1. (a) In this subtitle the following words have the meanings indicated.
2. (b) “Beneficial owner” means a person for whose benefit a boat broker is entrusted to hold money.
3. (c) “Boat” means any vessel that is propelled by sail or machinery in the water.
4. (d) “Boat broker” means a person who provides boat brokerage services for another person.
5. (e) “Boat broker trust account” means an account that a broker maintains at a financial institution for the deposit of trust money.

6. (f) “Boat brokerage services” means to engage in any of the following activities for an expectation of compensation:

   1. (1) selling a boat, offering to sell a boat, or negotiating to sell a boat;
   2. (2) buying a boat, offering to buy a boat, or negotiating to buy a boat;
   3. (3) soliciting or obtaining a listing of a boat; or
   4. (4) negotiating the purchase, sale, or exchange of a boat.
7. (g) “Trust money” means a deposit, payment, or other money that a person entrusts to a boat broker to hold for the benefit of the person or a beneficial owner.

Added by Acts 2008, c. 287, § 1, eff. Oct. 1, 2008.