2994                                             LAWS OF MARYLAND                                        Ch. 579

INFORMATION RELATING TO AN EXCHANGE PROGRAM OTHER THAN WRITTEN
INFORMATION PROVIDED TO THE DEVELOPER BY THE EXCHANGE COMPANY.

11A-121.

(A) (1) A DEVELOPER MAY NOT OFFER A TIME-SHARE TO THE
PUBLIC UNTIL THE DEVELOPER HAS RECEIVED A CERTIFICATE OF
REGISTRATION AS A TIME-SHARE DEVELOPER.

(2)  EVERY APPLICATION FOR REGISTRATION SHALL BE ON A
FORM PREPARED BY THE COMMISSION AND SHALL PROVIDE SUCH
INFORMATION AS MAY BE REASONABLY REQUIRED BY THE COMMISSION. THE
DEVELOPER SHALL FILE WITH THE AGENCY COMMISSION THE FOLLOWING
DOCUMENTS AND INFORMATION:

(I)  COPIES OF ALL PROJECT INSTRUMENTS AND
TIME-SHARE INSTRUMENTS;

(II)  A COPY OF THE PROPOSED PUBLIC OFFERING
STATEMENT WHICH SHALL BE SUPPLEMENTED BY THE PUBLIC OFFERING
STATEMENT AS FINALLY APPROVED BY THE SECRETARY OF STATE;

(III)  COPIES OF THE FORMS OF THE DEED, SALES
CONTRACT, AND ALL OTHER WRITTEN MATERIALS TO BE USED IN THE
NORMAL COURSE OF THE SALE OF THE TIME-SHARES;

(IV)  EVIDENCE THAT TIME-SHARE USE COMPLIES WITH
THE ZONING LAWS OF THE MUNICIPALITY IN WHICH THE TIME-SHARE
PROJECT IS LOCATED, OR A COPY OF A LETTER FROM THE DEVELOPER TO
THE MUNICIPALITY NOTIFYING IT OF THE PROPOSED USE OF THE PROPERTY
AS A TIME SHARE PROJECT, TOGETHER WITH EVIDENCE OF ITS RECEIPT;

(V)   IF THE TIME-SHARE UNITS ARE SUBJECT TO ANY
PROJECT INSTRUMENT, EVIDENCE THAT THE PROJECT INSTRUMENTS DO NOT
PROHIBIT THE USE OF UNITS FOR TIME-SHARING PURPOSES AND, IF THE
PROJECT INSTRUMENTS DO NOT EXPRESSLY AUTHORIZE TIME-SHARE USE, A
COPY OF A LETTER TO THE PRESIDENT OF THE GOVERNING ENTITY OF THE
PROJECT STATING THE DEVELOPER'S INTENT TO USE UNITS FOR
TIME-SHARE PURPOSES, TOGETHER WITH EVIDENCE OF ITS RECEIPT BY THE
ADDRESSEE; AND

(VI)  THE NAME AND ADDRESS OF ANY PROJECT
BROKER.

(3)  A REGISTRATION APPLICATION MAY NOT BE APPROVED
UNTIL THE APPLICANT HAS:

(I) EXECUTED AN IRREVOCABLE APPOINTMENT OF THE
COMMISSION TO RECEIVE SERVICE OF PROCESS IN ANY LEGAL PROCEEDING
BROUGHT AGAINST THE DEVELOPER APPLICANT ARISING OUT OF THE SALE
OF TIME-SHARE ESTATES IN THIS STATE PROVIDED THAT A DUPLICATE
COPY OF ALL PAPERS REGARDING THE APPLICANT FILED WITH THE
COMMISSION IS SENT TO THE APPLICANT AT ITS LAST KNOWN ADDRESS
WITHIN 5 DAYS THEREAFTER;