Ch. 505                                          LAWS OF MARYLAND

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 17, 1988.

CHAPTER 505

(House Bill 1317)

AN ACT concerning

Real Property - Statement of Negotiable Settlement
Expenses - Preprinted Sales Contracts Negotiability

FOR the purpose of requiring the Real Estate Commission to adopt
regulations requiring the disclosure of certain property
settlement information certain contracts for use in the sale
of certain residential property to contain a certain
statement; providing that omission of a certain statement
from certain contracts will not render those contracts
invalid with respect to the negotiability of certain items

between the parties to the agreement; requiring the

Department of Housing and Community Development to prepare
by a certain date and periodically update an approved

statement of negotiable settlement expenses containing

certain minimum information; requiring real estate licensees
to distribute the statements; prohibiting the use of certain
contract language in preprinted sales contract forms for

owner occupied residential real property; authorizing

certain preprinted forms to be used under certain

circumstances; authorizing rescission of contracts in

violation of certain disclosure regulations; generally

relating to negotiable real property settlement expense
statements and preprinted sales contracts, and providing for
the implementation of the provisions of this Act on the
basis of the occurrence of certain contingencies. providing
for the manner in which the statement must appear; generally
relating to a statement of negotiability with respect to
certain residential property settlement expenses; providing
for the codification of certain provisions of this Act under
certain circumstances; providing for corrections to certain
references to provisions that are renumbered by this Act;
and providing for the effective date of this Act.

BY adding to

Article 56 - Licenses

Section 212(g) and (h), 224D, and 224E
Annotated Code of Maryland
(1983 Replacement Volume and 1987 Supplement)

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