HARRY HUGHES, Governor

3403

(2) EXCEPT FOR TRUST MONEYS PLACED BY THE LICENSEE IN
A COMMINGLED ACCOUNT FOR CHARITABLE PURPOSES UNDER THIS SECTION,
TRUST MONEYS IN THE HANDS OF LICENSEES MAY BE INVESTED IN ANY
OTHER INVESTMENT VEHICLE SPECIFIED BY THE CLIENT OR BENEFICIAL
OWNER OR AS THEY AND THE LICENSEE MAY AGREE.

(E) EVERY CONTRACT OF SALE UTILIZED BY A LICENSEE
PARTICIPATING IN THE PROGRAM SHALL CONTAIN A NOTICE IN
SUBSTANTIALLY THE FOLLOWING FORM: "ABSENT PROPER WRITTEN
INSTRUCTIONS FROM THE PURCHASER AND THE SELLER TO THE CONTRARY,
NOT INCONSISTENT WITH THE LICENSING LAW, THE DEPOSIT MONEYS SHALL
BE HELD IN A NON-INTEREST BEARING ACCOUNT OR HELD IN AN ESCROW
ACCOUNT UNDER THE LICENSEE'S NAME WITH THE INTEREST ACCRUING TO
THE CREDIT OF THE MARYLAND RENTAL HOUSING RESOURCE CORPORATION,
AT THE SOLE DISCRETION OF THE LICENSEE."

Article - Financial Institutions

SUBTITLE 6. RENTAL HOUSING RESOURCE CORPORATION

13-601.

(A)  IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B) "AWARD" MEANS MONEY FROM THE FUND USED TO MAKE GRANTS,
LOANS, DEFERRED PAYMENT LOANS, GUARANTEES OF LOANS FROM OTHER
SOURCES, OR ANY OTHER FINANCIAL ASSISTANCE DISBURSED BY THE
CORPORATION.

(B) (C) "BOARD" MEANS THE BOARD OF DIRECTORS OF THE RENTAL
HOUSING RESOURCE CORPORATION.

(C) (D) "CORPORATION" MEANS THE RENTAL HOUSING RESOURCE
CORPORATION.

(D) (E) "FUND" MEANS THE RENTAL HOUSING RESOURCE FUND.

(E) "DEPARTMENT" MEANS THE DEPARTMENT OF ECONOMIC AND
COMMUNITY DEVELOPMENT.

(F)  "PROGRAM" MEANS THE RENTAL HOUSING RESOURCE PROGRAM.
13-602.

THERE IS A RENTAL HOUSING RESOURCE PROGRAM.

13-603.

THE PURPOSE OF THE PROGRAM IS TO STIMULATE THE CONSTRUCTION
AND REHABILITATION OF RENTAL HOUSING IN THE STATE FOR OCCUPATION
BY LOW INCOME HOUSEHOLDS.

13-604.