Revision Note The sections in this subpart enacted as § §514B-95.1 to 514B-95.11, are redesignated. §514B-95 Definitions. As used in this subpart: “Chronological system” means a system in which the residential units designated for sale to prospective owner-occupants are offered for sale to prospective owner-occupants in the chronological order in which the prospective owner-occupants deliver […]
§514B-95.5 Announcement or advertisement; publication. At least once in each of two successive weeks, and at any time following the issuance of an effective date of the first developer’s public report for the condominium project, the developer shall cause to be published in at least one newspaper published daily in the State with a general […]
§514B-96 Designation of residential units. (a) The developer of any project containing residential units shall designate at least fifty per cent of the units for sale to prospective owner-occupants pursuant to section 514B-98. The designation shall be set forth either in the developer’s public report or in the announcement or advertisement required by section 514B-95.5, […]
§514B-96.5 Unit selection; requirements. (a) When the chronological system is used, the developer or the developer’s real estate broker, as the case may be, shall offer the residential units that have been designated pursuant to section 514B-96 as follows: (1) For thirty days from the date of the first published announcement or advertisement required under […]
§514B-97 Affidavit. (a) The owner-occupant affidavit required by section 514B-96.5 shall expire after three hundred sixty-five consecutive days have elapsed after the recordation of the instrument conveying the unit to the affiant. The affidavit shall expire prior to this period upon acquisition of title to the property by an institutional lender or investor through mortgage […]
§514B-97.5 Prohibitions. (a) No person who has executed an owner-occupant affidavit shall sell or offer to sell, lease or offer to lease, rent or offer to rent, assign or offer to assign, or convey the unit until at least three hundred sixty-five consecutive days have elapsed since the recordation of the purchase; provided that a […]
§514B-98 Sale of residential units; developer requirements. (a) The developer may go to sale using either a chronological system or a lottery system at any time after issuance of an effective date for a developer’s public report. (b) For a thirty-day period following the initial date of sale of units in a condominium project, at […]
§514B-98.5 Enforcement. (a) Whenever the commission finds based upon satisfactory evidence that any person is violating or has violated any provision of this subpart or rules of the commission adopted pursuant thereto, the commission may conduct an investigation on the matter and bring an action in the name of the commission in any court of […]
§514B-99 Penalties. (a) Any person who executes an affidavit required by this subpart and who violates or fails to comply with any of the provisions of this subpart or any rule adopted by the commission pursuant thereto, shall be subject to a civil penalty of up to $10,000; or fifty per cent of the net […]
§514B-99.3 False statement. It shall be unlawful for any person to make a false statement in the affidavit required by this subpart or for any person to file with the commission any notice, statement, or other document required under this subpart or any rule adopted by the commission pursuant thereto which is false or contains […]
§514B-99.5 Inapplicability of laws. (a) This subpart shall not apply to: (1) A project developed pursuant to section 46-15 or 46-15.1, or chapter 53, 201H, 206, 346, or 356D; provided that the developer of the project may elect to be subject to this subpart through a written notification to the commission; (2) Condominium projects where […]
