2013 Maryland Code
BUSINESS REGULATION
§ 19-401 - Definitions
§19-401.
(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.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
