3230

LAWS OF MARYLAND

Ch. 833

a notice of the purchaser's rescission rights and right to
receive a public offering statement; providing that the
purchaser may rescind the sales contract in certain
circumstances within a certain time limit and receive the
deposit made on account of the contract; providing for the
liability of a developer to a purchaser . for untrue
statements or omissions of material fact; providing that
certain purchasers' rights may not be waived; requiring an
implied warranty on certain structural elements of a
building; providing for terms of the warranty; requiring
notice of conversion to be given to a tenant in certain
circumstances; providing requirements and a form for proper
notice before a tenant must vacate a residence; providing
terms for vacation of a residence; providing certain
defenses to civil actions; providing for tenant's options to
purchase; requiring a cooperative housing corporation to
adopt uniform objective standards concerning financial
responsibility to apply to all tenants and initial
purchasers: conditioning a tenant's acceptance of an owner's
offer on the tenant meeting certain financial standards;
providing for tenants' options to purchase; prohibiting a
developer from selling a cooperative interest affecting
certain designated households occupied by handicapped or
senior citizens without offering a lease extension for a
certain period to the tenant; granting local government the
right to provide by law that local government have the first
right to purchase a rental facility or cooperative interest
on substantially the same terms offered by the owner to a
private purchaser under certain circumstances; providing for
local government to have the option of taking certain
actions to protect consumers from displacement during a
rental housing emergency; requiring deposits made upon the
sale of cooperative interests in residences to be held in
escrow in a certain manner; providing for consumer
protection standards and enforcement; providing that a
cooperative interest is not a security or investment
security; providing that economic activity organized under
this Act shall not be deemed to be in restraint of trade;
providing for the applicability of general corporate law to
all cooperative housing corporations; providing that a
cooperative interest is personal property; providing for the
perfection of a security interest in a cooperative interest;
providing that each unit shall have one vote under certain
circumstances; prohibiting a merger or consolidation under
certain circumstances; providing that the provisions of this
Act are statewide in their effect; providing for the
applicability of zoning and building regulations; providing
for the applicability of this Act; and generally relating to
cooperative housing corporations.

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Article - Corporations and Associations