Ch. 563                                          LAWS OF MARYLAND

Commission. Similarly, the former reference to the
"official publication" of the Commission is deleted
since in practice there is no such official
publication in which all licensees are notified of
suspensions and revocations of licensees. These
changes were recommended by the Joint Subcommittee on
the Business Occupations Article.

Defined terms: "Associate real estate broker" § 4-101
"Commission" § 4-101 "License" § 4-101
"Person" § 1-101 "Real estate broker" § 4-101
"Real estate salesperson" § 4-101
"State" § 1-101

SUBTITLE 4. REAL ESTATE GUARANTY FUND.

4-401. SCOPE OF SUBTITLE.

THIS SUBTITLE DOES NOT LIMIT THE AUTHORITY OF THE COMMISSION
TO TAKE:

(1)  ANY ACTION AGAINST A LICENSEE UNDER THE
DISCIPLINARY PROVISIONS OF SUBTITLE 3 OF THIS TITLE; OR

(2)  ANY OTHER ACTION AUTHORIZED UNDER THIS TITLE.

SUBCOMMITTEE COMMENT: This section is new language derived
without substantive change from the first clause of
former Art. 56, § 217A(d)(2)(iv) and the first clause
of (e).

Defined term: "Commission" § 4-101

4-402. ESTABLISHMENT OF FUND; INVESTMENTS.

(A)  ESTABLISHMENT OF FUND.
THE COMMISSION SHALL:

(1)  ESTABLISH A REAL ESTATE GUARANTY FUND; AND

(2)  MAINTAIN THE GUARANTY FUND AT A LEVEL OF AT LEAST
$250,000.

(B)  DISPOSITION OF MONEY COLLECTED; INVESTMENTS BY STATE
TREASURER.

(1) THE COMMISSION SHALL DEPOSIT ALL MONEY COLLECTED
TO THE CREDIT OF THE GUARANTY FUND WITH THE STATE TREASURER FOR
PLACEMENT INTO A SPECIAL ACCOUNT.

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