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Ch. 502 2006 LAWS OF MARYLAND
CHAPTER 502
(House Bill 1620)
AN ACT concerning
Real Property - Residential Leases - Surety Bonds in Lieu of Security
Deposits
FOR the purpose of authorizing a tenant to purchase a surety bond in lieu of paying
all or part of a security deposit to a landlord for the purpose of providing certain
protection to the landlord; establishing that a landlord may not require a tenant
to purchase a surety bond and a landlord is not required to consent to a tenant
purchasing a surety bond; providing that a tenant shall receive a refund of a
premium or other charges paid in connection with purchasing a surety bond
under certain circumstances; providing that the amount of a surety bond, or the
aggregate amount of a surety bond and a security deposit, may not exceed a
certain amount of money; establishing that a tenant may recover certain
penalties plus certain attorney's fees from a landlord under certain
circumstances; requiring a surety to advise a tenant in writing of the tenant's
rights and responsibilities before the tenant purchases a surety bond; providing
that a tenant who purchases a surety bond has certain rights, including
inspection of the dwelling unit; establishing the claims for which a surety bond
may be paid; providing that a surety bond does not represent certain liquidated
damages; requiring a landlord to send a certain notice to a tenant before making
a claim against the surety bond; allowing a tenant to pay damages directly to a
landlord or require the landlord to use any security deposit before the landlord
makes a claim against the tenant's surety bond; providing that a tenant may
dispute the landlord's claim against the tenant's surety bond; providing that a
tenant retains certain rights and defenses in a proceeding brought by a surety;
establishing certain procedures for a landlord to follow before making a claim
against a surety; establishing that on transfer of the premises, the new landlord
may not require a certain additional security deposit or surety bond in excess of
a certain amount from a tenant; providing that a landlord or a surety forfeits
certain rights for failure to comply with this Act; providing that a surety, in an
action against a tenant, may be subject to certain damages and certain
attorney's fees for asserting a claim without reasonable basis; providing that
only admitted carriers licensed by the Maryland Insurance Administration may
issue certain surety bonds; and generally relating to a tenant's right to purchase
a surety bond in lieu of paying all or part of a security deposit.
BY repealing and reenacting, with amendments,
Article - Real Property
Section 8-203
Annotated Code of Maryland
(2003 Replacement Volume and 2005 Supplement)
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