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PARRIS N. GLENDENING, Governor H.B. 811
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(1) Payable to the Department of Labor, Licensing, and Regulation for
the use and benefit of every person protected by the provisions of this subtitle; and
(2) In a form approved by the Department.
(b) An irrevocable letter of credit may be either in the form of an individual
letter of credit for each deposit accepted by a vendor or builder or if the total amount
of money and deposits accepted by the builder exceeds $10,000, the letter of credit
may be in the form of a blanket letter of credit assuring the return of the deposits
received by the vendor or builder:
(c) If the letter of credits is a blanket letter of credit, the amount of the letter of
credit shall be in accordance with the following schedule:
Total Amount of Deposits Held Amount of Letter of Credit
(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
(1) Over $500,000 $500,000
(4) For the purpose of determining the amount of any blanket letter of credit
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 amount of the letter-of-credit shall be in accordance
with the amount of deposits held as of May 31.
14-117.
(J) (1) THIS SUBSECTION APPLIES TO BALTIMORE CITY AND ALL OTHER
COUNTIES EXCEPT MONTGOMERY COUNTY AND WASHINGTON COUNTY.
(2) A CONTRACT FOR THE INITIAL SALE OF A NEW HOME, AS DEFINED IN
§ 14-2901 OF THE COMMERCIAL LAW ARTICLE, SHALL INCLUDE THE FOLLOWING:
(I) THE BUILDER REGISTRATION NUMBER OF THE SELLER OF THE
NEW HOME UNLESS THE SELLER IS AN EXEMPT LENDER AS DEFINED IN § 14- 901 OF
THE COMMERCIAL LAW ARTICLE;
(II) A PROVISION STATING THAT THE NEW HOME SHALL BE
CONSTRUCTED IN ACCORDANCE WITH ALL APPLICABLE BUILDING CODES IN EFFECT
AT THE TIME OF THE CONSTRUCTION OF THE NEW HOME;
(III) A PROVISION REFERENCING ALL PERFORMANCE STANDARDS
OR GUIDELINES;
1. THAT THE SELLER SHALL COMPLY WITH IN THE
CONSTRUCTION OF THE NEW HOME; AND
2. THAT SHALL PREVAIL APPLY IN THE PERFORMANCE OF
THE CONTRACT AND ANY ARBITRATION OR ADJUDICATION OF A CLAIM ARISING
FROM THE CONTRACT;
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- 4533 -
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