Plain Text Law

Title 18 — Subtitle 17. Affordable Housing Land Trusts

Chapter 01. Registration

Regulation .01 Definitions.Copy Citation

A.
In this chapter, the following terms have the meanings indicated.
B.
Terms Defined.
(1)
“Affordable housing land trust” has the meaning stated in Real Property Article, §14-501(b), Annotated Code of Maryland.
(2)
“Department” has the meaning stated in Real Property Article, §14-503(a), Annotated Code of Maryland.
(3)
“Register” means to submit to the Department a completed registration form as prescribed by the Department.
(4)
“Resident agent” has the meaning stated in Corporations and Associations Article, §1-101(s), Annotated Code of Maryland.

Regulation .03 Name Requirements.Copy Citation

The name of an affordable housing land trust must:
A.
Include the words “Affordable Housing Land Trust”; and
B.
Comply with Corporations and Associations Article, §1-504, Annotated Code of Maryland, and COMAR 18.04.02.

Regulation .04 Resident Agent Requirement.Copy Citation

An affordable housing land trust shall designate a resident agent and the street address of that resident agent at the time of registration.

Regulation .05 Change of Resident Agent.Copy Citation

An affordable housing land trust may change its resident agent by filing with the Department a statement that authorizes the change.

Regulation .06 Change of Resident Agent’s Address.Copy Citation

The resident agent of an affordable housing land trust may change the resident agent’s address by filing a statement with the Department:
A.
Signed by the resident agent or on behalf of the resident agent; and
B.
Including:
(1)
The names of the affordable housing land trust for which the change is effective;
(2)
The resident agent's old and new addresses; and
(3)
The date on which the change is effective.

Regulation .07 Effective Date.Copy Citation

The change of resident agent or change of the resident agent’s address is effective when the Department accepts the statement for record.

Regulation .08 Service of Process.Copy Citation

Service of process on a resident agent designated by an affordable housing land trust is as effective as if served on one of its trustees.

Regulation .09 Reporting Status.Copy Citation

A nonprofit organization operating an affordable housing land trust that gives up or loses its nonprofit status or ceases to exist shall promptly report this information to the Department.