4014

VETOES

(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.

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

SECTION 2. AND BE IT FURTHER ENACTED, That the terms of the
members of the Board appointed and serving on July 1, 1985 1986
shall expire as follows: (1) 3 members in 1985 1987; (2) 3
members in 1987 1988; and (3) 5 members in 1988 1989.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985 1986.