§ 19-402. Boat broker trust account

Latest version.

   (a) In general. -- 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) Separate from operating account. -- A boat broker trust account established under this section shall be separate from the boat broker's operating account.

HISTORY: 2008, ch. 287.

                    
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