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LAWS OF MARYLAND

BY renumbering

Article - Real Property

Section 11A-128

to be Section 11A-129

Annotated Code of Maryland

(1981 Replacement Volume and 1984 Supplement)

BY adding to

Article - Real Property

Section 11A-128

Annotated Code of Maryland

(1981 Replacement Volume and 1984 Supplement)

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

Article - Real Property

11A-112.

(a)  Any developer or other person in the business of
selling real estate who offers a time-share for his own account
to a purchaser shall deliver a public offering statement to the
purchaser before transfer of the time-share and no later than the
date of the contract.

(b)  (1) A public offering statement together with a fee [of
$100] EQUAL TO $1 FOR EACH TIME-SHARE TO BE OFFERED FOR SALE, NOT
TO EXCEED $500, must be filed with, and approved by, the
Secretary of State prior to being delivered to any time-share
purchaser. The Secretary of State shall determine whether the
public offering statement satisfies the requirements of this
title, and shall either approve or reject within 45 days of
receipt. After approval, the Secretary of State shall promptly
issue an order of approval. If the Secretary of State rejects a
public offering statement, he shall promptly issue a written
order stating the reasons for rejection. The Secretary's of
State failure to act within 45 days of receipt shall be deemed an
approval of the public offering statement. A developer may
consent in writing to an extension of the review period for
approval or rejection.