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Maryland Code, Business Regulation § 4.5-712

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) If the Division pays a claim against the Guaranty Fund based on an act or omission of a registrant, the Division may suspend the home builder registration until the registrant reimburses the Fund in full for:

(1) the amount paid from the Guaranty Fund; and

(2) interest on that amount at a rate determined by the Division so as not to exceed the legal rate of interest on a judgment in place at the time a claim is approved.

(b) Reimbursement of the Guaranty Fund in full by a registrant, by itself, does not nullify or modify the effect of a disciplinary proceeding against a registrant.

(c) If a home builder holds a license or registration in Montgomery County, the county may suspend the license as provided in this section.

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Cite this article: FindLaw.com - Maryland Code, Business Regulation § 4.5-712 - last updated December 31, 2021 | https://codes.findlaw.com/md/business-regulation/md-code-bus-reg-sect-4-5-712/

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