HARRY HUGHES, Governor

3413

(1)  The granting of a deed to the property on which
the residential unit is located to the purchaser;

(2)  The return of the sum of money to the purchaser;
or

(3)  The forfeiture of the sum by the purchaser, under
the terms of the contract of sale relating to the purchase of the
residential unit.

(C) A VENDOR OR BUILDER DOES NOT VIOLATE THE VENDOR'S OR
BUILDER'S LEGAL OR ETHICAL DUTIES UNDER THIS SECTION BY PAYING
INTEREST MONEY EARNED ON THE ESCROW ACCOUNT INTO THE RENTAL
HOUSING RESOURCE FUND ESTABLISHED UNDER TITLE 13, SUBTITLE 6 OF
THE FINANCIAL INSTITUTIONS ARTICLE.

10-301.1.

(A)  A VENDOR OR BUILDER MAY DEPOSIT TRUST MONEYS IN:

(1)  A NONINTEREST BEARING CHECKING ACCOUNT;

(2)  ONE OR MORE SAVINGS ACCOUNTS; OR

(3)  ANY COMBINATION OF ACCOUNTS IN ANY BANK OR
SAVINGS AND LOAN ASSOCIATION AUTHORIZED BY FEDERAL OR STATE LAW
TO DO BUSINESS IN THE STATE.

(B)  IF IN THE JUDGMENT OF THE VENDOR OR BUILDER, TRUST
MONEYS RECEIVED FROM A CLIENT OR BENEFICIAL OWNER ARE TOO SMALL
IN AMOUNT OR ARE REASONABLY EXPECTED TO BE HELD FOR TOO SHORT A
PERIOD OF TIME TO GENERATE AN AMOUNT OF INTEREST THAT, IN THE
JUDGMENT OF THE VENDOR OR BUILDER, MAY BE EQUIVALENT TO THE COST
OR ADMINISTRATION OF AN ACCOUNT FOR THE BENEFIT OF THE CLIENT OR
BENEFICIAL OWNER, THE TRUST MONEYS MAY BE POOLED AND COMMINGLED
BY THE VENDOR OR BUILDER WITH OTHER MONEYS HELD FOR OTHER CLIENTS
OR BENEFICIAL OWNERS FOR CHARITABLE PURPOSES UNDER THIS SECTION.

(C)  THE AGGREGATE INTEREST EARNED ON A COMMINGLED ACCOUNT
MINUS ANY SERVICE CHARGES SHALL BE PAID AT LEAST QUARTERLY BY THE
DEPOSITARY BANK OR SAVINGS AND LOAN ASSOCIATION TO THE MARYLAND
RENTAL HOUSING RESOURCE CORPORATION EXCLUSIVELY FOR THE
CHARITABLE PURPOSES DEFINED IN ITS STATUTORY CHARTER..

(D)  (1) THE IMPLEMENTATION OF PROGRAMS FOR THE GENERATION
OF INTEREST ON VENDORS' OR BUILDERS' TRUST ACCOUNTS FOR
CHARITABLE PURPOSES UNDER THIS SECTION SHALL BE OPTIONAL, NOT
MANDATORY, AND NO VENDOR OR BUILDER SHALL BE LIABLE FOR CIVIL
DAMAGES IF THE VENDOR OR BUILDER CONTINUES TO MAINTAIN TRUST
MONEYS IN NONINTEREST BEARING CHECKING ACCOUNTS SEPARATE AND
APART FROM THE VENDOR'S OR BUILDER'S OWN FUNDS AS REQUIRED UNDER
§ 10-301 OF THIS ARTICLE.