Maryland 2024 Regular Session

Maryland Senate Bill SB962 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	sb0962
6	6
7	7	SENATE BILL 962
8	8	N1 4lr1772
9	9	CF 4lr1771
10	10	By: Senator Ready
11	11	Introduced and read first time: February 2, 2024
12	12	Assigned to: Judicial Proceedings
13	13
14	14	A BILL ENTITLED
15	15
16	16	AN ACT concerning 1
17	17
18	18	Real Property – Contracts of Sale – Title Report Requirement 2
19	19
20	20	FOR the purpose of requiring the seller of any real property to provide a certain title report 3
21	21	to the buyer prior to closing; authorizing a buyer to rescind a contract of sale under 4
22	22	certain circumstances; establishing that a violation of this Act is an unfair, abusive, 5
23	23	or deceptive trade practice; and generally relating to title reports. 6
24	24
25	25	BY repealing and reenacting, with amendments, 7
26	26	Article – Commercial Law 8
27	27	Section 13–301(14)(xl) 9
28	28	Annotated Code of Maryland 10
29	29	(2013 Replacement Volume and 2023 Supplement) 11
30	30
31	31	BY repealing and reenacting, without amendments, 12
32	32	Article – Commercial Law 13
33	33	Section 13–301(14)(xli) 14
34	34	Annotated Code of Maryland 15
35	35	(2013 Replacement Volume and 2023 Supplement) 16
36	36
37	37	BY adding to 17
38	38	Article – Commercial Law 18
39	39	Section 13–301(14)(xlii) 19
40	40	Annotated Code of Maryland 20
41	41	(2013 Replacement Volume and 2023 Supplement) 21
42	42
43	43	BY adding to 22
44	44	Article – Real Property 23
45	45	Section 10–714 24
46	46	Annotated Code of Maryland 25
47	47	(2023 Replacement Volume) 26
48	48	2 SENATE BILL 962
49	49
50	50
51	51	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 1
52	52	That the Laws of Maryland read as follows: 2
53	53
54	54	Article – Commercial Law 3
55	55
56	56	13–301. 4
57	57
58	58	Unfair, abusive, or deceptive trade practices include any: 5
59	59
60	60	(14) Violation of a provision of: 6
61	61
62	62	(xl) Title 14, Subtitle 13 of the Public Safety Article; [or] 7
63	63
64	64	(xli) Title 14, Subtitle 45 of this article; or 8
65	65
66	66	(XLII) § 10–714 OF THE REAL PROPERTY ARTICLE; OR 9
67	67
68	68	Article – Real Property 10
69	69
70	70	10–714. 11
71	71
72	72	(A) THE SELLER OF ANY REA L PROPERTY LOCATED I N THE STATE SHALL, 12
73	73	PRIOR TO CLOSING , PROVIDE THE BUYER WI TH A TITLE REPORT TH AT IS 13
74	74	SUPPORTED BY AN AFFI DAVIT BY THE PERSON MAKING THE TITLE SEA RCH STATING 14
75	75	THAT A COMPLETE SEAR CH OF THE PUBLIC REC ORDS COVERING A PERI OD OF NOT 15
76	76	LESS THAN 60 YEARS HAS BEEN PERFO RMED IN ACCORDANCE WITH GE NERALLY 16
77	77	ACCEPTED STANDARDS O F TITLE EXAMINATION . 17
78	78
79	79	(B) A BUYER, BY WRITTEN NOTICE TO THE SELLER NOT LATER THAN 5 DAYS 18
80	80	AFTER CLOSING , MAY RESCIND A CONTRA CT OF SALE FOR REAL PROPERTY IF THE 19
81	81	TITLE REPORT PROVIDE D UNDER SUBSECTION (A) OF THIS SECTION REVEALS ANY 20
82	82	OF THE FOLLOWING TIT LE DEFECTS: 21
83	83
84	84	(1) AN UNMARKETABLE TITLE ; 22
85	85
86	86	(2) A FRAUDULENT OR FORGED DEED; 23
87	87
88	88	(3) AN ENCUMBRANCE OR EAS EMENT; 24
89	89
90	90	(4) A MISSING HEIR; 25
91	91
92	92	(5) A LIEN; 26
93	93
94	94	(6) A DISPUTED BOUNDARY ; OR 27
95	95	SENATE BILL 962 3
96	96
97	97
98	98	(7) ANY OTHER DEFECT THAT MATERIALLY IMPACTS T HE BUYER’S 1
99	99	CLAIM OF TITLE. 2
100	100
101	101	(C) FAILURE TO PROVIDE A TITLE REPORT AS REQU IRED BY SUBSECTION 3
102	102	(A) OF THIS SECTION IS: 4
103	103
104	104	(1) AN UNFAIR, ABUSIVE, OR DECEPTIVE TRADE P RACTICE WITHIN 5
105	105	THE MEANING OF TITLE 13 OF THE COMMERCIAL LAW ARTICLE; AND 6
106	106
107	107	(2) SUBJECT TO THE ENFORC EMENT AND PENALTY PR OVISIONS 7
108	108	CONTAINED IN TITLE 13 OF THE COMMERCIAL LAW ARTICLE. 8
109	109
110	110	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 9
111	111	October 1, 2024. 10
112	112