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.
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