§ 22-105. Deposits of trust money
West's Annotated Code of MarylandInsuranceEffective: October 1, 2014
Effective: October 1, 2014
MD Code, Insurance, § 22-105
§ 22-105. Deposits of trust money
(b) A title insurer or its agent shall pool and commingle trust money received from clients or beneficial owners in connection with escrows, settlements, closings, or title indemnifications if, in the judgment of the title insurer or its agent, a separate deposit of the trust money would generate interest in an amount not greater than $50 or the cost of administering a separate account.
(c) At least quarterly, the financial institution in which a commingled account is maintained under this section shall pay the interest earned on the account, less any service charges of the financial institution, to the Maryland Affordable Housing Trust to enhance the availability of affordable housing throughout the State as provided in § 10-102 of the Housing and Community Development Article.
(d) Trust money required to be commingled under subsection (b) of this section in connection with a real estate transaction shall be deposited and maintained until disbursed in accordance with the transaction:
(e) A title insurer or its agent does not violate, and may not be charged by the Commissioner with a violation of, any ethical or legal duties by placing trust money in an account under subsection (b) of this section with the interest paid to the Maryland Affordable Housing Trust under subsection (c) of this section.
(f) Except for trust money that a title insurer or its agent places in a commingled account under subsections (b) and (c) of this section, and subject to regulations of the Commissioner, trust money in the possession of the title insurer or its agent may be deposited in any other deposit or investment vehicle:
Credits
Added as Insurance § 22-103 by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 2005, c. 44, § 1, eff. Oct. 1, 2005; Acts 2011, c. 332, § 4, eff. July 1, 2011. Renumbered as Insurance § 22-105 by Acts 2014, c. 318, § 1, eff. Oct. 1, 2014; Acts 2014, c. 319, § 1, eff. Oct. 1, 2014.
Formerly Art. 48A, §§ 486-2, 486-3.
MD Code, Insurance, § 22-105, MD INSURANCE § 22-105
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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