Ch. 506

1994 LAWS OF MARYLAND

(2) Send the Administration funds and any documents required under §
13-113 of this article to the Administration within the time period specified in subsection
(c) of this section,

(c) A licensee shall process Administration funds in the manner specified in
subsection (b) of this section no later than [5] 10 business days after:             

(1) Receipt of Administration funds paid in the form of cash, money order,
or a cashier's certified check; or

(2) Administration funds paid in any other form has been credited to an
account owned or controlled by the licensee.

(d) The Administration shall adopt regulations governing refund or credit
procedures including procedures relating to the refunding of funds deposited to the
account by a licensee that are not duo the Administration.

(B) (1) THE ADMINISTRATION SHALL ADOPT REGULATIONS THAT
ESTABLISH A PAYMENT BOND PROGRAM FOR THE PURPOSE OF PROTECTING
ADMINISTRATION FUNDS AND OTHERWISE IMPLEMENTING THE REQUIREMENTS OF
THIS SECTION.

(2) THE AMOUNT OF A PAYMENT BOND REQUIRED UNDER THE
PAYMENT BOND PROGRAM SHALL BE BASED ON THE AMOUNT OF ADMINISTRATION
FUNDS THAT THE LICENSEE COLLECTED DURING THE MOST RECENT, COMPLETE
REPORTING PERIOD.

(C) (1) IF A LICENSEE PARTICIPATES IN THE PAYMENT BOND PROGRAM
ESTABLISHED UNDER THIS SECTION, THE LICENSEE SHALL SEND ANY
ADMINISTRATION FUNDS AND ANY DOCUMENTS REQUIRED UNDER § 13-113 OF THIS
ARTICLE TO THE ADMINISTRATION WITHIN 20 DAYS AFTER THE DATE OF DELIVERY
OF THE VEHICLE.

(2) IF A LICENSEE DOES NOT PARTICIPATE IN THE PAYMENT BOND
PROGRAM ESTABLISHED UNDER THIS SECTION, THE LICENSEE SHALL SEND THE
ADMINISTRATION FUNDS AND ANY DOCUMENTS REQUIRED UNDER § 13-113 OF THIS
ARTICLE TO THE ADMINISTRATION WITHIN 10 DAYS AFTER THE DATE OF DELIVERY
OF THE VEHICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1994.

Approved May 26, 1994.

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