PARRIS N. GLENDENING, Governor

Ch. 3

DRAFTER'S NOTE:

Error: Erroneous cross-reference in § 11A-116(i) of the Real Property
Article.

Occurred: Ch. 3, Acts of 1994. Correction by the Michie Company in the
1994 Cumulative Supplement of the Real Property Article is validated by this
Act.

11A-121.

(a) (4) The Commission shall approve or disapprove the application within the
later to occur of 30 days after receipt of all required information or 5 days after approval
by the Secretary of State of the public offering statement. Should the application be
disapproved, a hearing shall be afforded the applicant in conformance with § 17-324 of
the Business Occupations and Professions Article. Approved registrations shall expire on
the 30th day of April in each even numbered year or on such other day as the Commission
may designate.

DRAFTER'S NOTE:

Error: Erroneous cross-reference in § 11A-121(a)(4) of the Real Property
Article.

Occurred: Ch. 3, Acts of 1994. Correction by the Michie Company in the
1994 Cumulative Supplement of the Real Property Article is validated by this
Act.

(g) A developer shall maintain all records of trust money, as defined in [Subtitle
5 of the Maryland Real Estate Brokers Act] TITLE 16, SUBTITLE 5 OF THE BUSINESS
OCCUPATIONS AND PROFESSIONS ARTICLE, in a secured area within the office of the
developer.

DRAFTER'S NOTE:

Error: Erroneous cross-reference in § 11A-121(g) of the Real Property
Article.

Occurred: Ch. 563, Acts of 1988.

14-117.

(f) A contract of sale shall also comply with the following provisions, if
applicable:

(1)     Section 17-405 of the Business Occupations and Professions Article
(notice of purchaser's protection by Real Estate Guaranty Fund in an amount not to
exceed $25,000);

(2)     Section 17-504 of the Business Occupations and Professions Article
(notice by real estate broker pertaining to deposit in noninterest bearing account);

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