1414                                       LAWS OF MARYLAND                                   Ch. 363

(1)  A noninterest bearing checking account;

(2)  1 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.]

(A) (1) A LICENSEE WHO 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 DEPOSIT MONEYS OR OTHER TRUST MONEYS, CONCERNING TRANSACTIONS
INVOLVING REAL ESTATE WITHIN THE STATE OF MARYLAND, MAY, IN THE
SOLE AND EXCLUSIVE JUDGMENT OF THE LICENSEE, POOL, AND COMMINGLE
THE DEPOSIT MONEYS AND TRUST MONEYS WITH OTHER MONEYS ENTRUSTED
WITH OR HELD BY THE LICENSEE FOR THE CHARITABLE PURPOSES OF THE

RENTAL HOUSING RESOURCE FUND,

(2) IN THIS SECTION, THE TERMS "DEPOSIT MONEYS" AND
"TRUST MONEY" DO NOT INCLUDE RENTAL SECURITY DEPOSITS.

[(b) If in the judgment of the licensee, any trust moneys
received from a client, purchaser, 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 licensee, may be equivalent to the cost of
administration of an account for the benefit of the client or
beneficial owner, the trust moneys may be pooled and commingled
by the licensee with other moneys held for other clients or
beneficial owners for the charitable purposes under this section.
In this section, "trust moneys" does not include rental security
deposits.]

[(c)] (B) 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)] (C) (1) The implementation of programs for the
generation of interest on 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] ELECTS TO PARTICIPATE
IN THE PROGRAM OR 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.