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§ 19-401. Definitions

MD Bus Reg Code § 19-401 (2019) (N/A)
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(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.

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§ 19-402. Boat broker trust account