Ch. 481                                        LAWS OF MARYLAND

regulations adopted require the financial institution to
notify the customer or member of a customer's or member's
rights under the regulation and to keep posted in each

branch a notice of the customer's rights under the

regulations certain financial institutions to give a certain
notice concerning the time limitations and the policy of the
financial institution on the right to draw on certain
deposited items, and to post the notice in each branch of
the financial institution; authorizing the Bank Commissioner
or the Division Director, as appropriate, to adopt certain
additional regulations if they find that uniform application
of the regulations result in unsound or unsafe banking
practices; providing that a period of time for drawing
against an item longer than that permitted under the
regulations shall generally be considered to be an
unreasonable period of time; permitting a financial
institution to establish in a private agreement with a
customer or member a period of time for drawing against an
item longer than that provided in the regulations adopted
under this Act, under certain circumstances; providing that
if certain federal legislation is enacted and 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; 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

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