WILLIAM DONALD SCHAEFER, Governor                        H.B. 456

BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 5-705

Annotated Code of Maryland
(1992 Replacement Volume and 1992 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

5-705.

(a)     (1) Subject to paragraph (2) of this subsection, each banking institution
shall be closed on the following legal holidays:

(i)     New Year's Day;

(ii)    Dr. Martin Luther King, Jr.'s Birthday;

(iii)   Washington's Birthday;

(iv)    Good Friday;

(v)     Memorial Day;

(vi)     Independence Day;

(vii)   Labor Day;

(viii) Columbus Day;

(ix)    Veterans' Day;

(x)     Thanksgiving Day; and

(xi)    Christmas Day.

(2) (I) When a legal holiday differs from the corresponding federal holiday, a
banking institution:

[(i)] 1.         May be closed on both holidays; and

[(ii)]2.         Shall be closed on one of the holidays.

(II) WHEN THERE IS NO CORRESPONDING FEDERAL HOLIDAY FOR
A LEGAL HOLIDAY LISTED IN PARAGRAPH (1) OF THIS SUBSECTION, A BANKING
INSTITUTION:

1.        MAY BE CLOSED ON THE LEGAL HOLIDAY; OR

2.       MAY REMAIN OPEN ON THE LEGAL HOLIDAY.

(b)     (1) Each legal holiday that is not listed in subsection (a) of this section is an
optional bank holiday.

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