Maryland Code, BUSINESS REGULATION 5-712
Terms Used In Maryland Code, BUSINESS REGULATION 5-712
- Contract: A legal written agreement that becomes binding when signed.
- Conviction: A judgement of guilt against a criminal defendant.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(b) (1) Except as otherwise provided in subsection (c) of this section, a person who violates this section is guilty of a misdemeanor and, on conviction, is subject to:
(i) for a first violation, a fine not exceeding $10,000 or imprisonment not exceeding 1 year or both;
(ii) for a second violation, a fine not exceeding $15,000 or imprisonment not exceeding 2 years or both; and
(iii) for a third or subsequent violation, a fine not exceeding $20,000 or imprisonment not exceeding 3 years or both.
(2) Except as otherwise provided in subsection (c) of this section, if a corporation violates this section, each officer responsible for the violation is guilty of a misdemeanor and, on conviction, is subject to:
(i) for a first violation, a fine not exceeding $10,000 or imprisonment not exceeding 1 year or both;
(ii) for a second violation, a fine not exceeding $15,000 or imprisonment not exceeding 2 years or both; and
(iii) for a third or subsequent violation, a fine not exceeding $20,000 or imprisonment not exceeding 3 years or both.
(c) A person who willfully misappropriates or intentionally and fraudulently converts preneed trust funds in excess of $100 to that person’s own use is guilty of a felony and, on conviction, is subject to a fine not exceeding $25,000 or imprisonment not exceeding 10 years or both.