Code of Maryland Regulations
Title 01 - EXECUTIVE DEPARTMENT
Subtitle 02 - SECRETARY OF STATE
Chapter 01.02.07 - Raffles of Real Property
Section 01.02.07.05 - Receipts and Notices

Universal Citation: MD Code Reg 01.02.07.05

Current through Register Vol. 51, No. 19, September 20, 2024

A. A charitable organization conducting a raffle of real property may not sell any chance unless, at the time of sale, the purchaser is given a written receipt for each chance bought, in the form of a ticket that contains:

(1) The name and Maryland address of the organization that is conducting the raffle;

(2) The address of the real property to be raffled and a brief description of that property;

(3) The date and time the organization will select the winner of the raffle, and the location of the drawing;

(4) The amount of consideration paid for the chance;

(5) A notice to the purchaser that a complete disclosure statement regarding the raffle is available, on request and at no cost, from the charitable organization;

(6) A notice that the winner is responsible for any liens, encumbrances, closing costs, and applicable taxes unless otherwise provided in the disclosure statement; and

(7) If needed, a notice that, if the raffle is cancelled, a percentage of the price of a chance may be retained by the charitable organization for administrative costs.

B. A written notice advertising the raffle shall include the information required in §A of this regulation.

C. The charitable organization shall obtain the name and address of each purchaser of a raffle chance.

D. Disclosure Statement.

(1) The charitable organization shall provide each purchaser of a chance, on request and at no cost to the purchaser, a copy of the disclosure statement filed with the Secretary of State.

(2) Before the transfer of title to the raffle winner, the charitable organization shall provide the winner with a copy of the disclosure statement and obtain a signed acknowledgment of its receipt from the winner.

(3) A copy of the signed acknowledgment shall be filed with the Secretary of State and retained by the charitable organization for a minimum of 3 years after the winner acknowledges receipt of the disclosure statement.

(4) The disclosure statement provided to any purchaser of a chance and to the raffle winner shall include a statement that the disclosure statement has been placed on file with the Secretary of State of Maryland.

Disclaimer: These regulations may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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