258

LAWS OF MARYLAND

Ch.8

(I)  THE NAME OF EACH PARTY TO THE CONTRACT
AND, IF THE BENEFICIARY IS AN INDIVIDUAL OTHER THAN THE
BUYER, THE NAME OF THE BENEFICIARY OF THE CONTRACT;

(II)  A DESCRIPTION OF ANY SERVICE OR
MERCHANDISE TO BE PROVIDED UNDER THE PRE-NEED CONTRACT;

(III)  THE TOTAL PRICE OF THE SERVICES AND
MERCHANDISE AGREED ON; AND

(IV)  THE METHOD OF PAYMENT.

(2)  A PRE-NEED CONTRACT SHALL BE EXECUTED IN
DUPLICATE AND BE SIGNED BY EACH PARTY.

(3)  THE SELLER SHALL GIVE ONE OF THE DUPLICATE
ORIGINALS OF THE PRE-NEED CONTRACT TO THE BUYER.

(D)  DEPOSIT OF FUNDS.

(1)  WITHIN 10 DAYS AFTER RECEIVING A PAYMENT
UNDER A PRE-NEED CONTRACT, THE SELLER SHALL DEPOSIT THE
PAYMENT INTO AN ESCROW OR TRUST ACCOUNT WITH:

(I)  A BANKING INSTITUTION THAT IS INSURED
BY AN AGENCY OF THE FEDERAL GOVERNMENT OR AN AGENCY OF THIS
STATE; OR

(II)  A SAVINGS AND LOAN ASSOCIATION THAT
IS INSURED BY AN AGENCY OF THE FEDERAL GOVERNMENT OR AN
AGENCY OF THIS STATE.

(2)  A SELLER NEED NOT HAVE A SEPARATE ESCROW OR
TRUST ACCOUNT FOR EACH PRE-NEED CONTRACT.

(3)  ANY INTEREST OR DIVIDENDS EARNED BY THE
ESCROW OR TRUST ACCOUNT BELONG TO THE BUYERS OF THE PRE-NEED
CONTRACTS.

(E)  ADMINISTRATION OF ACCOUNTS.

(1)  THE BANKING INSTITUTION OR SAVINGS AND LOAN
ASSOCIATION WITH WHICH FUNDS ARE DEPOSITED UNDER THIS
SECTION IS NOT RESPONSIBLE FOR THE APPLICATION OF PRE-NEED
CONTRACT ESCROW OR TRUST FUNDS.

(2)  EXCEPT AS OTHERWISE PROVIDED IN THIS
SUBSECTION, A SELLER MAY NOT WITHDRAW FROM THE ACCOUNT ANY
MONEY RECEIVED FROM A BUYER UNLESS THE SERVICES AND
MERCHANDISE HAVE BEEN PROVIDED AS AGREED IN THE CONTRACT.

(3)  A PRE-NEED CONTRACT IS ENDED AND A SELLER
SHALL REFUND TO A BUYER ALL PAYMENTS AND INTEREST HELD FOR
THE BUYER IF:

(I) THE BUYER OR THE LEGAL REPRESENTATIVE
OF THE BUYER DEMANDS IN WRITING A REFUND OF ALL PAYMENTS
MADE;