SB 43

WES MOORE, Governor  Ch. 132
Chapter 132
  (Senate Bill 43)
AN ACT concerning
  Financial Institutions – Maryland Community Investment Venture Fund and
  Regulation of Entities – Revisions
FOR the purpose of repealing certain fees charged to certain banking institutions by the
     Commissioner of Financial Regulation; altering certain provisions relating to the
     Maryland Community Investment Venture Fund, including the purpose and
     administration of the Fund and the date by which the Commissioner may match
     certain investments in the Fund; altering and providing for certain assessment offset
     credits for certain banking institutions and credit unions; altering the definition of
     “emergency” for purposes of determining closures of banking institutions; altering
     which financial entities are included in certain prohibitions on using an entity’s
     likeness; and generally relating to the Maryland Community Investment Venture
     Fund and regulation of financial institutions in the State.
BY repealing and reenacting, without amendments,
      Article – Financial Institutions
      Section 1–101(a) and (d) and 1–301(a)
      Annotated Code of Maryland
      (2020 Replacement Volume and 2025 Supplement)
BY repealing and reenacting, with amendments,
      Article – Financial Institutions
      Section 1–301(b), 2–108(a)(8), 2–118.1, 3–213, 5–203, 5–707, 5–806, 6–712, and
  6–901
      Annotated Code of Maryland
      (2020 Replacement Volume and 2025 Supplement)
BY repealing and reenacting, without amendments,
      Article – State Finance and Procurement
      Section 6–226(a)(2)(i) and (ii)
      Annotated Code of Maryland
      (2021 Replacement Volume and 2025 Supplement)
BY repealing and reenacting, with amendments,
      Article – State Finance and Procurement
      Section 6–226(a)(2)(iii)212. and 213.
      Annotated Code of Maryland
      (2021 Replacement Volume and 2025 Supplement)
BY adding to
     Article – State Finance and Procurement
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Ch. 132  2026 LAWS OF MARYLAND
      Section 6–226(a)(2)(iii)214.
      Annotated Code of Maryland
      (2021 Replacement Volume and 2025 Supplement)
      SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
That the Laws of Maryland read as follows:
  Article – Financial Institutions
1–101.
      (a)   In this article, unless the context clearly requires otherwise, the following
words have the meanings indicated.
      (d)     “Banking institution” means an institution that is incorporated under the
laws of this State as a State bank, trust company, or savings bank.
1–301.
      (a)    In this subtitle the following words have the meanings indicated.
      (b)    (1)   “Fiduciary institution” means:
  (i)     A national banking association;
  (ii)    A [State] banking institution;
  (iii)   An other–state bank that maintains a branch in this State;
  (iv)    A credit union that is organized under the laws of this State or
of the United States;
  (v)    Any other organization that is organized under the banking laws
of this State and subject to the supervision of the Commissioner; or
  (vi) A savings and loan association that is organized under the laws
of this State or of the United States.
  (2)   “Fiduciary institution” does not include any person licensed by the
Commissioner under Title 11 of this article.
2–108.
      (a)  The Commissioner shall charge and collect, in advance, the following
nonrefundable fees:
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  WES MOORE, Governor  Ch. 132
  (8)       A fee for a certificate of valid charter[:
  (i)       If requested by or on behalf of a banking institution…………$25
  (ii)       If] requested by or on behalf of a person other than a banking
institution..............................................................................................................................$50
2–118.1.
  (a)       (1)       In this section the following words have the meanings indicated.
  (2)       “Fund” means the Maryland Community Investment Venture Fund.
  (3)       “Low– to moderate–income tract” has the meaning stated in § 5–203 of
this article.
  (b)       (1)       There is a Maryland Community Investment Venture Fund.
  (2)       The Fund is a private venture fund that:
  (i)       Is an instrumentality of the State; and
  (ii)      Uses public and private investment funds.
       (c)   (1)   Subject to paragraph (2) of this subsection, the purpose of the Fund is
to develop opportunities for banking institutions and credit unions to better serve the needs
of low– to moderate–income tracts by:
  (i)   [Investing in] PROMOTING the development of financial
product or financial product underwriting innovations that enhance access to capital,
funding, and other financial services for CONSUMERS AND businesses in low– to
moderate–income tracts in the State THROUGH INVESTMENTS, GRANTS, AND OTHER
FORMS OF FINANCIAL ASSISTANCE;
  (ii)  Deploying, testing, and evaluating the innovations for providing
capital and funding to CONSUMERS AND businesses in low– to moderate–income tracts in
the State; and
  (iii) Promoting and making the innovations available to banking
institutions and credit unions for use in enhancing access to capital, funding, and other
financial services for CONSUMERS AND businesses in low– to moderate–income tracts in
the State.
  (2)  With the approval of the Commissioner, the purpose of the Fund may
be altered in a manner that is consistent with the intent and requirements of this section.
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 Ch. 132  2026 LAWS OF MARYLAND
        (d)   (1)   (i)   The Commissioner shall establish a governance structure for the
Fund.
  (ii)  The Commissioner may collaborate with investors in the Fund
when establishing the governance structure.
  (2)    The Commissioner, or the Commissioner’s designee, shall serve on the
governing body of the Fund.
       (e)   (1)   The Commissioner may use up to $250,000 from the Banking
Institution and Credit Union Regulation Fund established under § 2–118 of this subtitle to
cover the expenses associated with establishing AND ADMINISTERING the Fund, including
accounting, advisory, third–party service provider, marketing, and other necessary
expenses.
  (2)   To encourage private investment, the Commissioner may provide an
[initial] equity capital investment in the Fund in an amount up to $2,500,000 from the
Banking Institution and Credit Union Regulation Fund.
      (f)    (1)   Through June 30, [2028] 2030, the Commissioner may match an
investment made in the Fund by a banking institution or credit union up to the amount of
the assessment credit earned by the banking institution or credit union in accordance with
§ 5–203(d) or § 6–712(c)(4) of this article.
  (2)   The Commissioner may not make an investment in the Fund after June
30, [2028] 2030.
      (g)   All investment returns or return of capital from the Fund with respect to an
investment authorized by the Commissioner shall be credited to the Banking Institution
and Credit Union Regulation Fund.
      (h)    At the direction of the Commissioner, and in addition to any customary and
appropriate audits of the Fund, the governing body of the Fund shall obtain the services of
an independent third party designated by the Commissioner on an annual basis to evaluate
whether the investments made to the Fund comply with this section.
      (i)   (1)    If the Commissioner determines that separate private venture funds
are necessary to accomplish the purpose of the Fund, the Commissioner may use money
from the Fund to establish additional private venture funds.
  (2)   An additional private venture fund established in accordance with this
subsection shall comply with the requirements of subsections (b) through (f) of this section.
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  WES MOORE, Governor  Ch. 132
      (J) (1) THE FUND IS A SPECIAL, NONLAPSING FUND THAT IS NOT
SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE AND
MAY NOT BE DEEMED A PART OF THE GENERAL FUND OF THE STATE.
  (2)
  UNLESS OTHERWISE PROVIDED BY LAW, NO PART OF THE FUND
MAY REVERT OR BE CREDITED TO:
  (I)    THE GENERAL FUND OF THE STATE; OR
  (II)
  EXCEPT AS PROVIDED IN SUBSECTION (G) OF THIS SECTION,
A SPECIAL FUND OF THE STATE.
      (K)    (1)   THE STATE TREASURER IS THE CUSTODIAN OF THE FUND.
  (2) THE STATE TREASURER SHALL INVEST THE MONEY OF THE FUND
IN THE SAME MANNER AS OTHER STATE MONEY MAY BE INVESTED.
  (3)   ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITED TO
THE FUND.
      (L)    THE    COMMISSIONERMAY  ADOPT    REGULATIONS        REASONABLY
NECESSARY TO CARRY OUT THIS SECTION.
3–213.
       (a)   Any commercial bank may amend its charter, in any manner not inconsistent
with law, as provided in this section.
      (b)    A proposed amendment shall be approved at a meeting called for that purpose,
by the affirmative vote of the holders of two thirds of the capital stock of the commercial
bank.
       (c)    If the proposed amendment is to authorize the issuance of preferred stock, the
proposed amendment shall be approved by the affirmative vote of the holders of a majority
of the capital stock of the commercial bank.
      (d)    After an amendment is approved by the stockholders:
  (1)  The president of the commercial bank and either its cashier or treasurer
shall certify the amendment; and
  (2)   The amendment shall be signed, filed with the Commissioner for
examination, and, if approved by the Commissioner, filed for record as required for articles
of incorporation.
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Ch. 132  2026 LAWS OF MARYLAND
      [(e) On filing the amendment for examination, the commercial bank shall pay to
the Commissioner an examination fee of $20.]
5–203.
      (a)    (1)    In this section the following words have the meanings indicated.
  (2)     “Branch” means a deposit–taking office of a banking institution [other
than the main office as defined by the Federal Deposit Insurance Corporation] IN THE
STATE THAT IS OPEN TO THE PUBLIC AS OF DECEMBER 31 OF THE CALENDAR YEAR
IMMEDIATELY PRECEDING A REQUEST FOR AN ASSESSMENT OFFSET CREDIT.
  (3)    “De novo branch” [has the meaning stated in § 5–1001 of this title]
MEANS A DEPOSIT–TAKING OFFICE OF A BANKING INSTITUTION IN THE STATE THAT
WAS OPENED TO THE PUBLIC FOR THE FIRST TIME DURING THE CALENDAR YEAR
IMMEDIATELY PRECEDING A REQUEST FOR AN ASSESSMENT OFFSET CREDIT THAT:
  (I)
  WAS ORIGINALLY  ESTABLISHED       BY   THE    BANKING
INSTITUTION AS A BRANCH; BUT
  (II)   DID NOT BECOME A BRANCH OF THE BANKING INSTITUTION
AS A RESULT OF:
  1.     THE ACQUISITION BY THE BANKING INSTITUTION OF
AN INSURED DEPOSITORY INSTITUTION OR A BRANCH OF AN INSURED DEPOSITORY
INSTITUTION; OR
  2.   THE CONVERSION, MERGER, OR CONSOLIDATION OF
AN INSURED DEPOSITORY INSTITUTION OR A BRANCH OF AN INSURED DEPOSITORY
INSTITUTION.
  (4)   [“Deposit growth cap” means the year–over–year percentage change of
domestic office deposits as reported on December 31 each year by the Federal Deposit
Insurance Corporation in the Federal Deposit Insurance Corporation quarterly bank
profile.
  (5)] “Deposits” means deposits originated and housed at a branch located in
a low– to moderate–income tract as reported by a banking institution to the Federal Deposit
Insurance Corporation each year as of [June 30] DECEMBER 31.
  [(6)] (5)   “Low– to moderate–income tract” means a census tract
delineated by the U.S. Bureau of the Census in the most recent decennial census as
published by the Federal Financial Institutions Examination Council that corresponds to
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  WES MOORE, Governor  Ch. 132
low– to moderate–income level classifications as defined by the regulation of the Federal
Reserve Board implementing the federal Community Reinvestment Act, 12 C.F.R. § 228.12.
  (6)    “MARYLAND OPPORTUNITY ACCOUNT” MEANS A TRANSACTION
ACCOUNT OFFERED BY A BANKING INSTITUTION TO CUSTOMERS THAT MEETS
STANDARDS ANNUALLY DETERMINED BY THE COMMISSIONER THAT PROMOTE FAIR
AND EQUAL ACCESS TO FINANCIAL SERVICES.
       (b)    The Commissioner shall impose annual assessments on each banking
institution as provided in this section[,] to cover the expense of regulating banking
institutions.
    (c)    (1)    Except as provided in paragraph (2) of this subsection, the
Commissioner shall assess each banking institution the sum of:
  (i)   $8,000; plus
  (ii)  1.    12 cents for each $1,000 of the assets of the institution over
$50,000,000, but not more than $250,000,000;
  2.       10 cents for each $1,000 of assets over $250,000,000, but
not more than $500,000,000;
  3.       9 cents for each $1,000 of assets over $500,000,000, but not
more than $1,000,000,000;
  4.     8 cents for each $1,000 of assets over $1,000,000,000, but
not more than $10,000,000,000; and
  5.     7 cents for each $1,000 of assets over $10,000,000,000.
  (2)   If a banking institution is not in the business of accepting deposits or
retaining funds in a deposit account as defined in § 5–509 of this title, the Commissioner
shall assess the banking institution the sum of:
  (i)   $5,000; plus
  (ii)   1.    0.3 cents for each $1,000 of managed assets held in a
fiduciary capacity up to $5,000,000,000;
  2.     0.2 cents for each $1,000 of managed assets held in a
fiduciary capacity over $5,000,000,000, but not more than $20,000,000,000;
  3.     0.1 cent for each $1,000 of managed assets held in a
fiduciary capacity over $20,000,000,000 up to $27,500,000,000;
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 Ch. 132  2026 LAWS OF MARYLAND
  4.     0.2 cents for each $1,000 of nonmanaged and custodial
assets held in a fiduciary capacity up to $5,000,000,000; and
  5.     0.1 cent for each $1,000 of nonmanaged and custodial
assets held in a fiduciary capacity over $5,000,000,000 up to $20,000,000,000.
  (3)   The assessments shall be based on assets stated in a banking
institution’s most recent financial report.
       (d)    (1) A well–capitalized banking institution with a composite CAMELS
rating of 1 or 2 may file with the Commissioner a request for an assessment offset credit of:
  [(1)] (I)   12 cents for each $1,000 of deposits in a de novo branch located
in a low– to moderate–income tract IN THE STATE for the first 5 years after the date the
branch opened; or
  [(2)] (II)
  6 cents for each $1,000 of deposits in a branch located in a
low– to moderate–income tract not to exceed the [deposit growth] cap SET BY THE
COMMISSIONER BY DECEMBER 31 OF THE CALENDAR YEAR IMMEDIATELY
PRECEDING THE REQUEST FOR AN ASSESSMENT OFFSET CREDIT.
  (2) IN ADDITION TO AN ASSESSMENT OFFSET CREDIT UNDER
PARAGRAPH (1) OF THIS SUBSECTION, A WELL–CAPITALIZED BANKING INSTITUTION
WITH A COMPOSITE CAMELS RATING OF 1, 2, OR 3 MAY FILE WITH THE
COMMISSIONER A REQUEST FOR AN ASSESSMENT OFFSET CREDIT OF:
  (I)
  $5,000 ON RECEIVING THE COMMISSIONER’S INITIAL
APPROVAL THAT THE BANKING INSTITUTION OFFERS AT LEAST ONE MARYLAND
OPPORTUNITY ACCOUNT; AND
  (II)
  $3,000 FOR EACH YEAR THEREAFTER THAT THE BANKING
INSTITUTION OFFERS AT LEAST ONE MARYLAND OPPORTUNITY ACCOUNT THAT, AS
DETERMINED BY THE COMMISSIONER, REMAINS IN ACTIVE USE BY THE BANKING
INSTITUTION’S CUSTOMERS.
      (e)   Notwithstanding subsection (c) of this section, for a banking institution with
a composite CAMELS rating of 3, 4, or 5 for its most recent examination, the annual
assessment imposed under this section shall be increased by an additional 25%.
      (f)  A banking institution shall pay the assessment imposed under this section to
the Commissioner on or before the April 15 after it is imposed.
      (g)    The Commissioner may designate a successor index for[:
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  WES MOORE, Governor  Ch. 132
  (1)  The] THE low– to moderate–income tract if the Federal Financial
Institutions Examination Council tract income level data is no longer published[; or
  (2)    The deposit growth cap if the Federal Deposit Insurance Corporation
report of domestic office deposits is no longer published].
5–707.
      (a)    (1) In this section, “emergency” has the meaning stated in § 14–307 of the
Public Safety Article.
  (2)    “EMERGENCY” INCLUDES A CYBERSECURITY INCIDENT THAT
NECESSITATES THE CLOSURE OF A BANKING INSTITUTION OR A BRANCH OF A
BANKING INSTITUTION.
      (b)    (1)   If the Governor proclaims that an emergency exists in a political
subdivision and designates days for the general cessation of business in the subdivision,
each banking office that is located within the subdivision shall be closed on those days.
  (2)   If the Governor proclaims that an emergency exists in a political
subdivision, the Governor may designate days on which each banking office that is located
within the subdivision may be closed.
  (3)    If the Governor proclaims that an emergency exists as to a particular
banking office, that office may be closed on those days that the Governor designates.
  (4)    When the Governor authorizes, but does not require, the banking
institution to be closed, the chairman of its board of directors or its president shall decide
whether to close or remain open.
       (c)    (1)    If an emergency exists and affects a banking institution and if it is not
practical to obtain a proclamation from the Governor before closing the affected institution,
the chairman of its board of directors or its president:
  (i)   May close the banking institution; and
  (ii)   As soon as possible, but within 24 hours after the closing, shall
notify the Governor of the reasons for the closing.
  (2)    A banking institution may be closed under this subsection until the
earlier of:
  (i)   Issuance by the Governor of a proclamation that relates to the
emergency closing;
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 Ch. 132  2026 LAWS OF MARYLAND
  (ii)    Notice to the banking institution that the Governor will not issue
a proclamation;
  (iii) Reopening of the banking institution by the chairman of its board
of directors or by its president; or
  (iv) 5 p.m. on the third day after the closing, except for Saturdays,
Sundays, and legal holidays.
5–806.
     (a)  Except for a [bank, trust company, savings bank,] BANKING INSTITUTION,
A NATIONAL BANKING ASSOCIATION, AN OTHER–STATE BANK, or A savings and loan
association that is authorized to do business in this State, a person may not use any name,
title, or other words that represent that the person is authorized to do the business of
banking in this State.
      (b)     (1)   (i)     In this subsection the following terms have the meanings
indicated.
  (ii)    1.     “Bank” means any [bank, trust company, savings bank,]
BANKING INSTITUTION, NATIONAL BANKING ASSOCIATION, OTHER–STATE BANK, or
savings and loan association that is authorized to do business in this State, and any
subsidiary or affiliate of the entity.
  2.     “Bank” includes any Farm Credit System institution in
this State.
  (iii) “Name” means the name, trade name, trademark, service mark,
logo, or tagline used by a bank to identify itself.
  (2)    Except with the consent of the bank, a person may not use the name of
a bank or any term or design that is similar to the name of a bank in any marketing
material provided to another person or in any solicitation of another person in a manner
that may cause a reasonable person to be confused, mistaken, or deceived that the
marketing material or solicitation:
  (i)     Originated from the bank;
  (ii)    Originated from someone affiliated, connected, or associated
with the bank;
  (iii)   Is approved or sponsored by the bank; or
  (iv)    Is the responsibility of the bank.
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  WES MOORE, Governor  Ch. 132
       (c)   In addition to any other remedies a bank may have under any other provision
of law, a bank that is affected by a violation of subsection (b) of this section may bring an
action against the person that committed the violation to recover:
  (1)    Actual damages sustained as a result of the violation;
  (2)    Either:
  (i)    All profits attributable to the violation; or
  (ii)   $1,000 for each violation; and
  (3)    Court costs and reasonable attorney’s fees.
      (d)   Any person who violates subsection (a) of this section is guilty of a
misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment
not exceeding 5 years or both.
6–712.
      (a)    (1)    In this section the following words have the meanings indicated.
  “BRANCH” MEANS A DEPOSIT–TAKING OFFICE OF A CREDIT
  (2)
UNION IN THE STATE THAT IS OPEN TO THE PUBLIC AS OF DECEMBER 31 OF THE
CALENDAR YEAR PRECEDING THE REQUEST FOR AN ASSESSMENT OFFSET CREDIT.
  (3)   “De novo branch” means a [branch of a credit union that was originally
established by the credit union in the State] DEPOSIT–TAKING OFFICE OF A CREDIT
UNION IN THE STATE THAT WAS OPENED TO THE PUBLIC FOR THE FIRST TIME
DURING THE CALENDAR YEAR IMMEDIATELY PRECEDING A REQUEST FOR AN
ASSESSMENT OFFSET CREDIT THAT:
  (I)    WAS ORIGINALLY ESTABLISHED BY THE CREDIT UNION AS A
BRANCH; BUT
  (II)   DID NOT BECOME A BRANCH OF THE CREDIT UNION AS A
RESULT OF:
  1.     THE ACQUISITION BY THE CREDIT UNION OF AN
INSURED DEPOSITORY INSTITUTION OR A BRANCH OF AN INSURED DEPOSITORY
INSTITUTION; OR
  2.     THE CONVERSION, MERGER, OR CONSOLIDATION OF
AN INSURED DEPOSITORY INSTITUTION OR A BRANCH OF AN INSURED DEPOSITORY
INSTITUTION.
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 Ch. 132  2026 LAWS OF MARYLAND
  [(3) “Deposit growth cap” means the year–over–year percentage change of
total shares and deposits reported December 31 each year by federally insured credit unions
to the National Credit Union Administration and published in the National Credit Union
Administration Call Report Aggregate Financial Performance Reports.]
  (4)    “Deposits” means deposits originated and housed at a credit union
branch located in a low– to moderate–income tract as reported by a credit union to the
Commissioner each year as of [June 30] DECEMBER 31.
  (5)   “Low– to moderate–income tract” has the meaning stated in § 5–203 of
this article.
  (6)   “MARYLAND OPPORTUNITY ACCOUNT” MEANS A TRANSACTION
ACCOUNT OFFERED BY A CREDIT UNION TO ITS MEMBERS THAT MEETS STANDARDS
ANNUALLY DETERMINED BY THE COMMISSIONER THAT PROMOTE FAIR AND EQUAL
ACCESS TO FINANCIAL SERVICES.
       (b)      This section applies only to a credit union with assets of $300,000 or greater.
      (c)   (1)    The Commissioner shall impose an annual assessment on each credit
union as provided in this subsection to cover the expense of regulating credit unions.
  (2)   The Commissioner shall assess each credit union the sum of:
  (i)    $1,000; and
  (ii)   8 cents for each $1,000 of the assets of the credit union over
$1,000,000.
  (3)   The assessment shall be based on assets stated in the credit union’s
most recent financial report.
  (4)   A well–capitalized credit union with a composite CAMELS rating of 1
or 2 may file with the Commissioner a request for an assessment offset credit of:
  (i)   12 cents for each $1,000 of deposits in a de novo branch located
in a low– to moderate–income tract for the first 5 years after the date the de novo branch
opened; or
  (ii) 6 cents for each $1,000 of deposits in a branch located in a
low– to moderate–income tract not to exceed the [deposit growth] cap SET BY THE
COMMISSIONER BY DECEMBER 31 OF THE CALENDAR YEAR PRECEDING THE
REQUEST FOR AN ASSESSMENT OFFSET CREDIT.
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  WES MOORE, Governor  Ch. 132
  (5) IN ADDITION TO AN ASSESSMENT OFFSET CREDIT UNDER
PARAGRAPH (4) OF THIS SUBSECTION, A WELL–CAPITALIZED CREDIT UNION WITH A
COMPOSITE CAMELS RATING OF 1, 2, OR 3 MAY FILE WITH THE COMMISSIONER A
REQUEST FOR AN ASSESSMENT CREDIT OF:
  (I)
  $5,000 ON RECEIVING THE COMMISSIONER’S INITIAL
APPROVAL THAT THE CREDIT UNION OFFERS AT LEAST ONE MARYLAND
OPPORTUNITY ACCOUNT; AND
  (II)
  $3,000 FOR EACH YEAR THEREAFTER THAT THE CREDIT
UNION OFFERS AT LEAST ONE MARYLAND OPPORTUNITY ACCOUNT THAT, AS
DETERMINED BY THE COMMISSIONER, REMAINS IN ACTIVE USE BY THE CREDIT
UNION’S MEMBERS.
    (d)    A credit union shall pay the assessment imposed under this section to the
Commissioner on or before the [March 1] APRIL 15 after the assessment is imposed.
      [(e)   The Commissioner may designate a successor index for the deposit growth cap
if the National Credit Union Administration Call Report Aggregate Financial Performance
Reports is no longer published.]
6–901.
      (a)    (1)   Except for a credit union OR AN OUT–OF–STATE CREDIT UNION
authorized to do business in this State, a person may not:
  (i)    Use or advertise any name or title that contains the words “credit
union” or any derivation of that term;
  (ii)    Represent itself as a credit union;
  (iii)   Conduct business as a credit union; or
  (iv)    Conduct business under a name or title that:
  1.    Indicates or reasonably implies that the person engages in
or transacts the type of business conducted by a credit union; or
  2.     Is calculated to lead a person to believe that the business
engaged in or transacted is the type of business conducted by a credit union.
  (2)    Any person who violates any provision of this subsection is guilty of a
misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment
not exceeding 5 years or both per occurrence.
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Ch. 132  2026 LAWS OF MARYLAND
     (b)    This section does not apply to an association or league of credit unions,
whether or not the association or league is incorporated.
  Article – State Finance and Procurement
6–226.
      (a)     (2)   (i)      This paragraph does not apply in fiscal years 2024 through 2028.
  (ii)   Notwithstanding any other provision of law, and unless
inconsistent with a federal law, grant agreement, or other federal requirement or with the
terms of a gift or settlement agreement, net interest on all State money allocated by the
State Treasurer under this section to special funds or accounts, and otherwise entitled to
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General
Fund of the State.
  (iii) The provisions of subparagraph (ii) of this paragraph do not
apply to the following funds:
  212.   the Department of Social and Economic Mobility Special
Fund; [and]
  213.   the Population Health Improvement Fund; AND
  214. THE MARYLAND COMMUNITY INVESTMENT VENTURE
FUND.
      SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July
1, 2026.
Approved by the Governor, April 14, 2026.
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