MARVIN MANDEL, Governor                                  763

Preamble

(a)    The General Assembly of Maryland finds and
declares that:

(1)    procedures and policies governing the
relationship between fiduciary institutions and
government agencies have in some cases developed without
due regard to the constitutional rights of customers of
those institutions; and

(2)    the confidential relationships between
fiduciary institutions and their customers must be
preserved and protected.

(b)    It is the purpose of this Act to protect and
preserve the confidential relationship between fiduciary
institutions and their customers and to promote commerce
by prescribing policies and procedures applicable to the
disclosure of customer records by fiduciary institutions.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Sections 224 through 227, inclusive,
to be under the new subtitle "Confidential Financial
Records" be and they are hereby added to Article 11 —
Banks and Trust Companies, of the Annotated Code of
Maryland (1968 Replacement Volume and 1975 Supplement) to
read as follows:

Article 11 — Banks and Trust Companies

CONFIDENTIAL FINANCIAL RECORDS

224.

(A) FOR THE PURPOSE OF THIS SUBTITLE:

(1) THE TERM "FIDUCIARY INSTITUTION" MEANS:

(I)    A COMMERCIAL BANK OR TRUST COMPANY
ORGANIZED UNDER THE LAWS OF THE STATE OR OF THE UNITED
STATES;

(II)   A PRIVATE BANK;

(III)  A SAVINGS AND LOAN ASSOCIATION OR
A BUILDING AND LOAN ASSOCIATION ORGANIZED UNDER THE LAWS
OF THE STATE OR OF THE UNITED STATES;

(IV)   AN INSURED INSTITUTION AS DEFINED
IN SECTION 401 OF THE NATIONAL HOUSING ACT;

(V)    A SAVINGS BANK, INDUSTRIAL BANK,
OR OTHER THRIFT INSTITUTION;

(VI) A CREDIT UNION OR INDUSTRIAL