Ch. 89

LAWS OF MARYLAND

Error: Function paragraph of bill being cured failed
to state that § 11A-116(i) of the Real Property
Article was amended.

Occurred: Ch. 563 (Senate Bill 201) of the Acts of
1988.

Noted by: The Computer Division of the Department of
Legislative Reference.

11A-121.

(h) A developer may not transfer, cause to be transferred,
or contract for the transfer of a time-share while an order
revoking registration is in effect, without the consent of the
Commission.

(i) (1) Each registered developer shall file with the
Commission an annual report to update any information contained
in the application for registration.

(2) If an annual report reveals that a developer owns
or controls time-shares representing less than 25 percent of the
total time-shares in the time-share project and that a developer
has no power to increase the number of time-shares he owns or
controls, the Commission shall issue an order relieving the
developer of any further obligation to file annual reports.
Thereafter, so long as the developer is offering any time-shares
for sale, the Commission has jurisdiction over the developer's
activities, but has no other authority to regulate the
time-shares.

(j) In the case of the time-share project situated wholly
outside the State, no application for registration filed with the
Commission which has been approved by an agency of the state in
which the time-share project is located and substantially
complies with the requirements of this title may be rejected by
the Commission on the grounds of noncompliance with any different
or additional requirements imposed by this title or by the
Commission's regulations. However, the Commission may require
additional documents or information to assure adequate and
accurate disclosure to prospective purchasers.

(k) (1) The Commission, after notice and hearing, may levy
a civil penalty against a developer of not more than $1,000 for
any violation by the developer of § 11A-112, § 11A-113, §
11A-114, § 11A-116, § 11A-118, § 11A-119, §11A-120, § 11A-121, or
§ 11A-124 of this title.

(2) In determining the amount of the penalty, the
Commission shall give due consideration to:

(i) The seriousness of the violation;

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