(a) A boat broker shall place any trust moneys received in anticipation of a boat purchase into a boat broker trust account until the boat broker:
- (1) disburses the trust moneys to the beneficial owner on completion of the boat purchase; or
- (2) returns the trust moneys to the purchaser if the boat purchase is not completed.
- (b) A boat broker trust account established under this section shall be separate from the boat broker's operating account.
Added by Acts 2008, c. 287, § 1, eff. Oct. 1, 2008.