<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".03" citation="COMAR 31.16.03.03" title_num="31" subtitle_num="16" chapter_num="03" heading="Establishment of MAHT Accounts.">
  <paragraph num="A.">
    <text>Establishment.</text>
    <paragraph num="(1)">
      <text>Each title insurer or title insurance producer expecting to make trust money deposits, as set forth in §B of this regulation, shall establish one or more MAHT accounts with a financial institution.</text>
    </paragraph>
    <paragraph num="(2)">
      <text>The MAHT account:</text>
      <paragraph num="(a)">
        <text>May provide all of the financial services which may be required by a title insurer or a title insurance producer;</text>
      </paragraph>
      <paragraph num="(b)">
        <text>Shall be an interest-bearing account; and</text>
      </paragraph>
      <paragraph num="(c)">
        <text>Shall be an account which:</text>
        <paragraph num="(i)">
          <text>Is permitted to be held by a title insurer or title insurance producer under federal or State law; and</text>
        </paragraph>
        <paragraph num="(ii)">
          <text>Charges reasonable and customary service charges for commercial accounts.</text>
        </paragraph>
      </paragraph>
    </paragraph>
  </paragraph>
  <paragraph num="B.">
    <text>Trust Money Deposits.</text>
    <paragraph num="(1)">
      <text>Except as provided in §B(3) of this regulation, a title insurer or title insurance producer shall deposit all trust monies, as defined in Regulation .02B of this chapter, into a MAHT account as provided in §B(2) of this regulation.</text>
    </paragraph>
    <paragraph num="(2)">
      <text>Trust money from a particular transaction shall be deposited into a MAHT account only if, in the reasonable judgement of the title insurer or the title insurance producer, the money (if deposited into a separate MAHT interest bearing account) would earn:</text>
      <paragraph num="(a)">
        <text>$50 or less in interest; or</text>
      </paragraph>
      <paragraph num="(b)">
        <text>More than $50 in interest, if the reasonable and customary charges of the financial institution are anticipated to be more than the interest which would be earned on the trust money if separately deposited into a MAHT interest bearing account.</text>
      </paragraph>
    </paragraph>
    <paragraph num="(3)">
      <text>A law firm is not required to deposit trust monies into a MAHT account, but shall deposit those monies as may be required by any other applicable law, including the attorney trust accounts provisions of Business Occupations and Professions Article, Annotated Code of Maryland.</text>
    </paragraph>
  </paragraph>
</regulation>