Md. Code, Bus. Reg. § 19-401
Md. Code, Bus. Reg. § 19-401
Maryland · Maryland Code, Business Regulation · Status: effective
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- Citation
- Md. Code, Bus. Reg. § 19-401, Maryland, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1757067
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Full text
(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.