Ch. 3

LAWS OF MARYLAND

(2) DEPOSIT AND COMMINGLE IN THAT ACCOUNT THE TRUST
MONEY OF ANY OWNER OR BENEFICIAL OWNER WITH THE TRUST MONEY OF
OTHER OWNERS AND BENEFICIAL OWNERS.

(C)  COMPLIANCE WITH REQUIREMENTS.

IF A LICENSEE COMPLIES WITH THE REQUIREMENTS OF THIS
SECTION, THE COMMISSION MAY NOT CHARGE THE LICENSEE WITH A
VIOLATION OF THIS TITLE OR THE CODE OF ETHICS ON THE BASIS OF
MAKING A DEPOSIT IN AN ACCOUNT THAT EARNS INTEREST PAYABLE TO THE
MARYLAND HOUSING RESOURCE CORPORATION.

(D)  DUTY OF FINANCIAL INSTITUTION.

AT LEAST QUARTERLY, EACH FINANCIAL INSTITUTION IN WHICH AN
ACCOUNT HAS BEEN ESTABLISHED UNDER THIS SECTION SHALL:

(1)  DEDUCT FROM THE TOTAL INTEREST ACCUMULATED ON THE
ACCOUNT ANY SERVICE CHARGE DUE ON THE ACCOUNT; AND

(2)  PAY THE NET INTEREST TO THE MARYLAND HOUSING
RESOURCE CORPORATION.

(E)  REQUIRED NOTICES IN CONTRACTS.

A REAL ESTATE BROKER WHO PARTICIPATES IN THE MARYLAND
HOUSING RESOURCE PROGRAM ESTABLISHED UNDER TITLE 13, SUBTITLE 6
OF THE FINANCIAL INSTITUTIONS ARTICLE SHALL INCLUDE IN ANY
CONTRACT OF SALE USED BY THE REAL ESTATE BROKER A NOTICE THAT, IN
SUBSTANCE, STATES: "THE DEPOSIT MONEY SHALL BE PLACED, AT THE
SOLE DISCRETION OF THE REAL ESTATE BROKER, IN A NONINTEREST
BEARING ACCOUNT OR AN INTEREST BEARING ACCOUNT THAT PAYS ALL
INTEREST TO THE MARYLAND HOUSING RESOURCE CORPORATION".

(F)  IMMUNITY FROM LIABILITY.

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.

REVISOR'S NOTE: This section formerly appeared as Art. 56A,
§ 4-506.

The only changes are in style.

Defined terms: "Beneficial owner" § 16-501
"Commission" § 16-101 "License" § 16-101

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