In this Division, the following words have the meanings indicated: Foreclosed Property Registry means the Foreclosed Property Registry established by the Maryland Department of Labor, Licensing, and Regulation as required by Section 14-126.1, Real Property Article, Annotated Code of Maryland. Foreclosure purchaser means the person identified as the purchaser on the report of sale required by Maryland Rule 14-305 for foreclosure sale of residential property.

A foreclosure purchaser shall submit any required registration to the Foreclosed Property Registry as prescribed by Section 14-126.1, Real Property Article, Annotated Code of Maryland.

For failure to register a property as required under Section14-126.1, Real Property Article, Annotated Code of Maryland, the Director of the Department of Permitting, Inspections, and Enforcement or the Director's designee may impose a civil penalty of $1,000.

Persons who were foreclosure purchasers prior to the effective date of this Act shall submit any outstanding registration to the Foreclosed Property Registry required by Section 14-126.1, Real Property Article, Annotated Code of Maryland within thirty (30) days after the effective date of this Act or be penalized in accordance with Section 13-1105.03 of this Division.