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Ch. 66
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500
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LAWS OF MARYLAND
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(K) A TIME-SHARE DEVELOPER WHO FAILS TO OBTAIN AND MAINTAIN
A CORPORATE SURETY BOND AS REQUIRED UNDER THIS SECTION OR
OTHERWISE FAILS TO COMPLY WITH THE PROVISIONS OF § 224D OR THIS
SECTION IS GUILTY OF A MISDEMEANOR AND, ON CONVICTION, SHALL BE
SENTENCED TO PAY A FINE OF NOT MORE THAN $5,000, OR TO UNDERGO
IMPRISONMENT FOR A TERM OF NOT MORE THAN 6 MONTHS, OR BOTH, FOR
EACH VIOLATION. ANY PARTNER OR ANY OFFICER, DIRECTOR, OR
EMPLOYEE OF A CORPORATION WHO KNOWINGLY PARTICIPATES IN ANY ACT
OR OMISSION WHICH IS PART OF THE VIOLATION IS SUBJECT TO THE
PENALTIES OF THIS SUBSECTION.
224C.
All records, books and accounts of funds held in trust by
individuals licensed OR REGISTERED under this subtitle concerning
transactions [involving real estate] within the State of Maryland
INVOLVING REAL ESTATE shall be maintained in a secured area
within a licensee's OR REGISTRANT'S place of business as
designated in writing to the Commission. The Commission may
temporarily suspend the license of any licensee OR THE
REGISTRATION OF ANY TIME-SHARE DEVELOPER who fails to promptly
account for any funds held in trust, or who fails to display all
records, books and accounts of such funds to the Commission upon
demand. The suspension may be immediate and shall continue until
such time as the licensee OR REGISTRANT agrees to comply with the
order of the Commission or until a determination is made pursuant
to § 225 of this article.
224D.
A LICENSED REAL ESTATE BROKER OR REAL ESTATE SALESMAN, OR A
TIME-SHARE DEVELOPER REGISTERED WITH THE COMMISSION, MAY NOT:
(1) MISREPRESENT THE SIZE, NATURE, EXTENT, QUALITIES,
OR CHARACTERISTICS OF THE OFFERED TIME-SHARE ESTATE OR RELATED
FACILITIES OR SERVICES; OR
(2) MISREPRESENT THE CONDITIONS UNDER WHICH A
PURCHASER MAY EXCHANGE THE RIGHT TO USE TIME-SHARE FACILITIES IN
ONE LOCATION FOR THE RIGHT TO USE TIME-SHARE FACILITIES IN
ANOTHER LOCATION.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 10, 1983.
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