HARRY HUGHES, Governor

153

The present phrase excepting disclosures "to the
customer or his duly authorized agent" is deleted
as unnecessary since such a disclosure
necessarily would be one that "the customer has
authorized".

The present exception as to disclosures required
by subpoena or other court order is deleted as
unnecessary in light of the revision in § 1-304
of this subtitle to the same effect.

1-303. PERMITTED DISCLOSURES — IN GENERAL.

THIS SUBTITLE DOES NOT PROHIBIT:

(1)   THE PREPARATION, EXAMINATION, HANDLING, OR
MAINTENANCE OF FINANCIAL RECORDS BY ANY OFFICES, EMPLOYEE,
OR AGENT OF A FIDUCIARY INSTITUTION THAT HAS CUSTODY OF THE
RECORDS;

(2)   THE EXAMINATION OF FINANCIAL RECORDS BY A
CERTIFIED PUBLIC ACCOUNTANT WHILE ENGAGED BY A FIDUCIARY
INSTITUTION TO PERFORM AN INDEPENDENT AUDIT;

(3)   THE EXAMINATION OF FINANCIAL RECORDS BY OR
THE DISCLOSURE OF FINANCIAL RECORDS TO ANY OFFICER,
EMPLOYEE, OR AGENT OF A SUPERVISORY AGENCY FOR USE ONLY IN
THE EXERCISE OF THAT PERSON'S DUTIES AS AN OFFICER,
EMPLOYEE, OR AGENT;

(4)   THE PUBLICATION OF INFORMATION DERIVED FROM
FINANCIAL RECORDS IF THE INFORMATION CANNOT BE IDENTIFIED TO
ANY PARTICULAR CUSTOMER, DEPOSIT, OR ACCOUNT;

(5)   THE MAKING OF REPORTS OR RETURNS REQUIRED BY
FEDERAL LAN;

(6)   THE DISCLOSURE OF ANY INFORMATION PERMITTED
TO BE DISCLOSED UNDER THOSE PROVISIONS OF THE COMMERCIAL LAN
ARTICLE THAT RELATE TO THE DISHONOR OF A NEGOTIABLE
INSTRUMENT; OR

(7)   THE EXCHANGE, IN THE REGULAR COURSE OF
BUSINESS, OF CREDIT INFORMATION BETWEEN A FIDUCIARY
INSTITUTION AND ANY OTHER FIDUCIARY INSTITUTION OR
COMMERCIAL ENTERPRISE, IF MADE DIRECTLY OR THROUGH A
CONSUMER REPORTING AGENCY.

REVISOR'S NOTE: This section presently appears as Art.
11, § 224(b).

In item (5) of this section, the term "federal
law" is substituted for the reference to "Chapter
61 of the Internal Revenue Code". Although, in
some instances, this may constitute a substantive
change (i.e., where federal law does not preempt
local legislation), it appears to be an