HARRY HUGHES, Governor

3331

CHAPTER 720

(House Bill 1466)

AN ACT concerning

Maryland Real Estate Time-Sharing Act

FOR the purpose of altering the amount of fee required when a
public offering statement is filed with the Secretary of
State; repealing a requirement that certain information be
included in a public offering statement; requiring the
balance sheet for the time-share project be prepared by an
independent certified public accountant; allowing the
Secretary of State to accept the registration of certain
time-shares located outside the State under certain certain
circumstances, and allowing the Secretary to require certain
information before accepting a registration; requiring an
application for registration of certain time-shares located
outside the State to consist of specific information under
certain circumstances; prohibiting a person from advertising
or representing certain information regarding a time-share;
altering a provision of law to prohibit approval of a
registration application until the applicant has provided
the Real Estate Commission with a list of the time-share
estates and licenses to be offered; altering a provision of
law to require the Real Estate Commission to notify the
developer within 30 days after receipt of the application of
any deficiency; correcting a certain cross-reference;
providing for the keeping of certain books and records by
the time-share association or developer, and for access to
the books and records by certain persons; requiring an audit
of certain books and records under specific circumstances;
allowing certain closed meetings of the time-share board of
directors or governing body of the Association under
specific circumstances; providing certain requirements for
closed meetings; and generally relating to the Maryland Real
Estate Time-Sharing Act.

BY repealing and reenacting, with amendments,

Article - Real Property

Section 11A-112, 11A-119(f), 11A-121, and 11A-124(c)

Annotated Code of Maryland

(1981 Replacement Volume and 1984 Supplement)