WILLIAM DONALD SCHAEFER, Governor Ch. 379

Annotated Code of Maryland

(1981 Replacement Volume and 1986 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Real Property

11A-116.

(f) (1) The amount of purchase money from sales of
time-shares held at any 1 time by the time-share developer shall
not exceed the amount for which the developer is bonded in
accordance with the schedule set forth in this section.

(2) If a developer is required to be bonded with
respect to more than one project that the developer owns or
controls, directly or indirectly, the developer [may elect to
obtain 1 bond or letter of credit in the appropriate penalty
amount for the aggregate purchase money held from all projects,
if the full penalty amount applies, as needed, to any of the
projects] SHALL OBTAIN A SEPARATE BOND IN THE APPROPRIATE PENALTY
AMOUNT FOR THE PURCHASE MONEY HELD ON EACH PROJECT WHICH BECOMES
REGISTERED WITH THE MARYLAND REAL ESTATE COMMISSION ON OR AFTER

JULY 1, 1987.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved May 14, 1987.

CHAPTER 379

(Senate Bill 679)

AN ACT concerning

Real Property - Time Share Sales

FOR the purpose of prohibiting certain misrepresentations made to
time share purchasers; permitting time share purchasers to
void closing under certain conditions; and generally
relating to the rights of time share purchasers.

BY repealing and reenacting, with amendments,

Article - Real Property
Section 11A-114(b)

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