Section 17-502 - Handling of trust money. - Maryland Statutes

§ 17-502. Handling of trust money.
 

(a)  Submission to brokers by associate brokers and salespersons.- An associate real estate broker or a real estate salesperson who obtains trust money while providing real estate brokerage services promptly shall submit the trust money to the real estate broker on whose behalf the associate real estate broker or the real estate salesperson provided the real estate brokerage services. 

(b)  Deposits by brokers; restricted use.-  

(1) Except as otherwise provided in subsection (c) of this section, a real estate broker promptly, but not more than 7 business days after the acceptance of a contract of sale by both parties, shall deposit trust money in an account that is maintained by the real estate broker: 

(i) separately from the real estate broker's own accounts; and 

(ii) solely for trust money. 

(2) A real estate broker may not use trust money for any purpose other than that for which it is entrusted to the real estate broker. 

(c)  Exception.- Subsection (b)(1) of this section does not apply if the real estate broker receives written directions to the contrary as authorized under § 17-505(d) of this subtitle. 
 

[An. Code 1957, art. 56A, § 4-502; 1989, ch. 3, § 1; 1994, ch. 3, § 13; 2001, ch. 29, § 5; ch. 228.]