Md. Code, State Fin. & Proc. § 6-223
Md. Code, State Fin. & Proc. § 6-223
Maryland · Maryland Code, State Finance and Procurement · Status: effective
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- Citation
- Md. Code, State Fin. & Proc. § 6-223, Maryland, version 1 as recorded 2026-09-29, yourstate.us, https://yourstate.us/provision/1787211
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Full text
(a) Except as otherwise prohibited by law, the Treasurer may invest or reinvest, in a deposit with a financial institution in the State, unexpended or surplus money over which the Treasurer has custody if:
(1) the deposit is interest bearing; and
(2) as provided for a depositary for State money:
(i) the financial institution provides collateral that has a market value that equals or exceeds the amount by which a deposit exceeds the deposit insurance; and
(ii) a custodian holds the collateral.
(b) The Treasurer may sell, redeem, or exchange an investment or reinvestment made under this section.