Ch. 563

LAWS OF MARYLAND

who disregard the licensing requirements of this
title.

In subsection (c) of this section, the phrase "as
authorized under § 4-505(c) of this subtitle" is added
to provide an express cross-reference to the pertinent
authorized exception under § 4-505(c).

Defined terms: "Associate real estate broker" § 4-101
"Provide real estate brokerage services" § 4-101
"Real estate broker" § 4-101
"Real estate salesperson" § 4-101
"Trust money" § 4-501

4-503. AUTHORIZED FINANCIAL INSTITUTIONS.

EXCEPT AS AUTHORIZED UNDER § 4-505 OF THIS SUBTITLE, A REAL
ESTATE BROKER SHALL DEPOSIT ALL TRUST MONEY IN A FINANCIAL
INSTITUTION THAT IS LOCATED IN THE STATE AND WHOSE DEPOSITS ARE
INSURED BY:

(1)  THE FEDERAL DEPOSIT INSURANCE CORPORATION;

(2)  THE FEDERAL SAVINGS AND LOAN INSURANCE
CORPORATION;

(3)  THE NATIONAL CREDIT UNION ADMINISTRATION;

(4)  THE STATE OF MARYLAND DEPOSIT INSURANCE FUND
CORPORATION; OR

(5)  THE MARYLAND CREDIT UNION INSURANCE CORPORATION.

SUBCOMMITTEE COMMENT: This section is new language derived
without substantive change from the first sentence of
former Art. 56, § 227A(a), as that sentence related to
deposits in financial institutions.

Defined terms: "Real estate broker" § 4-101
"Trust money" § 4-501

4-504. AUTHORIZED ACCOUNTS.

UNLESS THE OWNER OR AND BENEFICIAL OWNER GIVES GIVE WRITTEN
INSTRUCTIONS TO THE CONTRARY, A REAL ESTATE BROKER MAY DEPOSIT
TRUST MONEY IN:

(1)  A NONINTEREST BEARING CHECKING ACCOUNT;

(2)  A NONINTEREST BEARING SAVINGS ACCOUNT; OR

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