§ 19-401

(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.