MARVIN MANDEL, Governor                       3951

Therefore it is unnecessary for me to sign Senate
Bill 530.

Sincerely,

/s/ Marvin Mandel

Governor

Senate Bill No. 573 — Confidentiality of Bank and
Fiduciary Records

AN ACT concerning

Banks and Fiduciary Institutions —
Confidentiality of Records

FOR the purpose of creating a new subtitle; making a
declaration of legislative findings; defining
certain terms; prohibiting a fiduciary institution
from disclosing certain information concerning the
financial records of a customer and making certain
exceptions; and providing certain penalties for
violating provisions of this Act.

May 15, 1975.
Honorable Steny H. Hoyer
President of the Senate
State House
Annapolis, Maryland

Dear Mr. President:

In accordance with Article II, Section 17 of the
Maryland Constitution, I have today vetoed Senate Bill
573.

This bill attempts to protect and preserve the
confidentiality between fiduciary institutions and their
customers. The heart of the bill is Section 225 on page
4 which prohibits a fiduciary institution from disclosing
to any person any financial records relating to a
customer unless the customer has authorized a disclosure
or the records are disclosed in response to a court
order.

I wholeheartedly support the theory and purpose of
Senate Bill 573. However, I must veto this bill due to
an oversight therein which would produce a severe
detrimental effect on the regulation of financial