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02.01.09.00.htm 02.01.09.00. Title 02 OFFICE OF THE ATTORNEY GENERAL Subtitle 01 CONSUMER PROTECTION DIVISION Chapter 09 Deposits on New Homes―Escrow Account, Surety Bond, and Letter of Credit Requirements Authority: Real Property Article, §10-302, 10-303.1, and 10-504, Annotated Code of Maryland
02.01.09.01.htm 02.01.09.01. 01 Purpose.. The purpose of this chapter is to ensure compliance with State laws requiring that home builders secure deposits and other advance payments through the use of escrow accounts, surety bonds, and letters of credit, under Real Property Article, Title 10, Subtitle 3, Annotated Code of Maryland, and Real Property Article, Title 10, Subtitle 5, Annotated Code of Maryland (the Custom Home Protection Act)
02.01.09.02.htm 02.01.09.02. 02 Scope.. This chapter applies to all home builders and sellers of new homes, unless exempted by the terms of Real Property Article, §10-304, Annotated Code of Maryland.
02.01.09.03.htm 02.01.09.03. 03 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Home builder" has the meaning stated in Business Regulation Article, §4.5-101(g) Annotated Code of Maryland.2) "New home" has the meaning stated in Business Regulation Article, §4.5-101(m) Annotated Code of Maryland.3) "Seller" means a vendor subject to Real Property Article, Title 10, Subtitle 3, Annotated Code of Maryland.4) "Unit" means the Home Builder Registration Unit
02.01.09.04.htm 02.01.09.04. 04 Procedures and Requirements.. A. Form of Bond or Letter of Credit. Home builders and sellers of new homes shall:. 1) Use the corporate surety bond or irrevocable letter of credit form provided by the Unit; or. 2) Submit other corporate surety bond or letter of credit forms to the Unit for its consideration and prior approval for use as required under Real Property Article, §10-302 and 10-303, Annotated Code of Maryland.B. Filing of Bonds and Letters of Credit. A home b
02.01.09.9999.htm 02.01.09.9999. Administrative History Effective date: May 12, 2003 (30:9 Md. R. 614).
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