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Current as of January 01, 2025 | Updated by Findlaw Staff
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: FindLaw.com - Maryland Code, Business Regulation § 4.5-701 - last updated January 01, 2025 | https://codes.findlaw.com/md/business-regulation/md-code-bus-reg-sect-4-5-701/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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