(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.
Maryland Legal Code