Application for registration as a time share developer shall be made on forms provided by the Commission at the offices of the Commission. The application shall contain all of the documents and information required. A surety bond submitted with the application for registration shall be written on a form furnished by the Commission displaying the name of the principal on the bond as it appears on the application of the developer. The statutory fee shall accompany the application as well as any other items deemed relevant by the Commission to determine that the statutory or regulatory standards or prerequisites have been met. These items may include credit reports, personal references, abstracts of title, and the like. If, within 30 days after receiving an application, the Commission determines that any prerequisite for registration has not been met, the Commission shall return the application to the applicant with a statement specifying the deficiencies in the application, provided, that if the commission has reason to believe that the application may readily be put into proper form, it may retain the application and notify the applicant of the steps which shall be taken to correct the deficiencies. Denial of an application on other than technical grounds will be communicated to the applicant by at least first class mail at the address stated on the application. The denial notice will inform the applicant that the applicant may file a written request for a hearing on the denial before a Hearing Panel of the Commission. All hearings regarding denials of applications or revocations or suspensions of registration of time share developers are governed by COMAR 09.01.02. 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. Purchase Money. The developer shall maintain a surety bond in accordance with the schedule set forth in Real Property Article, §11A-116, Annotated Code of Maryland. 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. 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. 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. 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. 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. A promise, assertion, representation, or statement of fact or opinion in connection with a time share marketing activity may not be made which is false, inaccurate, or misleading by reason of inclusion of an untrue statement of a material fact or omission of a statement of a material fact relative to the actual or intended characteristics, circumstances, or features of the time share project or time share estate. There may not be indication or assertion by a developer that an improvement will be built or placed in a time share project and be made available for use by purchasers of a time share estate unless the developer has sufficient financial assets and bona fide intention to complete the improvement represented. A promise, assertion, representation, or statement of fact or opinion made in connection with a time share marketing activity relating to the sale of time share estates in a project located in this State, may not, by its terms, induce, solicit, or encourage a prospective purchaser to leave Maryland for the purpose of executing a contract for sale or performing some other act which would create a legal or equitable interest in a time share estate, when to do so would circumvent the provisions of Maryland law. A time share developer, real estate broker, salesman, or any other person may not advertise or represent that the Real Estate Commission has approved or recommended any time share project or estate offered for sale. Business Occupations and Professions Article, §17-208, Annotated Code of Maryland Effective date: November 7, 1983 (10:22 Md. R. 1965) Regulation .01 amended effective June 1, 2017 (44:8 Md. R. 402) Regulation .02 amended effective June 1, 2017 (44:8 Md. R. 402) Regulation .03B amended effective June 1, 2017 (44:8 Md. R. 402)