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§ 17-501. Definitions

West's Annotated Code of MarylandBusiness Occupations and ProfessionsEffective: October 1, 2023

West's Annotated Code of Maryland
Business Occupations and Professions
Title 17. Real Estate Brokers (Refs & Annos)
Subtitle 5. Miscellaneous Provisions (Refs & Annos)
Part I. Trust Accounts
Effective: October 1, 2023
MD Code, Business Occupations & Professions, § 17-501
§ 17-501. Definitions
Currentness
In general
(a) In this Part I of this subtitle the following words have the meanings indicated.
Beneficial owner
(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.
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.

Credits

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.
MD Code, Business Occupations & Professions, § 17-501, MD BUS OCCUP & PROF § 17-501
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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