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Ch. 492
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2002 LAWS OF MARYLAND
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10-303.
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(a) An irrevocable letter of credit obtained under § 10-301 of this subtitle shall
be:
(1) Payable to the [Department of Labor, Licensing, and Regulation]
OFFICE OF THE ATTORNEY GENERAL for the use and benefit of every person protected
by the provisions of this subtitle; and
(2) In a form approved by the [Department] CONSUMER PROTECTION
DIVISION OF THE OFFICE OF THE ATTORNEY GENERAL.
(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 credit 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
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(1) $10,000 to $75,000
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Full amount of
deposit held
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(2) $75,000 to $200,000
(3) $200,000 to $500,000
(4) Over $500,000
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$75,000
$200,000
$500,000
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(d) 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.
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10-303.1.
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The [Department of Labor, Licensing, and Regulation] CONSUMER
PROTECTION DIVISION OF THE OFFICE OF THE ATTORNEY GENERAL shall adopt
regulations for the administration of the provisions of this subtitle relating to bonds
and letters of credit.
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10-601.
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(a) In this subtitle the following words have the meanings indicated.
(b) "Appliances, fixtures, and items of equipment" means furnaces, boilers, oil
tanks and fittings, air purifiers, air handling equipment, ventilating fans, air
conditioning equipment, water heaters, pumps, stoves, refrigerators, garbage
disposals, compactors, dishwashers, automatic door openers, washers and dryers,
bathtubs, sinks, toilets, faucets and fittings, lighting fixtures, circuit breakers, and
other similar items.
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(c) "Builder" means any person, corporation, partnership or other legal entity:
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- 3874 -
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