A. A mandatory arbitration clause in a home improvement contract shall include the following information:
(1) The name of the person or organization that will conduct the arbitration;
(2) Whether any mandatory fees will be charged to the parties for participation in the arbitration and include the fee schedule;
(3) Whether the arbitrator's findings are binding; and
(4) A disclosure that, under Business Regulation Article, §8-405(c), Annotated Code of Maryland, a claim against the Home Improvement Guaranty Fund by an owner shall be stayed until completion of any mandatory arbitration proceeding.
B. The parties shall affix their initials and date immediately adjacent to any mandatory arbitration clause in a home improvement contract, at the time of execution of the contract.
C. This regulation shall apply to all home improvement contracts executed after October 31, 1994.