Section 17-404 - Claims against Guaranty Fund(a)(1) Subject to the provisions of this subtitle, a person may recover compensation from the Guaranty Fund for an actual loss.(2) A claim shall: (i) be based on an act or omission that occurs in the provision of real estate brokerage services by: 1. a licensed real estate broker;2. a licensed associate real estate broker;3. a licensed real estate salesperson; or4. an unlicensed employee of a licensed real estate broker;(ii) involve a transaction that relates to real estate that is located in the State; and(iii) be based on an act or omission: 1. in which money or property is obtained from a person by theft, embezzlement, false pretenses, or forgery; or2. that constitutes fraud or misrepresentation.(b) The amount recovered for any claim against the Guaranty Fund may not exceed $50,000 for each claim.(c)(1) A person may not recover from the Guaranty Fund for any loss that relates to: (i) the purchase of any interest in a limited partnership that is formed for the purpose of investment in real estate;(ii) a joint venture that is promoted by a licensed real estate broker, a licensed associate real estate broker, or licensed real estate salesperson for the purpose of investment in real estate by 2 or more individuals; or(iii) the purchase of commercial paper that is secured by real estate.(2) A claim under the Guaranty Fund may not be made by:(i) the spouse of the licensee or the unlicensed employee alleged to be responsible for the act or omission giving rise to the claim; or(ii) the personal representative of the spouse of the licensee or the unlicensed employee alleged to be responsible for the act or omission giving rise to the claim.(d) A claim under this subtitle shall be submitted to the Commission within 3 years after the claimant discovers or, by the exercise of ordinary diligence, should have discovered the loss or damage.