HARRY HUGHES, Governor

3339

(4) The Commission shall approve or disapprove the
application within the later to occur of 30 days after receipt of
all required information or 5 days after approval by the
Secretary of State of the public offering statement. Should the
application be disapproved, a hearing shall be afforded the
applicant in conformance with § 225 of Article 56. Approved
registrations shall expire on the 30th day of April in each even
numbered year or on such other day as the Commission may
designate.

(b)  It shall be unlawful for any person to submit any
information to the Commission which that person knows to be
untrue or misleading or to fail to submit information which that
person knows to be material. Any information submitted to the
Commission may be disseminated to and relied upon by each
purchaser.

(c)  The Commission may review the materials submitted,
except the public offering statement, pursuant to this section to
determine compliance by the developer with this title. The
Commission shall notify the developer within 30 days after [the
Commission discovers] RECEIPT OF THE APPLICATION OF any
deficiency in the materials submitted.

(d)  A developer shall promptly amend and supplement its
registration with the Commission to report any material change in
the information required by this section.

(e)  The Commission, after notice and hearing, may issue an
order revoking a registration upon determination that a developer
has:

(1)  Failed to comply with a cease and desist order
issued by the Commission;

(2)  Concealed, diverted, or disposed of any funds or
assets of any person in a manner impairing rights of purchasers
of those time-shares;

(3)  Failed to perform any stipulation or agreement
made to induce the Commission to issue an order relating to those
time-shares;

(4)  Misrepresented or failed to disclose a material
fact in the application for registration; or

(5)  Failed to meet any of the requirements for
registration.

(f)  A developer may not transfer, cause to be transferred,
or contract for the transfer of a time-share while an order
revoking registration is in effect, without the consent of the
Commission.