amended and registered with the Secretary of State containing all of the information
set forth in subsection (b) of this section; and

(2) The contract of sale contains, in conspicuous type, a notice of:

(i) The purchaser's right to receive a public offering statement and
his rescission rights under this section; and

(ii) The warrantees provided by § 11-131 of this subtitle.

(b) The public offering statement required by subsection (a) of this section
shall be sufficient for the purposes of this section if it contains at least the following:

(1) A copy of the proposed contract of sale for the unit;

(2) A copy of the proposed declaration, bylaws, and rules and regulations;

(3) A copy of the proposed articles of incorporation of the council of unit
owners, if it is to be incorporated;

(4) A copy of any proposed management contract, insurance contract,
employment contract, or other contract affecting the use of, maintenance of, or access
to all or part of the condominium to which it is anticipated the unit owners or the
council of unit owners will be a party, and a statement of the right of the council of
unit owners to terminate contracts entered into during the developer control period
under § 11-133 of this title;

(5) A copy of the actual annual operating budget for the condominium or,
if no actual operating budget exists, a copy of the projected annual operating budget
for the condominium including reasonable details concerning:

(i) The estimated monthly payments by the purchaser for

assessments;

(ii) Monthly charges for the use, rental, or lease of any facilities not
part of the condominium;

(iii) The amount of the reserve fund for repair and replacement and
its intended use; and

(iv) Any initial capital contribution or similar fee, other than
assessments for common expenses, to be paid by unit owners to the council of unit
owners or vendor, and a statement of how the fees will be used;

(6) A PLAIN LANGUAGE STATEMENT OF THE POLICY AND PROCEDURES
FOR COLLECTING ASSESSMENTS AND HANDLING COLLECTION OF DELINQUENCIES,
INCLUDING REASONABLE DETAILS CONCERNING:

(I) THE NUMBER AND PERCENTAGE OF UNIT OWNERS WHO ARE
DELINQUENT OR IN ARREARS IN AN AMOUNT EQUAL TO OR GREATER THAN 50% OF
THE ANNUAL ASSESSMENT OF THE UNIT OWNER;

(II) THE NUMBER OF UNSATISFIED LIENS FILED CURRENTLY
RECORDED AGAINST UNIT OWNERS UNDER THE MARYLAND CONTRACT LIEN ACT;