HARRY HUGHES, Governor

3001

or more of the actions have not been performed and describing the
nature of the failure to perform.

(f) (1) The developer shall maintain the surety bond for
the benefit of each purchaser of a time-share estate until the
happening of the earlier of:

(i) The conveying of good and merchantable
title to the time-share estate to the purchaser;

(ii) The return of the purchase money to the

purchaser; or

(iii) The forfeiture of the purchase money by
the purchaser under the terms of the contract of sale relating to
the purchase of time-share estates.

(2)  The bond may not be cancelled by the surety until
30 days after the surety gives notice of cancellation to the
Commission.

(3)  The surety bond shall be a blanket bond and the
penalty of the bond shall be adjusted from time to time in
accordance with the following schedule:

Total Amount of Purchase Money Held                           Penalty of Bond

(1) Zero to $ 200,000                                                             $ 100,000

(2)  $200,000 to 500,000                                                                   200,000

(3)  $500,000 to 1,000,000                                                                   500,000

(4) Over $1,000,000                                                                            1,000,000

(g) The amount of purchase money from time-share estate
sales held by a time-share developer may not exceed the amount
for which the developer is bonded in accordance with the schedule
set forth in this section.

(h) A person may not claim reimbursement from the real
estate guaranty fund under § 217A of this article if the claim
may be maintained against the surety bond. The real estate
guaranty fund may not reimburse a surety for the amounts paid
under the surety bond to persons entitled to the return of
purchase money.

(i) Each time-share developer shall maintain a list of the
time-share estates being offered by the developer from time to
time.

(j) The Commission may revoke or suspend the registration
of a time-share developer who fails to maintain a corporate
surety bond as required under this section or otherwise fails to
comply with § 224D or this section. The provisions of § 225 of
this article which pertain to the revocation and suspension of
licenses apply to the revocation and suspension of registrations.