Title 19. Miscellaneous State Business Regulation — Subtitle 4. Boat Sales
Statutes in effect as of October 1, 2026.
Md. Code Ann., Bus. Reg. § 19-401 (2026)
Title 19. Miscellaneous State Business Regulation
Subtitle 4. Boat Sales
§ 19–401LinkCopy Citation
(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.
Md. Code Ann., Bus. Reg. § 19-402 (2026)
Title 19. Miscellaneous State Business Regulation
Subtitle 4. Boat Sales
§ 19–402LinkCopy Citation
(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.