HARRY HUGHES, Governor                                     1415

[(e)] (D) 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."

Article - Financial Institutions

13-604.

(a)  The Program shall operate a continuing nonlapsing
special fund that consists of:

(1)  Interest money earned on trust accounts held by
real estate licensees under Article 56, § 227A or § 227A-1 of the
Code;

(2)  Interest money earned on escrow accounts held by
vendors or builders of new housing under § 10-301 of the Real
Property Article; and

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(3)  Grants, donations, and federal funds.

(b)  (1) [Interest money paid into the fund from trust or
escrow accounts by real estate licensees or new housing vendors
or builders shall be paid voluntarily and with the express
written consent of the licensee, builder, or vendor who
establishes the escrow account.

(2) Before interest money is paid into the fund from
a trust or escrow account, the realtor or home builder who
establishes the escrow account shall complete a separate written
consent form directing that the interest on the account be

credited to the fund.] INTEREST MONEY PAID INTO THE FUND FROM
TRUST OR ESCROW ACCOUNTS ESTABLISHED BY REAL ESTATE LICENSEES OR
NEW HOUSING VENDORS OR BUILDERS SHALL BE PAID VOLUNTARILY.

(2) A REAL ESTATE LICENSEE, BUILDER, OR VENDOR WHO

ELECTS TO PARTICIPATE IN THE PROGRAM SHALL COMPLETE A WRITTEN

CONSENT FORM FOR EACH TRUST OR ESCROW ACCOUNT AT THE TIME THE

TRUST OR ESCROW ACCOUNT IS ESTABLISHED. THE FORM SHALL AUTHORIZE

AND DIRECT THAT THE INTEREST ON THE ACCOUNT BE CREDITED TO THE
FUND.

13-605.

(b) (1) The Corporation has a board of directors. The
board consists of 11 voting members.

(2) Of the 11 board members: