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1580 LAWS OF MARYLAND Ch. 115
a new residential dwelling that the person built; or
[(5)] (4) To any nonprofit religious or charitable
organization;
(5) TO AN EMPLOYER MAKING A SECONDARY MORTGAGE LOAN
TO AN EMPLOYEE; OR
(6) TO A LENDER MAKING A SECONDARY MORTGAGE LOAN TO A
BORROWER WITH WHOM THE LENDER IS RELATED BY BLOOD OR MARRIAGE;
AND.
(7) DURING ANY CALENDAR YEAR, TO ANY PERSON NOT
ENGAGED IN THE BUSINESS OF MAKING SECONDARY MORTGAGE LOANS, WHO
MAKES NOT MORE THAN 3 SECONDARY MORTGAGE LOANS DURING THAT YEAR.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.
Approved May 21, 1985.
CHAPTER 116
(Senate Bill 507)
AN ACT concerning
Consumer Protection - Home Improvement Law - Guaranty Fund
FOR the purpose of abolishing altering the existing home
improvement bond requirement and instead establishing a
guaranty fund in order to provide a more effective remedy
for certain owners suffering actual loss as a result of
certain violations of law or because of home improvement
work performed in a poor or unworkmanlike manner or when it
is otherwise inadequate or incomplete; providing a certain
date for the termination of the existing home improvement
bond requirement; requiring claimants to exhaust remedies
available under a certain bond before receiving compensation
from the guaranty fund; requiring home improvement
contractors to pay a certain amount into the guaranty fund
subject to certain limitations and under certain conditions;
requiring the Home Improvement Commission to administer the
guaranty fund and maintain it at not less than a certain
dollar level; providing for the investment and reinvestment
of moneys in the guaranty fund; establishing certain
administrative procedures and requirements for recovery of
moneys against the guaranty fund and providing certain
limitations on payments from the fund; requiring a good
faith effort to reconcile differences by a claimant prior to
any payment from the fund; providing for the staying and
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