Investor Discrimination - Definition of Owner
By virtue of SUBTITLE 4. HOME IMPROVEMENT GUARANTY FUND Md. BUSINESS REGULATION Code Ann. § 8-405, (f) (2) (ii), "owners" who own more than three residences or dwelling places are denied access to make a claim against the Guaranty Fund.
To me, this seems prejudicial to the "owner" as well as to the contractors who pay into a fund for which they receive no value when working with those disqualified, and does little to encourage those disqualified to use licensed contractors. That said, this post seeks to solicit feedback from the legal community here at BP regarding the definition of "owner".
I've been asked by multiple investors if that exclusion pertains to ownership as recorded with the SDAT (and in identical name only) or if ownership carries over to their membership in LLC(s).
Feedback is appreciated, thank you!