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 […]