(a) A vendor or builder may deposit trust money in:
(1) A noninterest bearing checking account;
(2) One or more savings accounts; or
(3) Any combination of accounts in any bank or savings and loan association authorized by federal or State law to do business in the State.
(b) Trust money in the hands of the vendor or builder may be invested in any other investment vehicle specified by the client or beneficial owner or as they and the licensee may agree.
Structure Maryland Statutes
Subtitle 3 - Deposits on New Homes
Section 10-301.1 - Money Received by Vendor or Builder
Section 10-301.2 - Interest on and Investment of Trust Money
Section 10-302 - Bond Payable to State; Deposit; Form of Bond; Penalty of Blanket Bond
Section 10-303 - Irrevocable Letters of Credit
Section 10-303.1 - Regulations
Section 10-304 - Sales Exempt From Subtitle
Section 10-305 - Penalties; Unfair or Deceptive Trade Practices