VETOES

TOTAL AMOUNT OF DEPOSITS HELD                     AMOUNT OF LETTER OF CREDIT

(1) $10,000 TO $75,000                                                               FULL AMOUNT OF

DEPOSIT HELD

(2) $75,000 TO $200,000                                                                            $75,000

(3) $200,000 TO $500,000                                                                       $200,000

(4) OVER $500,000                                                                                      $500,000

(D) FOR THE PURPOSE OF DETERMINING THE AMOUNT OF ANY
BLANKET LETTER OF CREDIT WHICH THE VENDOR OR BUILDER MAINTAINS IN
ANY CALENDAR YEAR, THE TOTAL AMOUNT OF DEPOSITS CONSIDERED HELD
BY A VENDOR OR BUILDER SHALL BE DETERMINED AS OF MAY 31 OF ANY
GIVEN CALENDAR YEAR AND THE AMOUNT OF THE LETTER OF CREDIT SHALL
BE IN ACCORDANCE WITH THE AMOUNT OF DEPOSITS HELD AS OF MAY 31.

10-303.1.

THE DIVISION OF CONSUMER PROTECTION SHALL ADOPT REGULATIONS
FOR THE ADMINISTRATION OF THE PROVISIONS OF THIS SUBTITLE
RELATING TO BONDS AND LETTERS OF CREDIT.

10-304.

The provisions of this subtitle do not apply to a sale by or
through a licensed real estate broker in connection with which
all sums of money in the nature of deposits, escrow money, or
binder money are paid to a broker to be held in the escrow
account of the broker.

10-305.

If a person fails to obtain and maintain a corporate surety
bond OR IRREVOCABLE LETTER OF CREDIT or to hold sums of money in
an escrow account as required under this subtitle, he is guilty
of a misdemeanor, and, on conviction, is subject to a fine not
exceeding $500, or imprisonment not exceeding six months, or
both. Any officer, director, or employee of a corporation, who
knowingly participates in any act or omission which is part of
the violation, is subject to the penalties of this subsection.

Article - Commercial Law

13-201.

There is a Division of Consumer Protection in the Office of
the Attorney General. The Division shall administer this
subtitle AND THE PROVISIONS OF TITLE 10, SUBTITLE 3 OF THE REAL
PROPERTY ARTICLE RELATING TO BONDS AND IRREVOCABLE LETTERS OF
CREDIT.

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