Section 17-503 - Authorized financial institutions. - Maryland Statutes

§ 17-503. Authorized financial institutions.
 

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. 
 

[An. Code 1957, art. 56A, § 4-503; 1989, ch. 3, § 1; 1994, ch. 3, § 13.]