Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 17-604
Terms Used In Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 17-604
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) Subsection (a) of this section does not prohibit the payment of compensation to:
(1) an individual:
(i) who is licensed in another state; and
(ii) who meets the requirements of § 17-513 of this title;
(2) a professional service corporation formed under § 17-512 of this title;
(3) a limited liability company formed under § 17-512 of this title;
(4) a business entity formed under § 17-512 of this title; or
(5) a title insurance producer licensed under Title 10 of the Insurance Article acting in accordance with subsection (c) of this section.
(c) During the settlement of property, a licensed title insurance producer may, on behalf of a real estate broker and in accordance with a written disbursement authorization provided by the real estate broker, pay compensation to:
(1) an associate real estate broker;
(2) a real estate salesperson; or
(3) a business entity formed under § 17-512 of this title.