Md. Code, Hum. Servs. § 10-488
Md. Code, Hum. Servs. § 10-488
Maryland · Maryland Code, Human Services · Status: effective
Cite this
- Citation
- Md. Code, Hum. Servs. § 10-488, Maryland, version 1 as recorded 2026-09-29, yourstate.us, https://yourstate.us/provision/1778321
- Permanent ID
ys:prov:1778321@1- SHA-256
862f385f5843e9a221c59837cfb52f8e4f87ac201d24d1fd6b2f48edca23ff74
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(a) (1) The Secretary shall deposit money collected in a delinquency proceeding in a State or national bank, savings bank, or trust company.
(2) Deposits made by the Secretary under paragraph (1) of this subsection have priority of payment equal to any other priority specified by the banking laws of this State if the depository:
(i) is an institution organized and supervised under the laws of this State; and
(ii) becomes insolvent or liquidates voluntarily or involuntarily.
(3) The Secretary may deposit all or part of the money collected in a national bank or trust company as a trust fund.
(b) To the extent that an investment or account is insured by the Federal Deposit Insurance Corporation, the Secretary may invest in shares of or deposits in a savings and loan association or building and loan association.