Ch. 564                                       LAWS OF MARYLAND

(13) Enter into reciprocal agreements with consumer
protection agencies of other states, in which each state mutually
agrees to receive and investigate complaints from the foreign
state's consumer protection agency on behalf of their consumers
against businesses in the receiving and investigating state; AND

(14) (I) RECEIVE AND INVESTIGATE COMPLAINTS FROM A
PURCHASER OF A NEW SINGLE FAMILY RESIDENTIAL UNIT, IF THE VENDOR
OR BUILDER HAS OBTAINED AN IRREVOCABLE LETTER OF CREDIT UNDER
TITLE 10, SUBTITLE 3 OF THE REAL PROPERTY ARTICLE; AND

(II) IF THE DIVISION FINDS THAT THE PURCHASER
IS ENTITLED TO A RETURN OF A DEPOSIT PAID TO THE VENDOR OR
BUILDER, DRAW AGAINST THE LETTER OF CREDIT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1989.

Approved May 25, 1989.

CHAPTER 564
(Senate Bill 278)

AN ACT concerning

Insurance - Life and Health
Insurance Guaranty Corporation

FOR the purpose of altering the name of the Maryland Life and
Health Insurance Guaranty Association to be the Life and
Health Insurance Guaranty Corporation; clarifying the
relationship of the State of Maryland to the Life and Health
Insurance Guaranty Corporation; altering the powers of the
Corporation; clarifying that the powers, duties, and
obligations of the Corporation are more accurately reflected
as those of a private, nonprofit, nonstock corporation
independent of the State; providing that the obligations and
liabilities of the Corporation are not those of the State;
providing that Corporation moneys are not considered part of
the General Fund of the State; prohibiting the State from
budgeting or appropriating funds for the Corporation;
clarifying the Corporation's immunity from liability when
performing the duties and powers under this subtitle;
providing for the retroactive application of this Act;
providing that existing obligations or contract rights may
not be impaired by this Act; making certain stylistic
changes; and generally relating to the Life and Health
Insurance Guaranty Corporation.

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