WILLIAM DONALD SCHAEFER, Governor                   Ch. 481

(II) "ITEM" DOES NOT INCLUDE MONEY.

(7)   "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.

(8)  "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.

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

(B) THE GENERAL ASSEMBLY DECLARES THAT IT IS THE PUBLIC
POLICY OF THE STATE TO ENSURE THAT WITHIN A REASONABLE PERIOD OF
TIME ALL CUSTOMERS OR MEMBERS OF FINANCIAL INSTITUTIONS ARE ABLE
TO DRAW AGAINST ITEMS DEPOSITED FOR POLLUTION IN ANY SAVINGS AND
LOAN ASSOCIATION CHARTERED UNDER THE LAWS OF THE STATE.

(B) (C) THE DIVISION DIRECTOR SHALL ADOPT REGULATIONS
ESTABLISHING A REASONABLE PERIOD OF TIME , OF NOT MORE THAN:

(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

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