Md. Code, Business Occupations and Professions § 17–503

Except as authorized under § 17-505 of this subtitle, a real estate broker shall deposit all trust money in a financial institution that is located in the State and whose deposits are insured by:

(1) the Federal Deposit Insurance Corporation;

(2) the Federal Savings and Loan Insurance Corporation;

(3) the National Credit Union Administration;

(4) the State of Maryland Deposit Insurance Fund Corporation; or

(5) the Credit Union Insurance Corporation.