3262                                          LAWS OF MARYLAND                                      Ch. 834

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986.

Approved May 27, 1986.

CHAPTER 834

(Senate Bill 307)

AN ACT concerning

Maryland Cooperative Housing Corporation Act

FOR the purpose of establishing the Maryland Cooperative Housing
Corporation Act; defining terms; providing for certain
conditions to be met before a contract for the initial sale
of a cooperative interest may be enforceable; providing for
certain statements required in the public offering
statement; providing for a public offering statement to be
given to an initial purchaser at or before the time of
contract of sale; providing that the sales contract contain
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 tenants' 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;
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