Section 17-503 - Authorized financial institutions.
§ 17-503. Authorized financial institutions.
Except as authorized under § 17-505 of this subtitle, a real estate broker shall deposit all trust money in a financial institution that is located in the State and whose deposits are insured by:
(1) the Federal Deposit Insurance Corporation;
(2) the Federal Savings and Loan Insurance Corporation;
(3) the National Credit Union Administration;
(4) the State of Maryland Deposit Insurance Fund Corporation; or
(5) the Credit Union Insurance Corporation.
[An. Code 1957, art. 56A, § 4-503; 1989, ch. 3, § 1; 1994, ch. 3, § 13.]