3342                                          LAWS OF MARYLAND                                     Ch. 720

SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 28, 1985.

CHAPTER 721

(House Bill 1261)

AN ACT concerning

Maryland Real Estate Time-Sharing Act

FOR the purpose of redefining a time-share estate to include an
undivided interest in a time-share project; requiring a
developer or the developer's designated project broker to
deliver a public offering statement to a purchaser;
repealing requirements that certain statements be in
conspicuous type and that certain other information be
included in the public offering statement; defining certain
terms; providing that a developer of more than one
time-share project may obtain a bond or letter of credit for
the aggregate purchase money held from all projects;
requiring the developer of a project located outside the
State to secure a bond only for certain purchasers;
providing for liability under a bond following cancellation
or termination; providing that the issuer of a bond is
deemed to have consented to being sued in this State;
authorizing the Real Estate Commission, under certain
circumstances, to assess a civil penalty against a
time-share developer and providing for collection of any
such assessment; clarifying transactions that are exempt
from registration in this State; clarifying the
applicability of certain sections of the Real Property
Article; and generally relating to the Maryland Real Estate
Time-Sharing Act.

BY repealing and reenacting, with amendments,

Article - Real Property

Section 11A-101, 11A-112, 11A-116, 11A-123, and 11A-127

Annotated Code of Maryland

(1981 Replacement Volume and 1984 Supplement)

BY adding to

Article - Real Property

Section 11A-121(i)

Annotated Code of Maryland

(1981 Replacement Volume and 1984 Supplement)