HARRY HUGHES, Governor                                    3023

Approved May 29, 1984.

CHAPTER 586

(House Bill 96)

AN ACT concerning

Real Estate Guaranty Fund

FOR the purpose of providing that certain claims may be made
against the Real Estate Guaranty Fund; providing a ceiling
above which claims cannot be made against the Fund;
providing that claims for certain transactions shall not be
recoverable against the Fund; providing for the form by
which a claim against the Fund may be made; prohibiting
certain persons from filing claims against the Fund;
providing that the Commission shall follow certain
procedures to direct payment from the Fund; providing that
the Commission may seek reimbursement of the amount paid by
the Guaranty Fund, plus interest, from brokers and salesmen
on whose account awards are made; providing for a limitation
of actions; providing that the Commission and its assignees
have certain standing to sue and be deemed creditors for
certain amounts paid pursuant to certain federal law;
providing for the revocation of the license of a broker
responsible for a claim satisfied against the Fund;
providing that discipline shall not be affected by the
repayment to the Fund by the broker of amounts paid on the
broker's behalf; providing for the establishment and
maintenance of the Fund; providing for fines for false
statements to the Real Estate Commission; providing for the
severability of the provisions of this Act; clarifying
language; and generally relating to the Real Estate Guaranty
Fund.

BY repealing and reenacting, with amendments,

Article 56 - Licenses

Section 217A

Annotated Code of Maryland

(1979 Replacement Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 56 - Licenses

217A.