HARRY HUGHES, Governor                               1545

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 12, 1981.

CHAPTER 269

(Senate Bill 247)

AN ACT concerning

Real Estate Brokers - Escrow Funds

FOR the purpose of permitting real estate brokers entrusted
with escrow funds to deposit the funds in a National
Credit Union Administration Facility or a Maryland
Credit Union Insurance Corporation; and correcting
language and style.

BY repealing and reenacting, with amendments,

Article 56 - Licenses

Section 227A

Annotated Code of Maryland

(1979 Replacement Volume and 1980 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 56 - Licenses

227A.

(a) In any case in which a licensee hereunder is
entrusted with, or receives and accepts, or otherwise holds,
deposit moneys or other trust moneys, of whatever kind or
nature, or instruments representing the same, concerning
transactions involving real estate within the State of
Maryland, such moneys or instruments, in the absence of
proper written instructions to the contrary, shall be
expeditiously deposited in an account in a financial
institution located within Maryland whose deposits are
insured by either the Federal Deposit Insurance Corporation,
[or] the Federal Savings and Loan Insurance Corporation, THE
MARYLAND NATIONAL CREDIT UNION ADMINISTRATION, [or] the
Maryland State Savings-Share Insurance Corporation, OR THE
MARYLAND CREDIT UNION INSURANCE CORPORATION maintained by
the broker as a separate account for funds belonging to
others[, and said]. THESE funds shall be retained in [such]
THAT account until the transaction involved is consummated
or terminated, or until proper written instructions have
been received by the broker directing the withdrawal and