HARRY HUGHES, Governor

4003

BENEFICIAL OWNERS FOR THE CHARITABLE PURPOSES UNDER THIS SECTION.
IN THIS SECTION, "TRUST MONEYS" DOES NOT INCLUDE RENTAL SECURITY
DEPOSITS.

(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' LICENSEES' OR BUILDERS' TRUST ACCOUNTS
FOR CHARITABLE PURPOSES UNDER THIS SECTION SHALL BE OPTIONAL, NOT
MANDATORY, AND NO LICENSEE SHALL BE LIABLE FOR CIVIL DAMAGES IF
THE LICENSEE OR BUILDER CONTINUES TO MAINTAIN TRUST MONEYS IN
NONINTEREST BEARING CHECKING ACCOUNTS SEPARATE AND APART FROM THE
LICENSEE'S OWN FUNDS AS REQUIRED UNDER § 227A OF THIS ARTICLE AND
IN ACCORDANCE WITH LAW AND THE CODE OF ETHICS.

(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. 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.