Md. Code, Business Regulation § 19-402
This is the official text of Md. Code, Business Regulation § 19-402, part of Maryland’s Code, Business Regulation — governs general business licensing and regulation.
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§19–402.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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