WILLIAM DONALD SCHAEFER, Governor                   Ch. 309

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)  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.

(c)  (1) The implementation of programs for the generation
of interest on licensees' 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 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.

(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] 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

Subtitle 6. [Rental] Housing Resource Corporation

13-601.

(a)   In this subtitle the following words have the meanings
indicated.

(b)   "Award" means money from the Fund used to make grants,
loans, deferred payment loans, guarantees of loans from other
sources, or any other financial assistance disbursed by the
Corporation.

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