<?xml version='1.0' encoding='utf-8'?>
<section article="gbr" article_name="Business Regulation" number="4.5-703" title_number="4.5" title_name="Home Builder Registration" subtitle_number="7" subtitle_name="Home Builder Guaranty Fund">
  <level label="a">
    <text>The Division shall:</text>
    <level label="1">
      <text>establish a Home Builder Guaranty Fund; and</text>
    </level>
    <level label="2">
      <text>maintain the Guaranty Fund at a level of at least $1,000,000.</text>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>The Division shall deposit all money collected under § 4.5–704 of this subtitle in the Guaranty Fund.</text>
    </level>
    <level label="2">
      <level label="i">
        <text>The State Treasurer is the custodian of the Guaranty Fund.</text>
      </level>
      <level label="ii">
        <text>The Guaranty Fund shall be invested and reinvested in the same manner as other State funds.</text>
      </level>
      <level label="iii">
        <text>The State Treasurer shall deposit payments received from the Division under this section into the Guaranty Fund.</text>
      </level>
      <level label="iv">
        <text>Investment earnings shall be credited to the Guaranty Fund.</text>
      </level>
    </level>
  </level>
  <level label="c">
    <text>The Division shall administer the Guaranty Fund in accordance with this subtitle.</text>
  </level>
  <level label="d">
    <text>The direct and indirect costs incurred for the administration of and enforcement related to the Guaranty Fund shall be paid from the Registration Fund established under § 4.5–203 of this title.</text>
  </level>
  <level label="e">
    <text>The accounts and transactions of the Guaranty Fund shall be subject to audit by the Legislative Auditor in accordance with  §§ 2–1220 through 2–1227 of the State Government Article.</text>
  </level>
</section>
