Code of Maryland Regulations
Title 09 - MARYLAND DEPARTMENT OF LABOR
Subtitle 11 - REAL ESTATE COMMISSION
Chapter 09.11.01 - General Regulations
Section 09.11.01.07 - Establishing an Escrow or Special Account

Universal Citation: MD Code Reg 09.11.01.07

Current through Register Vol. 51, No. 6, March 22, 2024

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.

Disclaimer: These regulations may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.