Section 19-402 - Boat broker trust account.
§ 19-402. Boat broker trust account.
(a) In general.- A boat broker shall place any trust moneys received in anticipation of a boat purchase into a boat broker trust account until the boat broker:
(1) disburses the trust moneys to the beneficial owner on completion of the boat purchase; or
(2) returns the trust moneys to the purchaser if the boat purchase is not completed.
(b) Separate from operating account.- A boat broker trust account established under this section shall be separate from the boat broker's operating account.
[2008, ch. 287.]