1412                                        LAWS OF MARYLAND                                    Ch. 363

CHAPTER 363

(Senate Bill 748)

AN ACT concerning

Real Estate Licensees - Deposit or Trust Moneys

FOR the purpose of requiring real estate licensee to place

deposit moneys or other trust moneys in certain types of
accounts; permitting real estate licensees altering the
authority of a real estate licensee so as to permit the
licensee to pool and commingle deposit and trust moneys of
whatever kind and nature and not just small amounts, with
other moneys entrusted with or held by the real estate
licensee for the charitable purposes of the rental housing
resource fund; eliminating builder's trust accounts from the
provisions relating to real estate licensees' trust
accounts; requiring real estate licensees, builders or

vendors who elect to participate in the Maryland Rental

Housing Resource Program to complete a written consent form,
containing certain provisions for each trust or escrow

account at the time the trust or escrow account is

established; specifying altering the time that a certain

consent form shall be completed by certain real estate

licensees, builders, or vendors; clarifying that the

licensees on the Board of Directors of the Maryland Rental

Housing Resource Corporation be real estate licensees;

defining a certain term; making stylistic changes; and

generally relating to real estate licensees, deposit and

trust moneys, and the Rental Housing Resource Program.

BY repealing and reenacting, with amendments,

Article 56 - Licenses

Section 227A and 227A-1

Annotated Code of Maryland

(As enacted by Chapter 732 of the Acts

of the General Assembly of 1985)

(1983 Replacement Volume and 1985 Supplement)

BY repealing and reenacting, with amendments,

Article - Financial Institutions
Section 13-604 and 13-605(b)
Annotated Code of Maryland
(1980 Volume and 1985 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF

MARYLAND, That the Laws of Maryland read as follows:

Article 56 - Licenses