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§ 5-705. Legal holidays

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 5. Banking Institutions--General Provisions
Subtitle 7. Bank Holidays (Refs & Annos)
MD Code, Financial Institutions, § 5-705
§ 5-705. Legal holidays
Currentness
Mandatory closure of banking institution
(a)(1) Subject to paragraph (2) of this subsection, each banking institution shall be closed on the following legal holidays:
(i) New Year's Day;
(ii) Dr. Martin Luther King, Jr.'s Birthday;
(iii) Washington's Birthday;
(iv) Good Friday;
(v) Memorial Day;
(vi) Independence Day;
(vii) Labor Day;
(viii) Columbus Day;
(ix) Veterans' Day;
(x) Thanksgiving Day; and
(xi) Christmas Day.
(2)(i) When a legal holiday differs from the corresponding federal holiday, a banking institution:
1. May be closed on both holidays; and
2. Shall be closed on one of the holidays.
(ii) When there is no corresponding federal holiday for a legal holiday listed in paragraph (1) of this subsection, a banking institution:
1. May be closed on the legal holiday; or
2. May remain open on the legal holiday.
Optional bank holidays
(b)(1) Each legal holiday that is not listed in subsection (a) of this section is an optional bank holiday.
(2) When, as to any optional bank holiday, the legal holiday differs from the corresponding federal holiday, a banking institution may be closed on:
(i) Both holidays;
(ii) The legal holiday; or
(iii) The federal holiday.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1985, c. 380; Acts 1993, c. 434.
Formerly Art. 13, §§ 9, 12, 13.
MD Code, Financial Institutions, § 5-705, MD FIN INST § 5-705
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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