Section 10-301.1 - Interest on and investment of trust moneys.
§ 10-301.1. Interest on and investment of trust moneys.
(a) Deposit of trust moneys.- A vendor or builder may deposit trust moneys in:
(1) A noninterest bearing checking account;
(2) One or more savings accounts; or
(3) Any combination of accounts in any bank or savings and loan association authorized by federal or State law to do business in the State.
(b) Investment of trust moneys in other investment vehicles.- Trust moneys in the hands of the vendor or builder may be invested in any other investment vehicle specified by the client or beneficial owner or as they and the licensee may agree.
[1985, ch. 732; 1987, ch. 309; 1995, ch. 58, § 2; 1998, ch. 144.]