HARRY HUGHES, Governor

911

(1)  ON REQUEST OF THE TREASURER, A DEPOSITARY FOR
STATE MONEY SHALL SUBMIT TO THE TREASURER OR A DESIGNEE OF THE
TREASURER A REPORT THAT STATES:

(I)  THE TOTAL AMOUNT OF STATE MONEY ON DEPOSIT
WITH THE DEPOSITARY;

(II)  THE TOTAL AMOUNT OF COLLATERAL AND DEPOSIT
INSURANCE FOR THE MONEY; AND

(III)  THE MARKET VALUE OF THE COLLATERAL FOR
THE MONEY.

(2)  EACH NATIONAL BANKING ASSOCIATION THAT IS A
DEPOSITARY FOR STATE MONEY SHALL SUBMIT TO THE COMPTROLLER OF THE
CURRENCY EACH REPORT FOR WHICH THE COMPTROLLER ASKS.

(3)  EACH BANKING INSTITUTION THAT IS A DEPOSITARY FOR
STATE MONEY SHALL SUBMIT TO THE BANK COMMISSIONER EACH REPORT FOR
WHICH THE COMMISSIONER ASKS.

(4)  EACH OTHER BANK THAT IS A DEPOSITARY FOR STATE
MONEY SHALL SUBMIT TO THE BANKING AUTHORITY FOR THE STATE WHERE
THE BANK HAS ITS PRINCIPAL OFFICE EACH REPORT FOR WHICH THE
BANKING AUTHORITY OF THAT STATE ASKS.

(B) CUSTODIANS.

ON REQUEST OF THE TREASURER, A CUSTODIAN SHALL SUBMIT TO THE
TREASURER OR A DESIGNEE OF THE TREASURER A REPORT THAT STATES THE
TOTAL AMOUNT OF COLLATERAL THAT A DEPOSITARY HAS WITH THE
CUSTODIAN.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 95, §
21A(d).

In the introductory language of subsection (a)(1) of
this section, the reference to a "designee" is added
to conform to subsection (b) of this section. This
addition is based on the ambiguous reference, in the
third sentence of former Art. 95, § 21A(d), to
"[t]hese reports", which could have meant only the
reports of custodians or reports of custodians or
depositaries. This addition is based on the latter
reading.                               

In subsection (a)(1)(ii) of this section, the new
defined terms "collateral" and "deposit insurance" are
substituted for the former reference to "collateral
pledged to secure these state moneys", since
subsection (a)(1)(ii) applies to the total coverage
for State money. However, in subsection (a)(l)(iii)
of this section, only the defined term "collateral" is
used, since deposit insurance would not have a market
value.