Md. Code Regs. 09.11.01.07

Current through Register Vol. 51, No. 12, June 14, 2024

Section 09.11.01.07 - Establishing an Escrow or Special Account

A. A real estate broker shall maintain a non-interest-bearing escrow or special account and report the bank's name and account number to the Commission as soon as trust monies are received. If a licensee establishes another non-interest-bearing or special escrow account, changes the escrow account number, or transfers the account to another bank, the licensee shall notify the Commission in writing within 10 days after the action.

B. The establishment of individual interest-bearing accounts, as provided under Business Occupations and Professions Article, § 17-505, Annotated Code of Maryland, need not be reported to the Commission as long as records are maintained for each account and available for inspection by Commission personnel during regular business hours.

Regulations .07 effective March 16, 1967
Regulation .07 amended effective June 15, 1987 (14:12 Md. R. 1349); amended and recodified from .09 effective 44:8 Md. R. 401, eff. 7/1/2017