Ch. 517

1996 LAWS OF MARYLAND

14-116.

The seller shall:

(1)     file with the Commissioner an amendment to the documents previously
submitted to the Commissioner whenever a material change in the required information
occurs; and

(2)     pay a fee of $50 for filing the amendment.
14-117.

The seller shall;

(1) file annually with the Commissioner a copy of its current disclosure
statement and bond or copy of the trust account notification required under § [14-113]
14 113.1 of this subtitle; and.

(2)     pay an annual renewal fee of $100.

(A) UNLESS THE REGISTRATION OF A BUSINESS OPPORTUNITY IS RENEWED
FOR A 1-YEAR TERM AS PROVIDED IN THIS SECTION. THE REGISTRATION EXPIRES
ON THE FIRST ANNIVERSARY OF ITS EFFECTIVE DATE

(B) BEFORE THE REGISTRATION EXPIRES. THE REGISTRANT PERIODICALLY
MAY RENEW IT FOR AN ADDITIONAL 1-YEAR TERM. IF THE REGISTRANT;

(1) FILES WITH THE COMMISSIONER:

(I)      A RENEWAL APPLICATION ON THE FORM THAT THE
COMMISSIONER PROVIDES:

(II)     A CURRENT DISCLOSURE DOCUMENT ALONG WITH ANY
OTHER DOCUMENTS OR INFORMATION THAT THE COMMISSIONER MAY REQUIRE
BY ORDER OR REGULATION; AND

(III) PROOF THAT THE SELLER HAS SATISFIED THE BOND AND
TRUST ACCOUNT REQUIREMENTS UNDER § 14-115 OF THIS SUBTITLE; AND

(2) PAYS A RENEWAL FEE OF $100.

(C) THE COMMISSIONER SHALL RENEW THE REGISTRATION OF A BUSINESS
OPPORTUNITY IF THE REGISTRANT COMPLIES WITH THE REQUIREMENTS OF THIS
SECTION.

14-118.

The seller shall give a prospective buyer a copy of the disclosure [statement]
DOCUMENT required by this subtitle[, or the documents that the Federal Trade
Commission requires for sales of business opportunities,] at the earlier of:

(1) the first personal meeting of the buyer and seller to discuss the possible
sale of a business opportunity; or

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