HARRY HUGHES, Governor

4001

Annotated Code of Maryland

(1983 Replacement Volume and 1984 Supplement)

BY adding to

Article 56 - Licenses

Section 227A-1

Annotated Code of Maryland

(1983 Replacement Volume and 1984 Supplement)

BY adding to

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