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PARRIS N. GLENDENING, Governor
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Ch. 492
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(6) The Registration Fund may not be supported by appropriations of
State funds.
(b) (1) By regulation, the Division shall establish reasonable fees that may
not exceed $600 over a 2-year period, and a fee schedule for the issuance and renewal
of registrations.
(2) The fees charged shall approximate the direct and indirect costs of
administering and enforcing the Maryland Home Builder Registration Act AND TITLE
10, SUBTITLE 3, SUBTITLE 5, AND SUBTITLE 6 OF THE REAL PROPERTY ARTICLE.
(c) The Division shall pay all funds collected under § 4.5-303 of this title to
the Comptroller, who shall distribute the fees to the Registration Fund.
(d) The Office of Legislative Audits shall audit the accounts and transactions
of the Registration Fund under § 2-1220 of the State Government Article.
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]
CONSUMER PROTECTION DIVISION OF THE OFFICE OF THE ATTORNEY GENERAL.
(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] CONSUMER PROTECTION DIVISION OF THE OFFICE OF THE ATTORNEY
GENERAL. 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 Full amount of
deposit held
(2) $75,000 to $200,000 $75,000
(3) $200,000 to $500,000 $200,000
(4) Over $500,000 $500,000
(d) 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.
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- 3873 -
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