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Martin O'Malley, Governor S.B. 622
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OR ANY AMOUNT INTO AN ESCROW ACCOUNT FOR THE EXTINGUISHED GROUND
LEASE.
8-708. 8-709.
THE DEPARTMENT SHALL WORK WITH THE STATE ARCHIVES TO
COORDINATE THE RECORDATION, INDEXING, AND LINKING OF GROUND LEASES
REGISTERED UNDER THIS SUBTITLE.
8-710.
THE DEPARTMENT SHALL CREDIT ALL FEES COLLECTED UNDER THIS
SUBTITLE TO THE FUND ESTABLISHED UNDER § 1-203.3 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE. FEES RECEIVED SHALL BE HELD
IN A GROUND LEASE REGISTRY ACCOUNT IN THAT FUND AND SHALL HELP
DEFRAY THE COSTS OF THE REGISTRY CREATED UNDER THIS SUBTITLE.
8-709. 8-711.
THE DEPARTMENT SHALL ADOPT REGULATIONS TO CARRY OUT THIS
SUBTITLE.
SECTION 2. AND BE IT FURTHER ENACTED, That, through September 30,
2010, the State Department of Assessments and Taxation shall publish notice of the
registration requirements under this Act in at least semiannual annual
advertisements of at least a quarter-page size in a newspaper of general circulation
in Baltimore City and each county in which ground rents are located.
SECTION 3. AND BE IT FURTHER ENACTED. That the State Department of
Assessments and Taxation shall report to the General Assembly, in accordance with §
2-1246 of the State Government Article, on or before December 31, 2007, and on or
before December 31, 2008, on the implementation of this Act, including
recommendations on the provision of notification, by electronic and other means, to
ground lease holders about the registration requirements established under this Act.
SECTION 4. AND BE IT FURTHER ENACTED, That the Comptroller of the
State shall report to the General Assembly, in accordance with § 2-1246 of the State
Government Article, on or before December 31, 2007, on recommendations regarding
the provision of notification, by electronic and other means, by the Comptroller to
ground lease holders about the registration requirements with the State Department
of Assessments and Taxation established under this Act, including providing
notification in the yearly State income tax instruction booklet.
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- 4363 -
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