3026

LAWS OF MARYLAND

Ch. 586

such amount that the fund will be returned to the two hundred
fifty thousand dollar level A LEVEL OF NOT LESS THAN $250,000.

(C) (1) UPON PAYMENT BY THE COMMISSION OF ANY AMOUNT TO A
CLAIMANT, THE COMMISSION SHALL, AFTER HEARING, REVOKE THE LICENSE
OF THE LICENSEE RESPONSIBLE FOR THE CLAIM. THE LICENSEE MAY NOT
BE ELIGIBLE TO REAPPLY FOR A LICENSE UNTIL THE LICENSEE HAS
REPAID IN FULL THE AMOUNT PAID FROM THE FUND ON THE LICENSEE'S
ACCOUNT, PLUS INTEREST AT A RATE SET BY THE COMMISSION, BUT NOT
LESS THAN 10 PERCENT PER YEAR.

(2) A DISCHARGE IN BANKRUPTCY DOES NOT RELIEVE A
PERSON FROM THE PENALTIES AND DISABILITIES PROVIDED IN THIS
SUBSECTION.

(2) THE COMMISSION SHALL BE DEEMED A CREDITOR WITH
RESPECT TO THE AMOUNT PAID FOR THE PURPOSE OF EXCEPTING TO ANY
DISCHARGE OF THE LICENSED BROKER OR SALESMAN UNDER 11 U.S.C.A.
§ 523 OR ANY AMENDMENT THERETO.

(d) (1) When any aggrieved person commences any claim under
this section which may result in collection from the guaranty
fund, the aggrieved person shall notify the Commission in writing
to this effect at the time of the commencement of such action.

(2)  (i) When any aggrieved person sustains a
pecuniary loss [against any real estate broker or real estate
salesman or the unlicensed employee of any such real estate
broker for loss or damages sustained by reason of the
embezzlement of money or property, or money or property
unlawfully obtained from any person by false pretenses, artifice,
trickery or forgery or by reason of any fraud, misrepresentation
or deceit by or on the part of such real estate broker or
salesman or the unlicensed employee of any such real estate
broker, or by reason of a violation of this subtitle by such
broker, salesman, or employee such] AS DESCRIBED IN SUBSECTION
(A)(1) OF THIS SECTION FOR LOSSES AND DAMAGES AS DEFINED IN
SUBSECTION (A)(1) OF THIS SECTION, THE aggrieved person may file
a verified claim with the Commission, and apply to such
Commission for payment out of the guaranty fund of the amount of
the loss found by the Commission to be incurred by such aggrieved
person, subject to the limitations specified in this section.

(ii) A claim under this section shall be
brought within 3 years after the party discovers, or by the
exercise of ordinary diligence should have discovered, the loss
or damage.

(3)  The Commission shall proceed upon such
application in a summary manner, and, upon the hearing thereof,
the aggrieved person shall be required to show:

(i) He is not a spouse of the debtor, or the
personal representative of such spouse;