WILLIAM DONALD SCHAEFER, Governor

Ch. 3

"Person" § 1-101

"Provide real estate brokerage services" § 16-101

"Real estate" § 16-101

16-405. NOTICE TO BUYER.

A REAL ESTATE BROKER SHALL INCLUDE IN EACH SALES CONTRACT
THAT IS PROVIDED BY THE REAL ESTATE BROKER A WRITTEN NOTICE TO
THE BUYER THAT THE BUYER IS PROTECTED BY THE GUARANTY FUND IN AN
AMOUNT NOT EXCEEDING $25,000.

REVISOR'S NOTE: This section formerly appeared as Art. 56A,
§ 4-405.

The only changes are in style.

Defined terms: "Guaranty Fund" § 16-101
"Real estate broker" § 16-101

16-406. FORM OF CLAIMS.

(A)   IN GENERAL.

EACH CLAIM AGAINST THE GUARANTY FUND SHALL BE MADE IN
ACCORDANCE WITH THIS SECTION.

(B)  FORM.

EACH CLAIM  SHALL:

(1)  BE IN WRITING;

(2)  BE MADE UNDER OATH;

(3)  STATE THE AMOUNT OF LOSS CLAIMED;

(4)  STATE THE FACTS ON WHICH THE CLAIM IS BASED; AND

(5)  BE ACCOMPANIED BY ANY DOCUMENTATION OR OTHER
EVIDENCE THAT SUPPORTS THE CLAIM.

REVISOR'S NOTE: This section formerly appeared as Art. 56A,
§ 4-406.

The only changes are in style.

Defined term: "Guaranty Fund" § 16-101

16-407. ACTION ON CLAIM BY COMMISSION.

(A) MANNER OF PROCEEDING.

THE COMMISSION SHALL ACT PROMPTLY ON A CLAIM MADE UNDER THIS
SUBTITLE.

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