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§ 2-118. Banking Institution and Credit Union Regulation Fund

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2023

West's Annotated Code of Maryland
Financial Institutions
Title 2. Commissioner and Boards
Subtitle 1. Commissioner of Financial Regulation (Refs & Annos)
Effective: July 1, 2023
MD Code, Financial Institutions, § 2-118
§ 2-118. Banking Institution and Credit Union Regulation Fund
Currentness
Fund defined
(a) In this section, “Fund” means the Banking Institution and Credit Union Regulation Fund established under this section.
Contents of Fund
(b) There is a Banking Institution and Credit Union Regulation Fund that consists of:
(1) All revenue received for the chartering and regulation of persons who engage in the business of a banking institution or credit union under this article; and
(2) Any other fee, assessment, or revenue received by the Commissioner from banking institutions and credit unions under this article.
Fines and penalties paid into General Fund
(c) Notwithstanding subsection (b) of this section, the Commissioner shall pay all fines and penalties collected by the Commissioner from banking institutions and credit unions under this article into the General Fund of the State.
Purpose of Fund
(d) The purpose of the Fund is to pay all the costs and expenses incurred by the Commissioner that are related to the regulation of banking institutions and credit unions under this article, including:
(1) Expenditures authorized under this article;
(2) Investments authorized under § 2-118.1 of this subtitle; and
(3) Any other expense authorized in the State budget.
Costs and expenses of Commissioner
(e)(1) All the costs and expenses of the Commissioner relating to the regulation of banking institutions and credit unions under this article shall be included in the State budget.
(2) Any expenditures from the Fund to cover costs and expenses of the Commissioner may be made only:
(i) By an appropriation from the Fund approved by the General Assembly in the annual State budget; or
(ii) By the budget amendment procedure provided for in § 7-209 of the State Finance and Procurement Article.
(3) If, in any given fiscal year, the amount of the revenue collected by the Commissioner and deposited into the Fund exceeds the actual appropriation for the Commissioner to regulate banking institutions and credit unions under this article, the excess amount shall be carried forward within the Fund.
State Treasurer as custodian of Fund
(f)(1) The State Treasurer is the custodian of the Fund.
(2) The State Treasurer shall deposit payments received from the Commissioner into the Fund.
Nature of Fund
(g)(1) The Fund is a continuing, 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) A special fund of the State.

Credits

Added by Acts 2008, c. 293, § 1, eff. July 1, 2008. Amended by Acts 2023, c. 432, § 1, eff. July 1, 2023; Acts 2023, c. 433, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 2-118, MD FIN INST § 2-118
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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