Md. Code Ann., Bus. Reg. § 4.5-703
Home Builder Guaranty Fund
Effective Oct 1, 2020Added by Acts 2008, c. 480, § 1, eff. Oct. 1, 2008; Acts 2008, c. 481, § 1, eff. Oct. 1, 2008. Amended by Acts 2009, c. 58, § 1, eff. April 14, 2009; Acts 2009, c. 59, § 1, eff. April 14, 2009; Acts 2016, c. 49, § 1, eff. July 1, 2016; Acts 2020, c. 58, § 1, eff. Oct. 1, 2020; Acts 2020, c. 59, § 1, eff. Oct. 1, 2020.State of Maryland
(a) The Division shall:
- (1) establish a Home Builder Guaranty Fund; and
- (2) maintain the Guaranty Fund at a level of at least $1,000,000.
(b)
- (1) The Division shall deposit all money collected under § 4.5-704 of this subtitle in the Guaranty Fund.
(2)
- (i) The State Treasurer is the custodian of the Guaranty Fund.
- (ii) The Guaranty Fund shall be invested and reinvested in the same manner as other State funds.
- (iii) The State Treasurer shall deposit payments received from the Division under this section into the Guaranty Fund.
- (iv) Investment earnings shall be credited to the Guaranty Fund.
- (c) The Division shall administer the Guaranty Fund in accordance with this subtitle.
- (d) The direct and indirect costs incurred for the administration of and enforcement related to the Guaranty Fund shall be paid from the Registration Fund established under § 4.5-203 of this title.
- (e) The accounts and transactions of the Guaranty Fund shall be subject to audit by the Legislative Auditor in accordance with §§ 2-1220 through 2-1227 of the State Government Article.
Added by Acts 2008, c. 480, § 1, eff. Oct. 1, 2008; Acts 2008, c. 481, § 1, eff. Oct. 1, 2008. Amended by Acts 2009, c. 58, § 1, eff. April 14, 2009; Acts 2009, c. 59, § 1, eff. April 14, 2009; Acts 2016, c. 49, § 1, eff. July 1, 2016; Acts 2020, c. 58, § 1, eff. Oct. 1, 2020; Acts 2020, c. 59, § 1, eff. Oct. 1, 2020.