Ch. 82

LAWS OF MARYLAND

PURCHASER OF THE DISCLOSURES REQUIRED BY § 11B-105(A) AND (B), OR
§ 11B-106(A) AND (B), OR § 11B-107(A) AND (B) OF THIS TITLE, AS
APPLICABLE, MAY RESCIND CANCEL IN WRITING THE CONTRACT WITHOUT
STATING A REASON AND WITHOUT LIABILITY ON THE PART OF THE
PURCHASER.

(2) THE PURCHASER SHALL BE ENTITLED TO THE RETURN OF
ANY DEPOSITS MADE ON ACCOUNT OF THE CONTRACT, EXCEPT THAT THE
VENDOR SHALL BE ENTITLED TO RETAIN THE COST OF REPRODUCING THE
INFORMATION SPECIFIED IN § 11B-105(B), § 11B-106(B), OR §
11B-107(B) OF THIS TITLE, AS APPLICABLE, OR $100, WHICHEVER
AMOUNT IS LESS, IF THE DISCLOSURES ARE NOT RETURNED TO THE VENDOR
AT THE TIME THE CONTRACT IS RESCINDED CANCELLED.

[(b)] (C) Any purchaser may within 3 CALENDAR days
following receipt by the purchaser of a CHANGE IN MANDATORY FEES
AND PAYMENTS EXCEEDING 10 PERCENT OF THE AMOUNT PREVIOUSLY STATED
TO EXIST OR ANY OTHER substantial and material amendment to the
disclosures required by § 11B-105 [or] § 11B-106, OR § 11B-107
OF THIS TITLE, as applicable, which adversely affects the
purchaser, rescind CANCEL in writing the contract without stating
a reason and without liability on the part of the purchaser, and
the purchaser shall be entitled to the return of deposits made on
account of the contract.

[(c)] (D) The rights of a purchaser under this section may
not be waived in the contract and any attempted waiver is void.
However, if any purchaser proceeds to [closing] SETTLEMENT, the
purchaser's right to rescind CANCEL under this section is
terminated.

(E) IN SATISFYING THE REQUIREMENTS OF SUBSECTION (B) OF
THIS SECTION, THE VENDOR SHALL BE ENTITLED TO RELY UPON THE
DISCLOSURES CONTAINED IN THE DEPOSITORY AFTER JUNE 30, 1989.

[11B-108.] 11B-109.

(a)  Any vendor, required under § 11B-105 [or], § 11B-106,
OR § 11B-107 OF THIS TITLE to disclose information to a
purchaser, who makes an untrue statement of a material fact, or
who omits to state a material fact necessary in order to make the
statements made, in the light of the circumstances under which
they were made, not misleading, shall be liable for damages
proximately caused by the untrue statement or omission to the
person purchasing a lot from that vendor. However, an action may
not be maintained to enforce a liability created under this
section unless brought within one year after the facts
constituting the cause of action have or should have been
discovered.

(b)  A vendor may not be liable under subsection (a) if the
vendor had, after reasonable investigation, reasonable grounds to
believe, and did believe, at the time the information required to

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