Section 5-701 - "Actual loss" defined. - Maryland Statutes

§ 4.5-701. "Actual loss" defined.
 

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

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

[2008, chs. 480, 481.]