Ch. 3

2007 Laws of Maryland

(II)      THE AMOUNT OF ASSETS OTHER THAN REAL ESTATE
REFERRED TO IN SUBSECTION (B)(2)(II) OF THIS SECTION; AND

(III)    ANY EXEMPTION PROVIDED FOR IN SUBSECTION (C) OF
THIS SECTION.

(3) THE REPORT SHALL BE ACCOMPANIED BY PAYMENT OF:

(I)       A $20 FILING FEE; AND

(II)     ANY TAX, INTEREST, AND PENALTY THAT IS DUE.

(E) (1) IF ANY TAX DUE UNDER THIS SECTION REMAINS UNPAID FOR
30 DAYS AFTER THE DATE OF THE FINAL TRANSFER:

(I)       INTEREST ON THE UNPAID AMOUNT SHALL ACCRUE
THEREAFTER AT THE RATE OF 1% PER MONTH; AND

(II)     A PENALTY OF 10% OF THE UNPAID AMOUNT SHALL BE
DUE.

(2)  any tax, interest, and penalty due under this section
is an obligation of the real property entity.

(3)  for reasonable cause, the department may waive the
imposition of interest or penalty.

(F) THIS SECTION DOES NOT APPLY TO:

(1)  A pledge of stock or other interest in a real
property entity as security for a loan; or

(2)  the admission to the real property entity of
additional shareholders, partners, beneficial owners, or other
members incident to the raising of additional capital through a
public or private offering of stock or other interests in the real
property entity if:

(I) the effective management of the real property
entity is not substantially changed; and

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