Ch. 481

LAWS OF MARYLAND

6-4A-01.

(A)  IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

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

(C) "COLLECTION BASIS" MEANS FUNDS ARE MADE AVAILABLE TO A
CUSTOMER CUSTOMER OR MEMBER FOR AN ITEM WHEN THEY ARE COLLECTED
BY THE DEPOSITORY CREDIT UNION.

(D)  "DEPOSITARY DEPOSITORY CREDIT UNION" MEANS A CREDIT
UNION WHICH MAINTAINS THE ACCOUNT INTO WHICH AN ITEM IS FIRST
DEPOSITED.

(E)  "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.

(F)  (1) "ITEM" MEANS ANY INSTRUMENT, WHETHER NEGOTIABLE OR
NONNEGOTIABLE, FOR THE PAYMENT OF MONEY.

  (2) "ITEM" DOES NOT INCLUDE MONEY.

(G)   "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.

(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.

6-4A-02.

THE GENERAL ASSEMBLY DECLARES THAT IT IS THE PUBLIC POLICY
OF THE STATE TO ENSURE THAT ALL CUSTOMERS CUSTOMERS OR MEMBERS OF
CREDIT UNIONS ARE ABLE TO DRAW AGAINST ITEMS DEPOSITED FOR
COLLECTION IN ANY CREDIT UNION LOCATED IN AND INCORPORATED UNDER
THE LAWS OF THE STATE WITHIN A REASONABLE PERIOD OF TIME.

6-4A-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 CREDIT UNION
SHALL BE REQUIRED TO PERMIT A CUSTOMER CUSTOMER OR MEMBER OF A

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