§ 4.5-701. "Actual loss" defined

Latest version.

   In this subtitle, "actual loss" means:

   (1) the costs of restoration, repair, replacement, or completion that arise from:

      (i) the incomplete construction of a new home or the breach of an express or implied warranty, as defined in § 10-202 and 10-203 of the Real Property Article; or

      (ii) the failure to meet standards or guidelines required in § 14-117 of the Real Property Article; or

   (2) deposits or other payments made to a home builder required to be held in an escrow account or protected by a surety bond or irrevocable letter of credit under § 10-301 or § 10-504 of the Real Property Article, that are not returned to a consumer who is entitled to a return of the deposit or other payments.

HISTORY: 2008, chs. 480, 481.

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');