(a) 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) A boat broker trust account established under this section shall be separate from the boat broker’s operating account.
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