§ 19-401
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/md/business-regulation/19-401A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§19–401.
(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 trust account” means an account that a broker maintains at a financial institution for the deposit of trust money.
(f)“Boat brokerage services” means to engage in any of the following activities for an expectation of compensation:
(1)selling a boat, offering to sell a boat, or negotiating to sell a boat;
(2)buying a boat, offering to buy a boat, or negotiating to buy a boat;
(3)soliciting or obtaining a listing of a boat; or
(4)negotiating the purchase, sale, or exchange of a boat.
(g)“Trust money” means a deposit, payment, or other money that a person entrusts to a boat broker to hold for the benefit of the person or a beneficial owner.