Ch. 405                                    LAWS OF MARYLAND

(1), 3 BUSINESS DAYS, WITHIN WHICH A SAVINGS AND LOAN
ASSOCIATION SHALL BE REQUIRED TO PERMIT A HOLDER OF A SAVINGS
ACCOUNT TO DRAW, AS OF RIGHT, ON A LOCAL ITEM WHICH HAS BEEN
RECEIVED FOR DEPOSIT IN THE ACCOUNT;

(2)  6 BUSINESS DAYS, WITHIN WHICH A SAVINGS AND LOAN
ASSOCIATION SHALL BE REQUIRED TO PERMIT AN ACCOUNT HOLDER TO
DRAW, AS OF RIGHT, ON AN OUT-OF-STATE ITEM WHICH HAS BEEN
RECEIVED FOR DEPOSIT IN THE ACCOUNT HOLDER'S ACCOUNT IN THE
SAVINGS AND LOAN ASSOCIATION;

(3)  1 BUSINESS DAY WITHIN WHICH A SAVINGS AND LOAN
ASSOCIATION SHALL BE REQUIRED TO PERMIT AN ACCOUNT HOLDER TO
DRAW, AS OF RIGHT, ON A STATE OR FEDERAL GOVERNMENT ITEM WHICH
HAS BEEN RECEIVED FOR DEPOSIT IN THE ACCOUNT HOLDER'S ACCOUNT IN
THE SAVINGS AND LOAN ASSOCIATION; AND

(4)  2 BUSINESS DAYS WITHIN WHICH A SAVINGS AND LOAN
ASSOCIATION SHALL BE REQUIRED TO PERMIT AN ACCOUNT HOLDER TO
DRAW, AS OF RIGHT, ON AN ITEM OF NOT MORE THAN $100, WHICH HAS
BEEN RECEIVED FOR DEPOSIT IN THE ACCOUNT HOLDER'S ACCOUNT IN THE
SAVINGS AND LOAN ASSOCIATION.

(C) (D) THE DIVISION DIRECTOR SHALL ADOPT REGULATIONS THAT
PROVIDE:

(1) FOR PURPOSES OF CALCULATING THE NUMBER OF
BUSINESS DAYS BY WHICH A DEPOSITORY SAVINGS AND LOAN IS REQUIRED
TO MAKE FUNDS AVAILABLE FOR WITHDRAWAL BY THE ACCOUNT HOLDER, 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 SAVINGS AND LOAN IS CLOSED; AND

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

(2)  IF A DEPOSITORY SAVINGS AND LOAN 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 SAVINGS AND LOAN SHALL HAVE AN
ADDITIONAL BUSINESS DAY WITHIN WHICH TO MAKE FUNDS AVAILABLE TO
AN ACCOUNT HOLDER;

(3)  WHEN A DEPOSITORY SAVINGS AND LOAN FINDS THAT THE
COLLECTIBILITY OF AN ITEM IS DOUBTFUL, THE DEPOSITORY SAVINGS AND

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