Ch. 309

LAWS OF MARYLAND

representing the same, concerning transactions involving real
estate within the State of Maryland, such moneys or instruments,
in the absence of proper written instructions to the contrary,
shall be expeditiously deposited in an account in a financial
institution located within Maryland whose deposits are insured by
either the Federal Deposit Insurance Corporation, the Federal
Savings and Loan Insurance Corporation, the National Credit Union
Administration, the State of Maryland Deposit Insurance Fund
Corporation, or the Maryland Credit Union Insurance Corporation
maintained by the broker as a separate account for funds
belonging to others. Except as provided under subsection (d) of
this section, these funds shall be retained in that account until
the transaction involved is consummated or terminated, or until
proper written instructions have been received by the broker
directing the withdrawal and other disposition of the funds, at
which time all funds shall be promptly and fully accounted for by
the broker. A licensee hereunder may not commingle any funds with
his own or use any funds for any purpose other than the purpose
for which the funds were entrusted to him.                                 

(b)  For the purposes of this section, a licensee shall
place deposit moneys or other trust moneys, in the absence of
proper written instructions to the contrary, in a noninterest
bearing checking account, 1 or more savings accounts, or any
combination of accounts.

(c)  Failure of any licensee to abide by the requirements of
this section shall, in addition to any other penalties provided
by law, be sufficient cause for the suspension or revocation of
his license, in the discretion of the Commission.

(d)  A licensee does not violate the licensee's ethical or
legal duties under this section by paying interest money earned
on trust moneys into the [Rental] Housing Resource Fund
established under Title 13, Subtitle 6 of the Financial
Institutions Article.

(e)  The Commission may not charge a licensee with a
violation of the licensee's ethical or legal duties, under §
224(a) of this article, for paying interest money earned oh trust
moneys into the [Rental] Housing Resource Fund established under
Title 13, Subtitle 6 of the Financial Institutions Article, if
the licensee has complied with the provisions of § 227A-l(e) of
this article.

227A-1.

(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

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