Except as authorized under § 17-505 of this subtitle, a real estate broker shall deposit all trust money in a financial institution that is located in the State and whose deposits are insured by:
(1) the Federal Deposit Insurance Corporation;
(2) the Federal Savings and Loan Insurance Corporation;
(3) the National Credit Union Administration;
(4) the State of Maryland Deposit Insurance Fund Corporation; or
(5) the Credit Union Insurance Corporation.
Structure Maryland Statutes
Business Occupations and Professions
Title 17 - Real Estate Brokers
Subtitle 5 - Miscellaneous Provisions
Section 17-502 - Handling of Trust Money
Section 17-503 - Authorized Financial Institutions
Section 17-504 - Authorized Accounts
Section 17-505 - Maintenance and Disposition of Trust Money