WILLIAM DONALD SCHAEFER, Governor Ch. 405

(E) THE CREDIT UNION SHALL KEEP POSTED IN A CONSPICUOUS
LOCATION, AT EACH BRANCH OF THE CREDIT UNION, A NOTICE THAT
SUBSTANTIALLY SETS FORTH THE GENERALLY APPLICABLE TIME
LIMITATIONS AND THE CREDIT UNION'S POLICY ON THE CREDIT UNION'S
CUSTOMER'S AND MEMBER'S RIGHTS TO DRAW ON ITEMS DEPOSITED TO THE
CUSTOMER'S OR MEMBER'S ACCOUNT.

9-411.

(A) (1) IN THIS SECTION AND § 9-412, THE FOLLOWING WORDS
HAVE THE MEANINGS INDICATED.

(2)  "BUSINESS DAY" MEANS ANY DAY EXCLUDING SATURDAYS,
SUNDAYS, AND LEGAL HOLIDAYS.

(3)  "COLLECTION BASIS" MEANS FUNDS ARE MADE AVAILABLE
TO AN ACCOUNT HOLDER FOR AN ITEM WHEN THEY ARE COLLECTED BY THE
DEPOSITORY SAVINGS AND LOAN.

(4)  "DEPOSITARY DEPOSITORY SAVINGS AND LOAN" MEANS A
SAVINGS AND LOAN ASSOCIATION WHICH MAINTAINS THE ACCOUNT INTO
WHICH AN ITEM IS FIRST DEPOSITED.

(5)  "FOREIGN ITEM" MEANS ANY ITEM THAT IS PAYABLE AS
DRAWN OR ACCEPTED BY A FOREIGN FINANCIAL INSTITUTION THAT HAS ITS
PRINCIPAL PLACE OF BUSINESS IN A FOREIGN NATION AND DOES NOT HAVE
A SUBSIDIARY IN THE STATE.

(6)  (I) "ITEM" MEANS ANY INSTRUMENT, WHETHER
NEGOTIABLE OR NONNEGOTIABLE, FOR THE PAYMENT OF MONEY.

(II) "ITEM" DOES NOT INCLUDE MONEY.

(7)  "LOCAL ITEM" MEANS ANY ITEM THAT IS PAYABLE AS
DRAWN OR ACCEPTED BY A FINANCIAL INSTITUTION THAT HAS A PRINCIPAL
OFFICE OR BRANCH OFFICE LOCATED IN THE STATE.

(8)  "OUT-OF-STATE ITEM" MEANS ANY ITEM THAT IS
PAYABLE AS DRAWN OR ACCEPTED BY A FINANCIAL INSTITUTION THAT HAS
ITS PRINCIPAL PLACE OF BUSINESS IN THE UNITED STATES BUT NOT IN
THIS STATE.

(9) "RETURN OF AN ITEM" HAS THE MEANING SET FORTH IN
§ 4-301 OF THE COMMERCIAL LAW ARTICLE.---------------

(B) THE GENERAL ASSEMBLY DECLARES THAT IT IS THE PUBLIC
POLICY OF THE STATE TO ENSURE THAT WITHIN A REASONABLE PERIOD OF
TIME ALL CUSTOMERS OR MEMBERS OF FINANCIAL INSTITUTIONS ARE ABLE
TO DRAW AGAINST ITEMS DEPOSITED FOR COLLECTION IN ANY SAVINGS AND
LOAN ASSOCIATION CHARTERED UNDER THE LAWS OF THE STATE.----------

(B) (C) THE DIVISION DIRECTOR SHALL ADOPT REGULATIONS
ESTABLISHING A REASONABLE PERIOD OF TIME, OF NOT MORE THAN:

- 2073 -