# Financial Institutions (GFI)

## Title 4. Banking Institutions -- Savings Banks

### Subtitle 6. Miscellaneous Regulations

#### Section 4-601

(a) A depositor of a savings bank may withdraw the deposit as the bylaws of the savings bank permit.

(b) The bylaws of a savings bank:

  (1) May require a depositor to give notice of an intent to withdraw any part of a deposit; and

  (2) May not require more than 90 days' notice.

#### Section 4-603

(a)

  (1) Unless a savings bank has the prior approval of the Commissioner, the total amount of all of its outstanding debts, other than those incurred for purposes of repaying its depositors, may not exceed 5 percent of its deposits.

  (2) When the directors of a savings bank authorize it to borrow money for which approval is required, the savings bank immediately shall send a copy of the board's resolution to the Commissioner.

(b) A savings bank may not borrow money for periods that total more than:

  (1) 1 year; and

  (2) Any additional renewal period that the Commissioner approves in writing for payment of an unpaid balance.

#### Section 4-604

(a) In this section, "federal act" means:

  (1) The federal Self-Employed Individuals Tax Retirement Act of 1962; or

  (2) The federal Employee Retirement Income Security Act of 1974.

(b) A savings bank may act as trustee of a plan under either federal act, as provided in this section.

(c) A savings bank may:

  (1) Accept a trust under a plan that:

    (i) Constitutes a qualified plan under a federal act and the rules and regulations adopted under it; and

    (ii) Requires the exclusive investment of trust funds in deposits of a mutual savings institution; and

  (2) Continue as trustee of a plan that is determined not to be or ceases to be a qualified plan, if, when the savings bank accepted the trust, the savings bank judged the plan to be a qualified plan.

(d) A savings bank that is acting as trustee of a plan under a federal act:

  (1) May integrate the trust funds with its other deposits; and

  (2) Shall keep appropriate, detailed records of all transactions in which it engages as trustee.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)