Volume 769, Page 2279 View pdf image |
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WILLIAM DONALD SCHAEFER, Governor Ch. 481 institutions are required to make funds available on deposits of WHEREAS, The final form of this federal legislation has not WHEREAS, It would be preferable to have State-chartered financial institutions and federally chartered financial institutions regulated uniformly after the federal law is WHEREAS, The General Assembly believes it is necessary to regulate funds availability practices of State-chartered financial institutions until such time as federal legislation SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF Article - Financial Institutions SUBTITLE 3A. WITHDRAWAL OF ITEMS 5-3A-01. (A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS (B) "BUSINESS DAY" MEANS ANY DAY EXCLUDING SATURDAYS, (C) "COLLECTION BASIS" MEANS FUNDS ARE MADE AVAILABLE TO A (D) "DEPOSITORY BANK" MEANS A BANKING INSTITUTION WHICH (E) "FOREIGN ITEM" MEANS ANY ITEM THAT IS PAYABLE AS DRAWN (F) (1) "ITEM" MEANS ANY INSTRUMENT, WHETHER NEGOTIABLE OR (2) "ITEM" DOES NOT INCLUDE MONEY. (G) "LOCAL ITEM" MEANS ANY ITEM THAT IS PAYABLE AS DRAWN OR - 2279 -
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Volume 769, Page 2279 View pdf image |
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