Ch. 11                                  1996 LAWS OF MARYLAND

BEFORE DISBURSING ANY FUNDS, THE PERSON REQUIRED TO GIVE NOTICE
UNDER SUBSECTION (A) OF THIS SECTION SHALL OBTAIN FROM THE BUYER, AT THE
TIME THE PERSON DELIVERS THE NOTICE; A STATEMENT IN WRITING THAT THE
BUYER HAS RECEIVED THE NOTICE DESCRIBED IN SUBSECTION (A) OF THIS SECTION
AND THAT THE BUYER WANTS OR DOES NOT WANT OWNER'S TITLE INSURANCE.

(C) RETENTION OF STATEMENT AND NOTICE.

(1)     THE PERSON REQUIRED TO GIVE NOTICE UNDER SUBSECTION (A)
OF THIS SECTION:

(I) SHALL RETAIN THE ORIGINAL SIGNED STATEMENT OF
RECEIPT REQUIRED BY SUBSECTION (B) OF THIS SECTION AND A COPY OF THE
NOTICE REQUIRED BY SUBSECTION (A) OF THIS SECTION UNTIL THE TITLE
INSURANCE POLICY IS ISSUED; AND

        (II) AFTER THE TITLE INSURANCE POLICY IS ISSUED, SHALL

FORWARD THE STATEMENT OF RECEIPT AND COPY OF THE NOTICE TO THE TITLE
INSURER.

(2)     THE TITLE INSURER SHALL RETAIN THE STATEMENT OF RECEIPT
AND NOTICE FOR 3 YEARS.

(3)     THE STATEMENT OF RECEIPT AND NOTICE SHALL BE AVAILABLE
FOR INSPECTION BY THE COMMISSIONER ON REQUEST.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 486-1.

Defined terms: "Commissioner" § 1-101
"Person" § 1-101
"Policy" § 1-101
"Premium" § 1-101
"Title insurance" § 1-101

22-103. DEPOSITS OF TRUST MONEY.

(A)     DEFINITIONS.

(1)      IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(2)     "BENEFICIAL OWNER" MEANS A PERSON, OTHER THAN THE BUYER
IN A REAL ESTATE TRANSACTION, FOR WHOSE BENEFIT A TITLE INSURER OR ITS
AGENT IS ENTRUSTED TO HOLD TRUST MONEY.

(3)      "TRUST MONEY" MEANS A DEPOSIT, PAYMENT, OR OTHER MONEY
THAT A PERSON ENTRUSTS TO A TITLE INSURER OR ITS AGENT TO HOLD FOR THE
BENEFIT OF A BUYER IN A REAL ESTATE TRANSACTION OR FOR A BENEFICIAL
OWNER, IN CONNECTION WITH AN ESCROW, SETTLEMENT, CLOSING, OR TITLE
INDEMNIFICATION.

(B)     POOLING AND COMMINGLING TRUST MONEY AUTHORIZED.

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