# Business Regulation (GBR)

## Title 4.5. Home Builder Registration

### Subtitle 7. Home Builder Guaranty Fund

#### Section 4.5-701

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 Sec.Sec. 10-202 and 10-203 of the Real Property Article; or

  (ii) the failure to meet standards or guidelines required in Sec. 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 Sec. 10-301 or Sec. 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.

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Md. Code Ann., Bus. Reg. (as displayed at mgaleg.maryland.gov, October 16, 2026)