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Session Laws, 1985
Volume 760, Page 3401   View pdf image
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HARRY HUGHES, Governor

3401

Article - Financial Institutions

Section 13-601 through 13-615 13-614, inclusive, to be under

the new subtitle "Subtitle 6. Rental Housing

Resource Corporation"
Annotated Code of Maryland
(1980 Volume and 1984 Supplement)

BY repealing and reenacting, with amendments,

Article - Real Property

Section 10-301

Annotated Code of Maryland

(1981 Replacement Volume and 1984 Supplement)

BY adding to

Article - Real Property

Section 10-301.1

Annotated Code of Maryland

(1981 Replacement Volume and 1984 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland 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, the Federal
Savings and Loan Insurance Corporation, the National Credit Union
Administration, 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. [These] EXCEPT AS PROVIDED UNDER SUBSECTION
(C) OF THIS SECTION, THESE funds shall be retained in 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 other
disposition of the funds, at which time all funds shall be
promptly and fully accounted for by the broker. A licensee
hereunder may not commingle any funds with his own or use any
funds for any purpose other than the purpose for which the funds
were entrusted to him.

 

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Session Laws, 1985
Volume 760, Page 3401   View pdf image
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