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VETOES
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H.B. 811
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14-2917.
(A) THIS SUBTITLE DOES NOT AUTHORIZE THE CHIEF TO ADOPT RULES,
REGULATIONS, OR STANDARDS APPLICABLE TO HOME BUILDERS OR OTHER SUBJECT
MATTER OF THIS SUBTITLE.
(B) ANY ADDITIONAL REQUIREMENTS TO BE PLACED ON HOME BUILDERS
SHALL BE MADE THROUGH CHANGES TO ONLY BY AMENDMENT OF THIS SUBTITLE.
14-2018.
SUBJECT TO THE MARYLAND PROGRAM EVALUATION ACT, THIS SUBTITLE
SHALL TERMINATE AND BE OF NO EFFECT AFTER OCTOBER 1, 2004.
14-2919.
THIS SUBTITLE MAY BE CITED AS THE "MARYLAND HOME BUILDERS ACT".
Article—Real- Property
10-302.
(a) The bond shall be payable to the State for the use and benefit of every
person protected by the provisions of this subtitle. The vendor or purchaser shall
deposit the bond with the Department of Labor, Licensing, and Regulation.
(b) The corporate surety bond obtained pursuant to the provisions of §
10-301(a) shall be in a form approved by the Department of Labor, Licensing, and
Regulation. The bond may be either in the form of an individual bond for each deposit
accepted by a vendor or builder or if the total amount of money and deposits accepted
by the builder or vendor exceeds $10,000, it may be in the form of a blanket bond
assuring the return of the deposits received by the vendor or builder.
(c) If the bond is a blanket bond, the penalty of the bond shall be in accordance
with the following schedule:
Total Amount of Deposits Held Penalty of Bond
(1) $10,000 to [$75,000] $100,000 Full amount of deposit held
(2) [$75,000] $100,000 to $200,000 [$75,000] $100,000
(3) $200,000 to $500,000 $200,000
(4) Over $500,000 $500,000
(4) For the purpose of determining the penalty of any blanket bond which the
vendor or builder maintains in any calendar year, the total amount of deposits
considered held by a vendor or builder shall be determined as of May 31 of any given
calendar year and the penalty of the bond shall be in accordance with the amount of
deposits held as of May 31.
10-303.
(a) An irrevocable letter of credit obtained under § 10-301 of this subtitle shall
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be:
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- 4532 -
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