§ 19-401. Definitions

   (a) In general. -- In this subtitle the following words have the meanings indicated.

(b) Beneficial owner. -- "Beneficial owner" means a person for whose benefit a boat broker is entrusted to hold money.

(c) Boat. -- "Boat" means any vessel that is propelled by sail or machinery in the water.

(d) Boat broker. -- "Boat broker" means a person who provides boat brokerage services for another person.

(e) Boat broker trust account. -- "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. -- "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. -- "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.

HISTORY: 2008, ch. 287.