Md. Code, Business Occupations and Professions § 17-501
Md. Code, Business Occupations and Professions § 17-501
in effect(a) In this Part I of this subtitle the following words have the meanings indicated.
(b) “Beneficial owner” means a person, other than the owner of the trust money, for whose benefit a real estate broker or, on behalf of a real estate broker, an associate real estate broker or a real estate salesperson is entrusted to hold trust money.
(c) “Trust money” means a deposit, payment, or other money that a person entrusts to a real estate broker or, on behalf of a real estate broker, to an associate real estate broker or a real estate salesperson to hold for:
(1) the benefit of the owner or beneficial owner of the trust money; and
(2) a purpose that relates to a real estate transaction involving real estate in the State.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gbo§ion=17-501&enactments=falseFetched: 10/16/2026