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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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BUSINESS REGULATION |
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TITLE 4.5. HOME BUILDER REGISTRATION |
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SUBTITLE 7. HOME BUILDER GUARANTY FUND |
§ 4.5-703. Home Builder Guaranty Fund established
Latest version.
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(a) In general. -- 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) Deposits; custody and investment of Fund. --
(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) Administration. -- The Division shall administer the Guaranty Fund in accordance with this subtitle.
(d) Costs paid from Registration Fund. -- 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) Audits. -- The Office of Legislative Audits shall audit the accounts and transactions of the Guaranty Fund under § 2-1220 of the State Government Article.