WILLIAM DONALD SCHAEFER, Governor Ch. 597

pays all interest to the Maryland Housing Resource Corporation";
OR

(2) "IF THE OWNER AND BENEFICIAL OWNER DO NOT
INSTRUCT OTHERWISE, DEPOSIT MONEY OF LESS THAN $5,000 SHALL BE
PLACED IN AN INTEREST BEARING ACCOUNT THAT PAYS ALL INTEREST TO
THE MARYLAND HOUSING RESOURCE CORPORATION".

(f) A real estate broker who deposits trust money in an
interest bearing account maintained under this section is not
liable for damages to the owner or beneficial owner of the trust
money if the deposit is made in compliance with:

(1)  the provisions of this Part I of this subtitle;
and

(2)  the applicable provisions of the code of ethics.

(G) IN ITS SOLE DISCRETION, THE MARYLAND HOUSING RESOURCE
CORPORATION MAY WAIVE THE PROVISIONS OF THIS SECTION IF A REAL
ESTATE BROKER DEMONSTRATES TO THE MARYLAND HOUSING RESOURCE
CORPORATION THAT THE CHARGES TO OPEN AND MAINTAIN AN ACCOUNT
UNDER THIS SECTION WILL EXCEED THE INTEREST PAYABLE ON THE
ACCOUNT.

Article - Financial Institutions

5-514.

A BANKING INSTITUTION THAT OFFERS AN INTEREST BEARING
CHECKING ACCOUNT OR SAVINGS ACCOUNT UNDER THIS ARTICLE AND MEETS
THE REQUIREMENTS OF ARTICLE 56A, § 4-503 OF THE CODE § 16-503 OF
THE BUSINESS OCCUPATIONS ARTICLE UPON REQUEST SHALL OFFER A
CHECKING OR SAVINGS ACCOUNT THAT PAYS ALL INTEREST TO THE
MARYLAND HOUSING RESOURCE CORPORATION UNDER THE REQUIREMENTS OF
ARTICLE 56A, § 4-506 OF THE CODE § 16-506 OF THE BUSINESS
OCCUPATIONS ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July October 1, 1989.

Approved May 25, 1989.

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