(a) An irrevocable letter of credit obtained under § 10–301 of this subtitle shall be:
(1) Payable to the Office of the Attorney General for the use and benefit of every person protected by the provisions of this subtitle; and
(2) In a form approved by the Consumer Protection Division of the Office of the Attorney General.
(b) An irrevocable letter of credit may be either in the form of an individual letter of credit for each deposit accepted by a vendor or builder or if the total amount of money and deposits accepted by the builder exceeds $10,000, the letter of credit may be in the form of a blanket letter of credit assuring the return of the deposits received by the vendor or builder.
(c) If the letter of credit is a blanket letter of credit, the amount of the letter of credit shall be in accordance with the following schedule:
Total Amount of Deposits Held Amount of Letter of Credit (1) $10,000 to $75,000 Full amount of
deposit held (2) $75,000 to $200,000 $75,000 (3) $200,000 to $500,000 $200,000 (4) Over $500,000 $500,000
(d) For the purpose of determining the amount of any blanket letter of credit which the vendor or builder maintains in any calendar year, the total amount of deposits considered held by a vendor or builder shall be determined as of May 31 of any given calendar year and the amount of the letter of credit shall be in accordance with the amount of deposits held as of May 31.