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Maryland Code, Business Regulation § 4.5-701

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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.

Cite this article: - Maryland Code, Business Regulation § 4.5-701 - last updated December 31, 2021 |

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