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Session Laws, 1987
Volume 769, Page 2428   View pdf image
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Ch. 529

LAWS OF MARYLAND

CHAPTER 529

(House Bill 1029)

AN ACT concerning

Sales of Property - Custom Home Protection Act

FOR the purpose of altering a requirement that a custom home
builder, under certain circumstances, place certain
consideration into an escrow account; providing that the
requirement does not apply when the custom home contract is
financed by certain financial or fiduciary institutions or
when certain moneys are paid in advance to a real estate
broker and held in the broker's escrow account; requiring
certain notice in certain custom home contracts; providing
for the effective date of this Act; and generally relating
to custom home contracts.

BY repealing and reenacting, with amendments,

Article - Real Property

Section 10-504 and 10-506

Annotated Code of Maryland

(1981 Replacement Volume and 1986 Supplement)

BY repealing

Article - Real Property

Section 10-508

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

10-504.

(a) (1) Except as provided under paragraph (4) of this
subsection AND SUBSECTION (E) OF THIS SECTION, a custom home
builder who receives consideration from a buyer in connection
with the performance of a custom home contract shall place the
consideration into an escrow account to the extent that the
consideration is a payment in advance of the completion of the
labor or the receipt of the materials for which the consideration
is paid.

(2) The escrow account under paragraph (1) of this
subsection shall be separate and apart from the regular funds of

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Session Laws, 1987
Volume 769, Page 2428   View pdf image
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