Section 19-401 – Definitions

    (a)    In this subtitle the following words have the meanings indicated.     (b)    “Beneficial owner” means a person for whose benefit a boat broker is entrusted to hold money.     (c)    “Boat” means any vessel that is propelled by sail or machinery in the water.     (d)    “Boat broker” means a person who provides boat brokerage services for another person.     (e)    “Boat broker […]

Section 19-402 – Boat Broker Trust Account

    (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 […]