3338                                         LAWS OF MARYLAND                                     Ch. 720

(2)  Every application for registration shall be on a
form prepared by the Commission and shall provide such
information as may be reasonably required by the Commission. The
developer shall file with the Commission the following documents
and information:

(i) Copies of all project instruments and
time-share instruments;

(ii) A copy of the proposed public offering
statement which shall be supplemented by the public offering
statement as finally approved by the Secretary of State;

(iii) Copies of the forms of the deed, sales
contract, and all other written materials to be used in the
normal course of the sale of the time-shares;

(iv) Evidence that time-share use complies with
the zoning laws of the municipality in which the time-share
project is located;

(v) If the time-share units are subject to any
project instrument, evidence that the project instruments do not
prohibit the use of units for time-sharing purposes and, if the
project instruments do not expressly authorize time-share use, a
copy of a letter to the president of the governing entity of the
project stating the developer's intent to use units for
time-share purposes, together with evidence of its receipt by the
addressee; and

(vi) The name and address of any project
broker.

(3)  A registration application may not be approved
until the applicant has:

(i) Executed an irrevocable appointment of the
Commission to receive service of process in any legal proceeding
brought against the applicant arising out of the sale of
time-share estates in this State provided that a duplicate, copy
of all papers regarding the applicant filed with the Commission
is sent to the applicant at its last known address within 5 days
thereafter;

(ii) Paid a registration fee of $100 of $100;

(iii) Provided the Commission with a list of
the time-share estates AND LICENSES to be offered and the name
of the licensed broker of record representing the developer; and

(iv) Posted with the Commission a surety bond
or letter of credit in an amount of $100,000 issued by an issuer
and in a form acceptable to the Commission conditioned on the
return of all money paid by a purchaser in the event the
purchaser becomes entitled to the return of the money.