Title 1. Definitions; General Provisions — Subtitle 3. Confidential Financial Records
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 1-301 (2026)
Title 1. Definitions; General Provisions
Subtitle 3. Confidential Financial Records
§ 1–301LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
(1)
“Fiduciary institution” means:
(i)
A national banking association;
(ii)
A 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.
(c)
(1)
“Financial record” means the original or any copy or record of:
(i)
A document that grants signature authority over a deposit or share account;
(ii)
A statement, ledger card, or other record of a deposit or share account that shows transactions in or with respect to that deposit or account;
(iii)
A check, clear draft, or money order that is drawn on a fiduciary institution or issued and payable by or through a fiduciary institution;
(iv)
Any item, other than an institutional or periodic charge, that is made under an agreement between a fiduciary institution and another person and that constitutes a debit or a credit to that person’s deposit or share account; or
(v)
Any information that relates to a loan account or an application for a loan.
(2)
“Financial record” includes any evidence of a transaction conducted by means of an electronic terminal.
(d)
“Supervisory agency” means:
(1)
The Federal Deposit Insurance Corporation;
(2)
The Federal Savings and Loan Insurance Corporation;
(3)
The Federal Home Loan Bank Board;
(4)
The National Credit Union Administration;
(5)
The Federal Reserve Board;
(6)
The United States Comptroller of the Currency;
(7)
The State of Maryland Deposit Insurance Fund Corporation;
(8)
The Credit Union Insurance Corporation;
(9)
The Commissioner;
(10)
The Division of Savings and Loan Associations; or
(11)
An agency of another state with primary responsibility for chartering and supervising banks.
Md. Code Ann., Fin. Inst. § 1-302 (2026)
Title 1. Definitions; General Provisions
Subtitle 3. Confidential Financial Records
§ 1–302LinkCopy Citation
Except as otherwise expressly provided in this subtitle, a fiduciary institution, its officers, employees, agents, and directors:
(1)
May not disclose to any person any financial record relating to a customer of the institution unless:
(i)
The customer has authorized the disclosure to that person;
(ii)
Proceedings have been instituted for appointment of a guardian of the property or of the person of the customer, and court–appointed counsel presents to the fiduciary institution an order of appointment or a certified copy of the order issued by or under the direction or supervision of the court or an officer of the court;
(iii)
The customer is disabled and a guardian is appointed or qualified by a court, and the guardian presents to the fiduciary institution an order of appointment or a certified copy of the order issued by or under the direction or supervision of the court or an officer of the court;
(iv)
The customer is deceased and a personal representative is appointed or qualified by a court, and the personal representative presents to the fiduciary institution letters of administration issued by or under the direction or supervision of the court or an officer of the court;
(v)
The Department of Human Services requests the financial record in the course of verifying the individual’s eligibility for public assistance;
(vi)
The institution received a request for the customer’s information directly from an adult protective services program in a local department of social services that, under Title 14 of the Family Law Article, is investigating suspected financial abuse or financial exploitation of the customer;
(vii)
The institution received a request, notice, or subpoena for information directly from the Child Support Administration of the Department of Human Services under § 10–108.2, § 10–108.3, or § 10–108.5 of the Family Law Article or indirectly through the Federal Parent Locator Service under 42 U.S.C. § 666(a)(17); or
(viii)
The institution received a request, notice, or subpoena for information directly from the Comptroller under § 13–804 or § 13–812 of the Tax – General Article;
(2)
Shall disclose any information requested in writing by the Department of Human Services relative to money held in a savings deposit, time deposit, demand deposit, or any other deposit held by the fiduciary institution in the name of the individual who is a recipient or applicant for public assistance;
(3)
Shall disclose any information from a specified period of time that is requested in writing by an adult protective services program in a local department of social services relative to any deposit account, loan, or other financial service provided by the fiduciary institution to an individual who is being investigated under Title 14 of the Family Law Article as a suspected victim of financial abuse or financial exploitation; and
(4)
Shall disclose any information requested in writing by the Comptroller relative to money held in a savings deposit, time deposit, demand deposit, or any other deposit held by the fiduciary institution in the name of an individual whose property is subject to a tax lien.
Md. Code Ann., Fin. Inst. § 1-303 (2026)
Title 1. Definitions; General Provisions
Subtitle 3. Confidential Financial Records
§ 1–303LinkCopy Citation
This subtitle does not prohibit:
(1)
The preparation, examination, handling, or maintenance of financial records by any officer, employee, or agent of a fiduciary institution that has custody of the records;
(2)
The examination of financial records by a certified public accountant while engaged by a fiduciary institution to perform an independent audit;
(3)
The examination of financial records by, or the disclosure of financial records to, any officer, employee, or agent of a supervisory agency for use only in the exercise of that person’s duties as an officer, employee, or agent;
(4)
The publication of information derived from financial records if the information cannot be identified to any particular customer, deposit, or account;
(5)
The making of reports or returns required or permitted by federal or State law;
(6)
The disclosure of any information permitted to be disclosed under those provisions of the Commercial Law Article that relate to the dishonor of a negotiable instrument;
(7)
The exchange, in the regular course of business, of credit information between a fiduciary institution and any other fiduciary institution or commercial enterprise, if made directly or through a consumer reporting agency;
(8)
The exchange, in the regular course of business, of a statement of a mortgage account on the subject property in connection with a sale, refinancing, or foreclosure, of real property; or the disclosure, in the regular course of business, of a statement of a mortgage account on the subject property to the holder of any subordinate mortgage or security interest;
(9)
The disclosure to a State’s Attorney of any information in accordance with § 8–104(c) of the Criminal Law Article (regarding the presentation of a certificate under oath to prove insufficient funds and dishonor of checks);
(10)
A fiduciary institution from disclosing to the Department of Human Services an individual’s financial records that the Department determines are necessary to verify or confirm the individual’s eligibility or ineligibility for public assistance;
(11)
In a prosecution outside the State for the crime of obtaining property or services by bad check, the presentation to the prosecutor of a certificate under oath by an authorized representative of a drawee that declares the dishonor of the check by the drawee, the lack of an account with the drawee at the time of utterance, or the insufficiency of the drawer’s funds at the time of presentation and utterance;
(12)
The disclosure of the financial records of one of its customers by a fiduciary institution to an affiliate that extends credit for the sole purpose of evaluating a requested or existing extension of credit to that customer by an affiliate of the fiduciary institution; or
(13)
A fiduciary institution from disclosing to the Comptroller an individual’s financial records that the Comptroller determines are necessary to enforce the tax laws of the State.
Md. Code Ann., Fin. Inst. § 1-304 (2026)
Title 1. Definitions; General Provisions
Subtitle 3. Confidential Financial Records
§ 1–304LinkCopy Citation
(a)
In this section, “subpoena” means a subpoena, summons, warrant, or court order that appears on its face to have been issued on lawful authority.
(b)
A fiduciary institution may disclose or produce financial records or information derived from financial records in compliance with a subpoena served on the fiduciary institution, if:
(1)
The subpoena contains a certification that a copy of the subpoena has been served on the person whose records are sought by the party seeking the disclosure or production of the records; or
(2)
Contains a certification that service has been waived by the court for good cause.
Md. Code Ann., Fin. Inst. § 1-305 (2026)
Title 1. Definitions; General Provisions
Subtitle 3. Confidential Financial Records
§ 1–305LinkCopy Citation
(a)
Any officer, employee, agent, or director of a fiduciary institution who knowingly and willfully discloses financial records in violation of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine of not more than $1,000.
(b)
Any person who knowingly and willfully induces or attempts to induce an officer, employee, agent, or director of a fiduciary institution to disclose financial records in violation of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine of not more than $1,000.
(c)
(1)
Subsections (a) and (b) of this section do not apply in connection with an abuse report required under § 1–306(d) of this subtitle.
(2)
A fiduciary institution that fails to file an abuse report concerning an elder adult as required under § 1–306(d) of this subtitle is subject to:
(i)
A civil penalty not exceeding $1,000; or
(ii)
If the failure to report is willful, a civil penalty not exceeding $5,000.
(3)
The civil penalties provided under paragraph (2) of this subsection:
(i)
May be recovered only in a civil action brought by the Attorney General against the fiduciary institution; and
(ii)
Shall be paid by the fiduciary institution.
(4)
A person who discloses information contained in an abuse report in violation of § 1–306(d)(4) of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $500.
Md. Code Ann., Fin. Inst. § 1-306 (2026)
Title 1. Definitions; General Provisions
Subtitle 3. Confidential Financial Records
§ 1–306LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Abuse report” means the report required under subsection (d) of this section.
(3)
“Elder adult” means an individual who is believed to be:
(i)
At least 65 years old; and
(ii)
Residing in the State.
(4)
“Financial abuse” means to take, appropriate, obtain, or retain, or assist in taking, appropriating, obtaining, or retaining, real or personal property of an elder adult by any means, including undue influence, for a wrongful purpose or with intent to defraud the elder adult.
(5)
“Financial exploitation” means any action which involves the misuse of a customer’s funds or property.
(6)
“Report of financial exploitation” means an oral or written report concerning financial exploitation which may include all or part of the information described in § 14–302(d) of the Family Law Article.
(b)
Notwithstanding any other provision of law, a fiduciary institution or an officer, employee, agent, or director of a fiduciary institution may disclose financial records and any other information relating to a customer of the fiduciary institution if the fiduciary institution or its officer, employee, agent, or director:
(1)
Believes that the customer has been subjected to financial exploitation; and
(2)
Makes the disclosure in a report of financial exploitation to the adult protective services program in a local department of social services.
(c)
A report of financial exploitation filed under this section by a fiduciary institution or an officer, employee, agent, or director of a fiduciary institution shall be deemed to protect against or prevent actual or potential fraud, unauthorized transactions, or other liability.
(d)
(1)
Notwithstanding any other law limiting or prohibiting disclosure, a fiduciary institution shall make an abuse report as provided in this subsection if an employee of the fiduciary institution, while acting within the scope of the employee’s employment:
(i)
Has direct contact with an elder adult or reviews or approves an elder adult’s financial documents, records, or transactions in connection with financial services provided by the fiduciary institution to or for the elder adult; and
(ii)
Observes or obtains knowledge of behavior or unusual circumstances or transactions that leads the employee to know or have reasonable cause to suspect that the elder adult is the victim of financial abuse.
(2)
The abuse report required under paragraph (1) of this subsection shall be made:
(i)
(1)
To the adult protective services agency in a local department of social services, the local law enforcement agency, or a State’s Attorney; or
(2)
If the employee knows that the elder adult resides in a long–term care facility located in the State, to an ombudsman for the long–term care facility, the local law enforcement agency, or a State’s Attorney; and
(ii)
(1)
By telephone notification within 24 hours after the employee knows or has reasonable cause to suspect that the elder adult is the victim of financial abuse; and
(2)
In writing sent within 3 business days after the employee knows or has reasonable cause to suspect that the elder adult is the victim of financial abuse.
(3)
A fiduciary institution is not required to:
(i)
Investigate an allegation by an elder adult that financial abuse of the elder adult has occurred; or
(ii)
Make an abuse report under this subsection if the same matter already has been reported as required under this subsection.
(4)
Subject to paragraph (5) of this subsection, an abuse report made under this subsection is confidential and the information contained in the abuse report may be disclosed only:
(i)
In connection with an investigation of the suspected financial abuse, to:
(1)
An adult protective services agency;
(2)
A long–term care ombudsman;
(3)
A law enforcement agency; and
(4)
The office of the Attorney General or of a State’s Attorney; or
(ii)
As authorized by the elder adult or the legal guardian of the elder adult.
(5)
Paragraph (4) of this subsection may not be construed to:
(i)
Allow the disclosure of an abuse report made under this subsection or a record relevant to the abuse report if the disclosure would be prohibited by any other provision of State or federal law; or
(ii)
Prohibit the disclosure by a fiduciary institution or an officer, employee, agent, or director of a fiduciary institution of an abuse report made under this subsection or a record relevant to the abuse report if the disclosure would be required by another State law, federal law, or court order.
(6)
This subsection does not prohibit or limit the disclosure of financial records otherwise permitted under this subtitle.
(7)
A fiduciary institution shall establish and implement a training program to:
(i)
Assist employees in recognizing signs of potential financial abuse of an elder adult, such as unusual activity in an elder adult’s deposit accounts, automated teller machine (ATM) withdrawals by an elder adult who previously never used an ATM or debit card, and suspicious signatures on checks; and
(ii)
Inform employees about the requirement to file abuse reports as provided under this subsection.
(e)
(1)
Except as provided in paragraph (2) of this subsection, a fiduciary institution or an officer, employee, agent, or director of a fiduciary institution may decline to provide to any person information that would disclose or indicate whether a report of financial exploitation or an abuse report has or has not been filed under this section.
(2)
A fiduciary institution or an officer, employee, agent, or director of a fiduciary institution may not decline to provide information requested by a person identified in subsection (d)(4)(i) of this section in connection with an investigation of suspected financial abuse or financial exploitation.
(f)
Except as provided in § 1–305(c) of this subtitle, there shall be no liability on the part of and no cause of action of any nature shall arise against, and there shall be immunity from any civil and criminal liability that would otherwise result for, a fiduciary institution or an officer, employee, agent, or director of a fiduciary institution for an action or omission involved with:
(1)
Making or participating in making a disclosure or report under this section;
(2)
Participating in an investigation or a judicial proceeding resulting from a report filed under this section; or
(3)
Declining to provide information as described in subsection (e) of this section.
(g)
Except as required under subsection (d) of this section, this section does not create and may not be construed as creating, on the part of a fiduciary institution or an officer, employee, agent, or director of a fiduciary institution, a duty to make a disclosure to an adult protective services program or file a report of financial exploitation under this section.
(h)
Notwithstanding any other provision of law, at the request of the fiduciary institution, an adult protective services agency or a law enforcement agency may, and is encouraged to, disclose the status or final disposition of an investigation of suspected financial abuse or financial exploitation to a fiduciary institution that made the report of suspected financial abuse or financial exploitation.
Md. Code Ann., Fin. Inst. § 1-307 (2026)
Title 1. Definitions; General Provisions
Subtitle 3. Confidential Financial Records
§ 1–307LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Eligible adult” means an individual who resides in the State and is:
(i)
At least 65 years old; or
(ii)
A vulnerable adult.
(3)
“Financial exploitation” means:
(i)
The wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or property of an eligible adult; or
(ii)
An act or omission by a person, including through the use of a power of attorney, guardianship, or conservatorship of an eligible adult, to:
(1)
Obtain control, through deception, intimidation, or undue influence, over the eligible adult’s money, assets, or property in order to deprive the eligible adult of the ownership, use, benefit, or possession of the money, assets, or property; or
(2)
Convert money, assets, or property of the eligible adult in order to deprive the eligible adult of the ownership, use, benefit, or possession of the money, assets, or property.
(4)
“Law enforcement agency” means a State, county, or municipal police department, bureau, or agency.
(5)
“Trusted contact” means an individual who is:
(i)
A member of an eligible adult’s family, including a parent or guardian, a sibling, a spouse, or an adult child of an eligible adult, who a fiduciary institution reasonably believes is closely associated with the eligible adult;
(ii)
Authorized to transact business on an account of an eligible adult or an account on which an eligible adult is a beneficiary, including through the use of a power of attorney, guardianship, or conservatorship of an eligible adult;
(iii)
Legally responsible for managing the property or financial affairs of an eligible adult; or
(iv)
Designated by an eligible adult as an individual that a fiduciary institution may contact about the eligible adult.
(6)
“Vulnerable adult” has the meaning stated in § 14–101 of the Family Law Article.
(b)
(1)
A fiduciary institution may delay or deny a disbursement from an account of an eligible adult or an account on which an eligible adult is a beneficiary if:
(i)
The fiduciary institution reasonably believes that the requested disbursement may result in the financial exploitation of the eligible adult; and
(ii)
Within 4 business days after the date on which the disbursement is requested, the fiduciary institution:
(1)
Sends written notice of the reason for the delay or the denial to all parties authorized to transact business on the account; and
(2)
Notifies the adult protective services program in a local department of social services, a law enforcement agency, or a State’s Attorney.
(2)
A fiduciary institution:
(i)
May not send the written notice required under paragraph (1) of this subsection to a party the fiduciary institution reasonably believes or suspects is engaging in or is attempting to engage in the financial exploitation of the eligible adult; and
(ii)
On request, shall provide a status update on any disbursement delay or denial to the adult protective services program in a local department of social services, a law enforcement agency, or a State’s Attorney.
(c)
(1)
A delay of a disbursement authorized under this section shall expire:
(i)
On a determination by the fiduciary institution that the disbursement will not result in the financial exploitation of the eligible adult; or
(ii)
Subject to paragraphs (2) and (3) of this subsection, 15 business days after the date on which the fiduciary institution receives the disbursement request.
(2)
(i)
Subject to subparagraph (ii) of this paragraph, the adult protective services program in a local department of social services, a law enforcement agency, or a State’s Attorney may request the delay of a disbursement for up to 25 business days after the date on which the fiduciary institution receives the disbursement request.
(ii)
The adult protective services program in the local department of social services, the law enforcement agency, the State’s Attorney, or a court of competent jurisdiction may issue an order that terminates or extends the delay.
(3)
If the fiduciary institution has not received a request under paragraph (2) of this subsection, the fiduciary institution may extend the delay of a disbursement for up to 25 business days after the date on which the fiduciary institution receives the disbursement request.
(d)
(1)
A fiduciary institution shall provide access to or copies of financial records that are relevant to the suspected financial exploitation of an eligible adult:
(i)
As part of a referral to the adult protective services program in a local department of social services, a law enforcement agency, or a State’s Attorney under subsection (b) of this section; or
(ii)
On request of the adult protective services program in a local department of social services, a law enforcement agency, or a State’s Attorney.
(2)
The financial records under paragraph (1) of this subsection may include historical records and records that relate to the most recent transactions that may demonstrate the financial exploitation of an eligible adult.
(3)
A financial record made available under this subsection is not a public record under Title 4 of the General Provisions Article.
(e)
(1)
In addition to the notice required under subsection (b)(1) of this section, a fiduciary institution that reasonably believes that a requested disbursement from an account of an eligible adult may result in the financial exploitation of the eligible adult may notify the eligible adult’s trusted contact, unless the fiduciary institution reasonably believes or suspects the trusted contact is engaging in or is attempting to engage in the financial exploitation of the eligible adult.
(2)
A fiduciary institution may limit notice provided under paragraph (1) of this subsection to disclosing the fiduciary institution’s reasonable belief that the eligible adult may be a victim or target of financial exploitation.
(f)
A fiduciary institution acting in good faith and exercising reasonable care shall have immunity from any administrative or civil liability that might otherwise arise from:
(1)
The provision of a notice under subsection (b) or (e) of this section; and
(2)
A delay or denial of a disbursement under subsection (b) of this section.