Md. Code Ann., Bus. Occ. & Prof. § 17-501
Definitions
Effective Oct 1, 2023Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Renumbered from Business Occupations and Professions § 16-501 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994. Amended by Acts 2023, c. 585, § 1, eff. Oct. 1, 2023.State of Maryland
- (a) In this Part I of this subtitle the following words have the meanings indicated.
- (b) “Beneficial owner” means a person, other than the owner of the trust money, for whose benefit a real estate broker or, on behalf of a real estate broker, an associate real estate broker or a real estate salesperson is entrusted to hold trust money.
(c) “Trust money” means a deposit, payment, or other money that a person entrusts to a real estate broker or, on behalf of a real estate broker, to an associate real estate broker or a real estate salesperson to hold for:
- (1) the benefit of the owner or beneficial owner of the trust money; and
- (2) a purpose that relates to a real estate transaction involving real estate in the State.
Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Renumbered from Business Occupations and Professions § 16-501 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994. Amended by Acts 2023, c. 585, § 1, eff. Oct. 1, 2023.
Formerly Art. 56A, § 4-501.