Ch. 569                                   1995 LAWS OF MARYLAND

Article - Real Property
10-305.

(A)     If a person WILLFULLY OR AND KNOWINGLY 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 THE PERSON is guilty of a
[misdemeanor,] FELONY and, on conviction, [is] SHALL MAKE RESTITUTION TO THE
PURCHASER OF ANY MONEY OR PROPERTY LOST AS DETERMINED BY THE COURT,
AND BE subject to a fine not exceeding [$500] $10,000 or imprisonment not exceeding
[six months] 15 YEARS or both IN THE DISCRETION OF THE COURT.

(B)     IN ADDITION TO ANY OTHER PENALTY OR RELIEF AFFORDED BY LAW OR
EQUITY, ANY CONDUCT THAT FAILS TO COMPLY WITH THIS SUBTITLE IS AN UNFAIR
OR DECEPTIVE TRADE PRACTICE WITHIN THE MEANING OF TITLE 13 OF THE
COMMERCIAL LAW ARTICLE AND IS SUBJECT TO ALL OF THE PROVISIONS OF THAT
TITLE EXCEPT § 13-411 OF THE COMMERCIAL LAW ARTICLE.

(C)     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.

10-306.

(A)    THE DIVISION OF CONSUMER PROTECTION OF THE OFFICE OF THE
ATTORNEY GENERAL SHALL DEVELOP AND MAKE AVAILABLE A STANDARD NEW
HOME DISCLOSURE FORM THAT ADVISES PURCHASERS OF' THE PURCHASERS'
RIGHTS UNDER THIS SUBTITLE.

(B)     PRIOR TO THE EXECUTION OF ANY CONTRACT FOR THE SALE OF A NEW
HOME UNDER THIS SUBTITLE, THE VENDOR OR BUILDER SHALL:

(1)     PROVIDE THE PURCHASER WITH A COPY OF THE NEW HOME
DISCLOSURE FORM AS PROVIDED IN SUBSECTION (A) OF THIS SECTION; AND

(2)     OBTAIN THE PURCHASER'S SIGNATURE CERTIFYING THAT THE
PURCHASER HAS RECEIVED THE DISCLOSURE FORM.

10-504.

(a) (1) Except as provided [under paragraph (4) of this subsection and] IN
subsection (e) of this section, a custom home builder who receives consideration from a
buyer in connection with the performance of a custom home contract shall place the
consideration into an escrow account [to the extent that the consideration is a payment in
advance of the completion of the labor or the receipt of the materials for which the
consideration is paid].

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