§ 4–604
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 4-604 (2026)
Title 4. Banking Institutions -- Savings Banks
Subtitle 6. Miscellaneous Regulations
§ 4–604LinkCopy Citation
(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.