Ch. 267                                    2004 LAWS OF MARYLAND

(ii) state whether the trust money will be paid to the owner or
beneficial owner; and

(iii) disclose to the owner and the beneficial owner that:

1.       either party may prevent distribution of the trust money
under subsection (a)(4) of this section by submitting a protest within 30 days from the
date the notice was delivered or mailed by the real estate broker; and

2.       if neither party submits a protest within 30 days from the
date the notice was delivered or mailed by the real estate broker, the trust money will
be distributed in accordance with the real estate broker's notice.

(3)     The notice required under this subsection shall be:

(i) hand delivered to both the owner and beneficial owner; or

(ii) sent by certified mail, return receipt requested, and regular
mail to both the owner and beneficial owner.

(4)     (i) An owner or beneficial owner may protest the distribution of the
trust money.

(ii) An owner or beneficial owner shall submit the protest to the
real estate broker holding the trust money within 30 days from the date the notice
required in paragraph (1) of this subsection was delivered or mailed by the real estate
broker.

(iii) A protest shall be in writing and either:

1.       hand delivered; or

2.       sent by certified mail, return receipt requested, and
regular mail.

(5)     (i) If a written protest is received by the real estate broker, the real
estate broker shall distribute the trust money in accordance with subsection (a)(1),
(2), or (3) of this section.

(ii) If no written protest is received by the real estate broker
holding the trust money, the real estate broker shall distribute the trust money in
accordance with the terms of the notice as required in this section.

(c)     When the duty of the real estate broker to maintain trust money in an
account terminates, the real estate broker promptly shall account for all trust money.

(d)     A real estate broker may invest trust money:

(1)     as the owner and beneficial owner of the trust money instruct in
writing; or

(2)     as the real estate broker, owner, and beneficial owner of the trust
money agree in writing.

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