Ch. 563

LAWS OF MARYLAND

(I)  MAY START IMMEDIATELY OR AT ANY LATER DATE,
AS SET BY THE ORDER; AND

(II)  SHALL CONTINUE UNTIL:

1.  THE DEVELOPER COMPLIES WITH THE
CONDITIONS SET FORTH BY THE COMMISSION IN ITS ORDER; OR

2.  THE COMMISSION ORDERS A DIFFERENT
DISPOSITION AFTER A HEARING HELD UNDER THIS SECTION.

(4) (I) RATHER THAN ORDER SUMMARILY A SUSPENSION OF
THE REGISTRATION OF A DEVELOPER UNDER THIS SUBSECTION, THE
COMMISSION MAY ELECT NOT TO SUSPEND THE REGISTRATION UNTIL AFTER
THE DEVELOPER IS GIVEN AN OPPORTUNITY FOR A HEARING.

(II) IF THE COMMISSION ELECTS TO GIVE THE
DEVELOPER AN OPPORTUNITY FOR A HEARING BEFORE SUSPENDING THE
REGISTRATION FOR THE GROUNDS SET FORTH IN THIS SUBSECTION, NOTICE
SHALL BE GIVEN AND THE HEARING SHALL BE HELD IN THE SAME MANNER
AS REQUIRED IN COMPARABLE PROCEEDINGS UNDER THE MARYLAND REAL
ESTATE BROKERS ACT FOR VIOLATION OF TRUST MONEY PROVISIONS BY A
REAL ESTATE BROKER.

(G) MAINTENANCE OF TRUST MONEY RECORDS.

A DEVELOPER SHALL MAINTAIN ALL RECORDS OF TRUST MONEY, AS
DEFINED IN SUBTITLE 5 OF THE MARYLAND REAL ESTATE BROKER ACT, IN
A SECURED AREA WITHIN THE OFFICE OF THE DEVELOPER.

SUBCOMMITTEE COMMENT: Ch. ___, Acts of 1988, which enacted

a comprehensive revision of the Maryland Real Estate
Brokers Act, added subsections (f) and (g) of this
section to incorporate the provisions of the first
through third sentences of former Art. 56, § 224C, as
those sentences related to the maintenance of trust
money records and the summary suspension of the
registration of a time-share developer for failing to
account for funds held in trust or to display records.

Throughout subsection (f) of this section, the
references to an "order" of the Commission are added
to clarify that a summary suspension under this
section is effectuated by the issuance of an order by
the Commission and that the order sets forth the terms
and conditions of the suspension.

Subsection (f)(2) of this section is new language
added to provide expressly for an opportunity for a
prompt hearing after a suspension is ordered summarily
by the Commission.

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