WILLIAM DONALD SCHAEFER, Governor Ch. 563

1.  IN WHICH MONEY OR PROPERTY IS OBTAINED
FROM A PERSON BY THEFT, EMBEZZLEMENT, FALSE PRETENSES, OR
FORGERY; OR

2.  THAT CONSTITUTES FRAUD OR
MISREPRESENTATION.

(B)  LIMITATION ON RECOVERY.

THE AMOUNT RECOVERED FOR ANY CLAIM AGAINST THE GUARANTY FUND
MAY NOT EXCEED $25,000 FOR EACH CLAIM.

(C)  EXCLUDED CLAIMS.

(1)  A PERSON MAY NOT RECOVER FROM THE GUARANTY FUND
FOR ANY LOSS THAT RELATES TO:

(I)  THE PURCHASE OF ANY INTEREST IN A LIMITED
PARTNERSHIP THAT IS FORMED FOR THE PURPOSE OF INVESTMENT IN REAL
ESTATE;

(II)  A JOINT VENTURE THAT IS PROMOTED BY A
LICENSED REAL ESTATE BROKER, A LICENSED ASSOCIATE REAL ESTATE
BROKER, OR LICENSED REAL ESTATE SALESPERSON FOR THE PURPOSE OF
INVESTMENT IN REAL ESTATE BY 2 OR MORE INDIVIDUALS; OR

(III)  THE PURCHASE OF COMMERCIAL PAPER THAT IS
SECURED BY REAL ESTATE.

(2)  A CLAIM UNDER THE GUARANTY FUND MAY NOT BE FILED
BY:

(I)  THE SPOUSE OF THE LICENSEE OR THE
UNLICENSED EMPLOYEE ALLEGED TO BE RESPONSIBLE FOR THE ACT OR
OMISSION GIVING RISE TO THE CLAIM; OR

(II)  THE PERSONAL REPRESENTATIVE OF THE SPOUSE
OF THE LICENSEE OR THE UNLICENSED EMPLOYEE ALLEGED TO BE
RESPONSIBLE FOR THE ACT OR OMISSION GIVING RISE TO THE CLAIM.

(D)  LIMITATIONS PERIOD.

A CLAIM UNDER THIS SUBTITLE SHALL BE FILED WITH THE
COMMISSION WITHIN 3 YEARS AFTER THE CLAIMANT DISCOVERS OR, BY THE
EXERCISE OF ORDINARY DILIGENCE, SHOULD HAVE DISCOVERED THE LOSS
OR DAMAGE.

SUBCOMMITTEE COMMENT: Subsections (a) and (b) of this
section are new language derived without substantive
change from the first sentence of former Art. 56, §
217A(a)(l), except as it related to establishing and
maintaining the Guaranty Fund.

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