Ch. 405

LAWS OF MARYLAND

(B) THE BANK COMMISSIONER SHALL ADOPT REGULATIONS THAT
PROVIDE:

(1) FOR PURPOSES OF CALCULATING THE NUMBER OF
BUSINESS DAYS BY WHICH A DEPOSITORY CREDIT-UNION IS REQUIRED TO
MAKE FUNDS AVAILABLE FOR WITHDRAWAL BY THE CUSTOMER OR MEMBER,
THE TERM "BUSINESS DAY" EXCLUDES THE DAY OF DEPOSIT, AND IF THE
DEPOSIT IS MADE ON A SATURDAY, SUNDAY, LEGAL HOLIDAY, OR AFTER
THE CLOSE OF BUSINESS, THE TERM "BUSINESS DAY" EXCLUDES THE FIRST
1ST BUSINESS DAY AFTER THE DAY OF DEPOSIT, WHERE:

(I)  A LEGAL HOLIDAY IS A HOLIDAY ON WHICH THE
DEPOSITORY CREDIT UNION IS CLOSED; AND

(II)  THE CLOSE OF BUSINESS FOR A DEPOSITORY
CREDIT UNION IS THE CLOSING TIME OF THE BRANCH OFFICE WHERE THE
DEPOSIT IS MADE, AS DETERMINED BY THE DEPOSITORY CREDIT UNION,
AND FOR AN ELECTRONIC BANKING FACILITY, THE CLOSE OF BUSINESS IS
THE CLOSING TIME OF THE NEAREST BRANCH OFFICE OF THE DEPOSITORY
CREDIT UNION;

(2) IF A DEPOSITORY CREDIT UNION DOES NOT COLLECT
ITEMS DIRECTLY THROUGH A CLEARINGHOUSE, FEDERAL RESERVE, OR OTHER
COLLECTION SYSTEM AND USES ANOTHER FINANCIAL INSTITUTION TO
COLLECT ON ITEMS, THE DEPOSITORY CREDIT UNION SHALL HAVE AN
ADDITIONAL BUSINESS DAY WITHIN WHICH TO MAKE FUNDS AVAILABLE TO A
CUSTOMER OR MEMBER;

(3)  WHEN A DEPOSITORY CREDIT UNION FINDS THAT THE
COLLECTIBILITY OF AN ITEM IS DOUBTFUL, THE DEPOSITORY CREDIT
UNION MAY MAKE FUNDS, AVAILABLE FOR THE ITEM ON A COLLECTION BASIS
IF THE DEPOSITORY CREDIT UNION NOTIFIES THE CUSTOMER OR MEMBER
ORALLY OR IN WRITING OF THIS ACTION WITHIN THE TIME THAT THE
DEPOSITORY CREDIT UNION OTHERWISE WOULD BE REQUIRED UNDER THE
REGULATIONS ADOPTED UNDER THIS SUBTITLE TO MAKE FUNDS AVAILABLE
TO THE CUSTOMER OR MEMBER;                                                                                 

(4)  A DEPOSITORY CREDIT UNION MAY FIND THAT THE
COLLECTIBILITY OF AN ITEM IS DOUBTFUL, IF:

(I) THE DEPOSITORY CREDIT UNION HAS REASON TO
BELIEVE THAT THE MAKER, DRAWER, OR PAYOR OF THE ITEM IS
INSOLVENT;

(II) THE ITEM: CONTAINS AN INFIRMITY ON ITS
FACE, INCLUDING A FORGERY, AN ALTERATION, OR FALSE OR FRAUDULENT
INDICATION OF THE DRAWER'S, MAKER'S, OR PAYOR'S NAME OR ROUTING
NUMBER; OR

(III) THE MANNER OF PRESENTMENT OF THE ITEM
RAISES A REASONABLE SUSPICION OF FRAUD;

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