Sec. 09.11.04.03. Records of Transactions

A. The developer shall maintain records of the names and addresses of licensed real estate brokers, employees, or independent contractors employed by it for the purpose of sales of time share estates in Maryland, and make those records available to the Commission upon request.

B. Purchase Money.

(1) The developer shall maintain a surety bond in accordance with the schedule set forth in Real Property Article, §11A-116, Annotated Code of Maryland.

(2) The penalty of bond shall reflect the amount of purchase money held by the developer, the developer’s agents, employees, licensed real estate brokers or independent contractors engaged by the developer resulting from the sale of time share estates in Maryland.

(3) The developer shall make available to the Commission, upon its request, all records concerning the amount of purchase money held by the developer, the developer’s agents, employees, or independent contractors.

(4) The Commission may request a developer to submit a certified statement from a certified public accountant with respect to purchase money obtained by or on behalf of the developer.

C. The developer shall maintain records of all transactions regarding the sale of time share estates sold in Maryland. The records shall include copies of the contract of sale, mortgage deed of trust, and documentation reflecting the disposition of purchase money obtained directly from the purchaser, or from the developers' agents, employees, licensed real estate brokers or independent contractors engaged by the developer.

D. A time share estate may not be offered for sale until the developer has forwarded to the Commission a list of all the estates, including the address, type of estate, and the nature of any encumbrance existing on the property.