Md. Code Regs. 09.11.01.18

Current through Register Vol. 51, No. 24, December 2, 2024

Section 09.11.01.18 - Disposition of Deposit Monies Held by Licensees

In any transaction in which a licensee has custody or possession of funds which belong to others, in the absence of a provision to the contrary, in the contract of sale, rental lease, option agreement, or other similar type of document, and a dispute arises as to the disposition of these funds by and between the parties to the transaction, the licensee shall:

A. Hold these funds until he or she has releases signed by all parties to the transaction authorizing disposition of the funds;

B. File a bill of interpleader in the proper court in the county or Baltimore City, as the case may be, thereby causing these funds to be deposited in the registry of this court;

C. Hold these funds until such time as one of the parties to the transaction files suit and the court in which this suit is filed orders the disbursement of these funds, whichever event under the purview of B and C of this regulation shall first occur; or

D. Distribute the funds in accordance with the procedure set forth in Business Occupations and Professions Article, § 17-505, Annotated Code of Maryland.

Md. Code Regs. 09.11.01.18

Regulation .18 effective October 1, 1970; amended and recodified from .21 effective 44:8 Md. R. 401, eff. 7/1/2017