HARRY HUGHES, Governor

2995

(II)  PAID A REGISTRATION FEE OF $100;

(III)  PROVIDED THE COMMISSION WITH A LIST OF
THE TIME-SHARE ESTATES TO BE OFFERED AND THE NAME OF THE LICENSED
BROKER OF RECORD REPRESENTING THE DEVELOPER; AND

(IV)  POSTED WITH THE COMMISSION A SURETY BOND
OR LETTER OF CREDIT IN AN AMOUNT OF $100,000 ISSUED BY AN ISSUER
AND IN A FORM ACCEPTABLE TO THE AGENCY COMMISSION CONDITIONED ON
THE RETURN OF ALL MONEY PAID BY A PURCHASER IN THE EVENT THE
PURCHASER BECOMES ENTITLED TO THE RETURN OF THE MONEY.

(4) THE COMMISSION SHALL APPROVE OR DISAPPROVE THE
APPLICATION WITHIN 30 DAYS OF RECEIPT OF ALL REQUIRED INFORMATION
WITHIN THE LATER TO OCCUR OF 30 DAYS AFTER RECEIPT OF ALL
REQUIRED INFORMATION OR 5 DAYS AFTER APPROVAL BY THE SECRETARY OF
STATE OF THE PUBLIC OFFERING STATEMENT. SHOULD THE APPLICATION
BE DISAPPROVED, A HEARING SHALL BE AFFORDED THE APPLICANT IN
CONFORMANCE WITH § 225 OF ARTICLE 56. APPROVED REGISTRATIONS
SHALL EXPIRE ON THE 30TH DAY OF APRIL IN EACH EVEN NUMBERED YEAR
OR ON SUCH OTHER DAY AS THE COMMISSION MAY DESIGNATE.

(B)  IT SHALL BE UNLAWFUL FOR ANY PERSON TO SUBMIT ANY
INFORMATION TO THE COMMISSION WHICH THAT PERSON KNOWS TO BE
UNTRUE OR MISLEADING OR TO FAIL TO SUBMIT INFORMATION WHICH THAT
PERSON KNOWS TO BE MATERIAL. ANY INFORMATION SUBMITTED TO THE
COMMISSION MAY BE DISSEMINATED TO AND RELIED UPON BY EACH
PURCHASER.

(C)  THE COMMISSION MAY REVIEW THE MATERIALS SUBMITTED,
EXCEPT THE PUBLIC OFFERING STATEMENT, PURSUANT TO THIS SECTION TO
DETERMINE COMPLIANCE BY THE DEVELOPER WITH THIS TITLE. THE
COMMISSION SHALL NOTIFY THE DEVELOPER WITHIN 30 DAYS AFTER THE
COMMISSION DISCOVERS ANY DEFICIENCY IN THE MATERIALS SUBMITTED.

(D)  A DEVELOPER SHALL PROMPTLY AMEND AND SUPPLEMENT ITS
REGISTRATION WITH THE COMMISSION TO REPORT ANY MATERIAL CHANGE IN
THE INFORMATION REQUIRED BY THIS SECTION.

(E)  THE COMMISSION, AFTER NOTICE AND HEARING, MAY ISSUE AN
ORDER REVOKING A REGISTRATION UPON DETERMINATION THAT A DEVELOPER
HAS:

(1)  FAILED TO COMPLY WITH A CEASE AND DESIST ORDER
ISSUED BY THE COMMISSION;

(2)  CONCEALED, DIVERTED, OR DISPOSED OF ANY FUNDS OR
ASSETS OF ANY PERSON IN A MANNER IMPAIRING RIGHTS OF PURCHASERS
OF THOSE TIME-SHARES;

(3)  FAILED TO PERFORM ANY STIPULATION OR AGREEMENT
MADE TO INDUCE THE COMMISSION TO ISSUE AN ORDER RELATING TO THOSE
TIME-SHARES;

(4)  MISREPRESENTED OR FAILED TO DISCLOSE A MATERIAL
FACT IN THE APPLICATION FOR REGISTRATION; OR