WILLIAM DONALD SCHAEFER, Governor

Ch. 405

under certain conditions the Bank Commissioner and Division
Director shall adopt certain regulations within a certain
period of time and that upon adoption of the regulations a
part of this Act shall be null and void; providing that if
certain other federal legislation is enacted, a part of this
Act shall be null and void; providing for a delayed
effective date; providing for a delayed effective date; and
generally relating to the period of time for drawing against
items deposited in a customer's or member's account in
financial institutions in the State.

BY adding to

Article - Financial Institutions

Section 5-3A-01 through 5-3A-04 to be under the new subtitle
"Subtitle 3A. Withdrawal of Items"; 6-4A-01 through
6-4A-04 to be under the new subtitle "Subtitle 4A.
Withdrawal of Items"; 9-411 and 9-412

Annotated Code of Maryland

(1986 Replacement Volume)

BY repealing and reenacting, with amendments,

Article - Financial Institutions
Section 5-309, 6-403, and 9-909
Annotated Code of Maryland
(1986 Replacement Volume)

Preamble

WHEREAS, The federal government is considering legislation
that will regulate the time within which certain financial
institutions are required to make funds available on deposits of
their customers and members; and

WHEREAS, The final form of this federal legislation has not
yet been determined; and

WHEREAS, It would be preferable to have State-chartered

financial institutions and federally chartered financial

institutions regulated uniformly after the federal law is
enacted; and

WHEREAS, The General Assembly believes it is necessary to
regulate funds availability practices of State-chartered
financial institutions until such time as federal legislation
supersedes State law; now, therefore,

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

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