Ch. 52                                      1994 LAWS OF MARYLAND

CHAPTER 52
(House Bill 505)

AN ACT concerning

Real Estate Commission - Guaranty Fund - Awards

FOR the purpose of allowing the Real Estate Commission, under certain circumstances,
to issue proposed awards from the Real Estate Commission Guaranty Fund; and
generally relating to awards from the Real Estate Commission Guaranty Fund.

BY repealing and reenacting, without amendments,
Article - Business Occupations and Professions
Section 16-402
Annotated Code of Maryland
(1989 Volume and 1993 Supplement)

BY repealing and reenacting, with amendments,

Article - Business Occupations and Professions
Section 16-407
Annotated Code of Maryland
(1989 Volume and 1993 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Business Occupations and Professions

16-402.                        

(a)     The Commission shall:

(1)     establish a real estate guaranty fund; and

(2)     maintain the Guaranty Fund at a level of at least $250,000.

(b)     (1) The Commission shall deposit all money collected to the credit of the
Guaranty Fund with the State Treasurer for placement into a special account.

           (2) (i) The State Treasurer may invest or reinvest money in the Guaranty

Fund in the same manner as money in the State Employees Retirement and Pension
System.                                         .

(ii) The investment earnings shall be:

1.       credited to the Guaranty Fund; and

2.       available for the same purposes as the money deposited into
the Guaranty Fund.

- 1084 -