Ch. 481

LAWS OF MARYLAND

(H)     "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.

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

5-3A-02.

THE GENERAL ASSEMBLY DECLARES THAT IT IS THE PUBLIC POLICY
OF THE STATE TO ENSURE THAT ALL CUSTOMERS OR MEMBERS OF FINANCIAL
INSTITUTIONS ARE ABLE TO DRAW AGAINST ITEMS DEPOSITED FOR
COLLECTION IN ANY BANKING INSTITUTION LOCATED IN THE STATE WITHIN
A REASONABLE PERIOD OF TIME.

5-3A-03.

(A) THE BANK COMMISSIONER SHALL ADOPT REGULATIONS
ESTABLISHING A REASONABLE PERIOD OF TIME , OF NOT MORE THAN:

(1) 3 BUSINESS DAYS, WITHIN WHICH A BANKING
INSTITUTION SHALL BE REQUIRED TO PERMIT A BANKING CUSTOMER TO
DRAW, AS OF RIGHT, ON A LOCAL ITEM WHICH HAS BEEN RECEIVED FOR
DEPOSIT IN THE CUSTOMER'S ACCOUNT IN THE BANKING INSTITUTION;

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

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

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

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

(1) FOR PURPOSES OF CALCULATING THE NUMBER OF
BUSINESS DAYS BY WHICH A DEPOSITORY BANK IS REQUIRED TO MAKE
FUNDS AVAILABLE FOR WITHDRAWAL BY THE CUSTOMER, 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

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