§ 10–318

Statutes in effect as of October 1, 2026.

Md. Code Ann., Lab. & Empl. § 10-318 (2026)

Title 10. Funds

Subtitle 3. Uninsured Employers' Fund

(a)

(1)

The State Treasurer shall invest surplus money of the Fund in any security in which a savings bank may invest under State law.

(2)

If the State Treasurer invests in a certificate of deposit, it shall:

(i)

be interest bearing;

(ii)

be issued by:

(1)

a bank located and authorized to do business in the State;

(2)

a national banking association located in the State; or

(3)

a trust company located and authorized to do business in the State; and

(iii)

be secured in full by a pledge of a direct obligation of the State or United States.

(b)

If sale of a security in which money of the Fund is invested is in the best interest of the Fund, the State Treasurer may sell the security.