2996

LAWS OF MARYLAND

Ch. 579

(5) FAILED TO MEET ANY OF THE REQUIREMENTS FOR
REGISTRATION.

(F)  A DEVELOPER MAY NOT TRANSFER, CAUSE TO BE TRANSFERRED,
OR CONTRACT FOR THE TRANSFER OF A TIME-SHARE WHILE AN ORDER
REVOKING REGISTRATION IS IN EFFECT, WITHOUT THE CONSENT OF THE
COMMISSION.

(G) (1) EACH REGISTERED DEVELOPER SHALL FILE WITH THE
COMMISSION AN ANNUAL REPORT TO UPDATE ANY INFORMATION CONTAINED
IN THE APPLICATION FOR REGISTRATION.

(2) IF AN ANNUAL REPORT REVEALS THAT A DEVELOPER OWNS
OR CONTROLS TIME-SHARES REPRESENTING LESS THAN 25 PERCENT OF THE
TOTAL TIME-SHARES IN THE TIME-SHARE PROJECT AND THAT A DEVELOPER
HAS NO POWER TO INCREASE THE NUMBER OF TIME-SHARES HE OWNS OR
CONTROLS, THE COMMISSION SHALL ISSUE AN ORDER RELIEVING THE
DEVELOPER OF ANY FURTHER OBLIGATION TO FILE ANNUAL REPORTS.
THEREAFTER, SO LONG AS THE. DEVELOPER IS OFFERING ANY TIME-SHARES
FOR SALE, THE COMMISSION HAS JURISDICTION OVER THE DEVELOPER'S
ACTIVITIES, BUT HAS NO OTHER AUTHORITY TO REGULATE THE
TIME-SHARES.

(H) IN THE CASE OF THE TIME-SHARE PROJECT SITUATED WHOLLY
OUTSIDE THE STATE, NO APPLICATION FOR REGISTRATION FILED WITH THE
COMMISSION WHICH HAS BEEN APPROVED BY AN AGENCY OF THE STATE IN
WHICH THE TIME-SHARE PROJECT IS LOCATED AND SUBSTANTIALLY
COMPLIES WITH THE REQUIREMENTS OF THIS TITLE MAY BE REJECTED BY
THE COMMISSION ON THE GROUNDS OF NONCOMPLIANCE WITH ANY DIFFERENT
OR ADDITIONAL REQUIREMENTS IMPOSED BY THIS TITLE OR BY THE
COMMISSION'S REGULATIONS. HOWEVER, THE COMMISSION MAY REQUIRE
ADDITIONAL DOCUMENTS OR INFORMATION TO ASSURE ADEQUATE AND
ACCURATE DISCLOSURE TO PROSPECTIVE PURCHASERS.

11A-122.

(A)  THE COMMISSION MAY ISSUE REGULATIONS AND ORDERS
CONSISTENT WITH THIS TITLE.

(B)  THE COMMISSION MAY BRING SUIT IN THE APPROPRIATE COURT
TO ENFORCE THIS TITLE AND MAY INTERVENE IN ANY ACTION INVOLVING A
REGISTERED DEVELOPER.

(C)  THE COMMISSION MAY ACCEPT GRANTS IN AID FROM ANY
GOVERNMENTAL SOURCE AND MAY CONTRACT WITH AGENCIES CHARGED WITH
SIMILAR FUNCTIONS IN FURTHERANCE OF THE OBJECTIVES OF THIS TITLE.

(D)  THE COMMISSION MAY COOPERATE WITH AGENCIES PERFORMING
SIMILAR FUNCTIONS TO DEVELOP UNIFORM FILING PROCEDURES AND FORMS,
DISCLOSURE STANDARDS, AND ADMINISTRATIVE PRACTICES.

(E)  IF THE COMMISSION DETERMINES, AFTER NOTICE AND HEARING,
THAT ANY PERSON HAS DISSEMINATED OR CAUSED TO BE DISSEMINATED ANY
FALSE OR MISLEADING PROMOTIONAL MATERIALS IN CONNECTION WITH A