Ch. 570

LAWS OF MARYLAND

REPRESENTATION MADE BY OR ON BEHALF OF A DEVELOPER THAT A
PURCHASER MAY NOT EXERCISE THE RIGHT OF CANCELLATION, OR ANY
attempt to obtain a waiver of the purchaser's cancellation
rights, or a closing prior to the expiration of the cancellation
period, shall be unlawful and such closing shall be voidable at
the option of the purchaser for a period of 1 year after the
expiration of the cancellation period. Nothing in this section
shall preclude the execution of documents in advance of closing
for delivery after expiration of the cancellation period.

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

Approved May 14, 1987.

CHAPTER 570

(House Bill 1366)

AN ACT concerning

Real Property - Time-Share Bonds

FOR the purpose of requiring separate bonds as to each time-share
project that becomes registered with the Maryland Real
Estate Commission on or after a certain date; and generally
relating to laws for time-share projects.

BY repealing and reenacting, with amendments,

Article - Real Property

Section 11A-116(f)

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.

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