WHETHER THE
APPLICANT HAS PERFORMED THE ACTS REQUIRED BY THIS SECTION. THE
REGISTRATION IS IN EFFECT FOR 2 YEARS AND SHALL EXPIRE AT THE END
OF THE 2 YEAR PERIOD UNLESS IT IS RENEWED.
(C) WITHIN 30 DAYS AFTER RECEIVING AN APPLICATION FOR
REGISTRATION OR A RENEWAL OF REGISTRATION, THE COMMISSION SHALL
DETERMINE WHETHER THE APPLICANT:
(1) HAS EXECUTED AN IRREVOCABLE APPOINTMENT OF THE
COMMISSION TO RECEIVE SERVICE OF PROCESS IN ANY LEGAL PROCEEDING
BROUGHT AGAINST THE APPLICANT ARISING OUT OF THE SALE OF
TIME-SHARE ESTATES IN THIS STATE;
(2) HAS PAID A REGISTRATION OR A RENEWAL FEE OF $100;
(3) HAS PROVIDED THE COMMISSION WITH A LIST OF THE
TIME-SHARE ESTATES TO BE OFFERED AS OF THE DATE OF THE
APPLICATION, AND THE NAME OF THE REAL ESTATE BROKER OF RECORD, IF
ANY, FOR EACH TIME-SHARE ESTATE; AND
(4) HAS DELIVERED TO THE COMMISSION A SURETY BOND IN
AN INITIAL PRINCIPAL AMOUNT OF $100,000, ISSUED BY A SURETY
LICENSED TO TRANSACT BUSINESS IN THIS STATE AND IN A FORM
ACCEPTABLE TO THE COMMISSION, CONDITIONED ON THE RETURN OF ALL
PURCHASE MONEY PAID BY A PURCHASER OF A TIME-SHARE ESTATE IF THE
PURCHASER BECOMES ENTITLED TO THE RETURN OF THE MONEY.
(D) FOR THE PURPOSES OF THIS SECTION, "PURCHASE MONEY"
INCLUDES ANY MONEY, NOTE, SECURITY, OR OTHER MONETARY
CONSIDERATION PAID BY A PURCHASER FOR A TIME-SHARE ESTATE.
(E) (1) THE COMMISSION SHALL REGISTER EACH APPLICANT WHO
COMPLIES WITH SUBSECTION (C) AND WHOSE REGISTRATION HAS NOT BEEN
REVOKED OR SUSPENDED.
(2) IF THE COMMISSION DETERMINES THAT THE APPLICANT
HAS NOT PERFORMED AN ACTION LISTED IN SUBSECTION (C), THE
COMMISSION MAY NOT REGISTER THE APPLICANT AS A TIME-SHARE
DEVELOPER AND SHALL GIVE NOTICE TO THE APPLICANT STATING THAT ONE
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