4788 LAWS OF MARYLAND Ch. 883
checking account to also offer customers a checking
plan that provides for the return of canceled checks on
a monthly basis; requiring a banking institution
offering a truncated account to inform customers in the
truncated plan of the length of time the banking
institution will keep the original check; and requiring
a banking institution offering a truncated account to
return certain checks in certain circumstances at no
cost.
BY adding to
Article - Financial Institutions
Section 5-511
Annotated Code of Maryland
(1980 Volume and 1981 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:
Article - Financial Institutions
5-511.
(A) UNLESS A CUSTOMER SIGNS A SEPARATE WAIVER
AGREEMENT THAT EXPRESSLY PROVIDES OTHERWISE, ON A MONTHLY
BASIS A BANKING INSTITUTION SHALL RETURN TO A CUSTOMER ALL
CANCELED CHECKS DRAWN ON THE CUSTOMER'S CHECKING ACCOUNT.
(B) A BANKING INSTITUTION MAY NOT REQUIRE A CUSTOMER
TO SIGN A WAIVER AGREEMENT AS A CONDITION FOR OBTAINING A
CHECKING ACCOUNT; OR
(C) IF A CUSTOMER SPECIFICALLY REQUESTS THE RETURN OF
ANY CANCELED CHECK DRAWN ON AN ACCOUNT FOR WHICH CHECKS ARE
NOT REGULARLY RETURNED, A BANKING INSTITUTION:
(1) SHALL RETURN THE REQUESTED CANCELED CHECK;
AND
(2) MAY NOT IMPOSE AN ADDITIONAL CHARGE FOR THE
RETURN.
(C) THE WAIVER AS DESCRIBED IN SUBSECTION (A) OF THIS
SECTION MAY NOT APPLY TO CANCELED CHECKS REQUIRED FOR
PURPOSES INCLUDING TAX AUDITS, OR POTENTIAL LAWSUITS WHERE
PROOF OF PURCHASE IS REQUIRED. UPON THE CUSTOMER'S REQUEST
THESE CANCELED CHECKS SHALL BE RETURNED TO THE CUSTOMER
WITHIN 30 DAYS, AND AT NO CHARGE TO THE CUSTOMER.
(A) A BANKING INSTITUTION OFFERING TRUNCATED CHECKING
ACCOUNTS SHALL ALSO OFFER CUSTOMERS A CHECKING ACCOUNT PLAN
THAT PROVIDES FOR THE RETURN OF CANCELED CHECKS ON A MONTHLY
BASIS.
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