{"data":{"id":"us-md/md.-code-business-occupations-and-professions-17-501","jurisdiction":"us-md","citation":"Md. Code, Business Occupations and Professions § 17–501","heading":"","body":"(a) In this Part I of this subtitle the following words have the meanings indicated.\n(b) “Beneficial owner” means a person, other than the owner of the trust money, for whose benefit a real estate broker or, on behalf of a real estate broker, an associate real estate broker or a real estate salesperson is entrusted to hold trust money.\n(c) “Trust money” means a deposit, payment, or other money that a person entrusts to a real estate broker or, on behalf of a real estate broker, to an associate real estate broker or a real estate salesperson to hold for:\n(1) the benefit of the owner or beneficial owner of the trust money; and\n(2) a purpose that relates to a real estate transaction involving real estate in the State.","path":["Article - Business Occupations and Professions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gbo\u0026section=17-501","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:13Z","sha256":"69f4b60ce57fe3564c996a0448c7e8c9b4c7351ab7f6d0fad78209c478c49e01","source_id":"us-md","stale":false,"prev":"us-md/md.-code-business-occupations-and-professions-17-412","next":"us-md/md.-code-business-occupations-and-professions-17-502"},"notice":"GroundRules: Original legal text. Not legal advice."}