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.
Maryland Legal Code