<section article="gsg" article_name="State Government" number="5-101" title_number="5" title_name="Treasurer" subtitle_number="1"> <level label="a"> <text>There is a Treasurer of the State, as provided in Article VI, § 1 of the Maryland Constitution.</text> </level> <level label="b"> <level label="1"> <text>The General Assembly may designate a committee to consider the qualifications of the candidates and procedures for the casting of ballots for the appointment.</text> </level> <level label="2"> <text>A committee designated under this subsection shall consist of an equal number of Senators and Delegates.</text> </level> <level label="3"> <text>The President and the Speaker shall each designate a cochairman of the committee.</text> </level> <level label="4"> <text>At least 7 days prior to the public hearing, staff shall advertise the position in newspapers of general circulation in the State.</text> </level> <level label="5"> <text>The committee shall conduct a public meeting at which time candidates for the Office of Treasurer shall present themselves.</text> </level> <level label="6"> <text>The committee shall determine its procedures which shall include a secret ballot, limited to the members present and voting, to determine its nominee.</text> </level> </level> <level label="c"> <text>If the General Assembly designates a committee under subsection (b) of this section, the committee shall report to the General Assembly on the qualifications of the candidates for the Office of Treasurer and recommend one of the candidates to the General Assembly for the appointment as Treasurer.</text> </level> <level label="d"> <level label="1"> <text>During the first session following the election of new members to the General Assembly, the General Assembly shall meet in joint session to appoint the Treasurer.</text> </level> <level label="2"> <text>If the General Assembly does not appoint someone to the Office of Treasurer at the time of its first joint session to consider the appointment of a Treasurer, the General Assembly shall continue to meet in joint session on a daily basis until a Treasurer is appointed.</text> </level> </level> <level label="e"> <level label="1"> <text>The appointment of the Treasurer by the General Assembly shall be determined by a majority of the membership present and voting of the Senate and the House, sitting jointly.</text> </level> <level label="2"> <text>Each member of the General Assembly shall have 1 vote.</text> </level> <level label="3"> <level label="i"> <text>The name of each person who applies shall be placed on the ballot that is distributed at the joint session and the ballot shall contain a place for a write-in candidate. A candidate may withdraw his or her name at any time.</text> </level> <level label="ii"> <text>Before ballots are distributed, the Reading Clerk shall read the letter of recommendation, if any, from the joint committee for which provision is made in subsection (c) of this section. Once read, the joint session shall immediately proceed with the balloting. Nominating speeches may not be made from the floor.</text> </level> <level label="iii"> <text>The casting of ballots for the appointment of the Treasurer shall be by secret ballot.</text> </level> <level label="iv"> <text>Ballots shall be distributed by representatives of the Office of the Secretary of the Senate and of the Chief Clerk of the House of Delegates. The Secretary of the Senate shall open each ballot and hand it to the Chief Clerk of the House, who shall announce for whom the vote is cast.</text> </level> <level label="v"> <text>The counting of ballots shall be observed by:</text> <level label="1"> <text>the Majority Leader of the Senate;</text> </level> <level label="2"> <text>the Minority Leader of the Senate;</text> </level> <level label="3"> <text>the Majority Leader of the House of Delegates;</text> </level> <level label="4"> <text>the Minority Leader of the House of Delegates; and</text> </level> <level label="5"> <text>any other member of either chamber so designated by the President of the Senate or the Speaker of the House.</text> </level> </level> </level> <level label="4"> <text>The Rules of the House of Delegates, as adopted for the session at which the State Treasurer is appointed, shall govern the proceedings of the joint session or sessions. The members of the General Assembly, sitting jointly, shall determine any other procedure necessary for the casting of ballots for the appointment of the Treasurer.</text> </level> </level> <level label="f"> <text>Staff to the joint committee shall be provided by the Department of Legislative Services.</text> </level> </section> <section article="gsg" article_name="State Government" number="5-101.1" title_number="5" title_name="Treasurer" subtitle_number="1"> <text>In addition to the oath specified in Article I, § 9 of the Maryland Constitution, the Treasurer shall take an oath to discharge the duties of the Office of Treasurer faithfully, diligently, and honestly.</text> </section> <section article="gsg" article_name="State Government" number="5-102" title_number="5" title_name="Treasurer" subtitle_number="1"> <level label="a"> <text>While in office, the Treasurer shall be covered by a surety bond or an insurance policy as required in this section.</text> </level> <level label="b"> <text>A surety bond under this section shall:</text> <level label="1"> <text>run to the State;</text> </level> <level label="2"> <text>be in the amount that the Governor approves;</text> </level> <level label="3"> <text>be with a surety company that is authorized to do business in the State; and</text> </level> <level label="4"> <text>include provisions that secure the money of:</text> <level label="i"> <text>the Injured Workers’ Insurance Fund;</text> </level> <level label="ii"> <text>the Subsequent Injury Fund; and</text> </level> <level label="iii"> <text>the Unemployment Insurance Administration Fund.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>If the Governor believes that a surety bond under this section has or is likely to become invalid or insufficient, the Governor shall demand that the Treasurer obtain coverage under a new surety bond that meets the requirements of this section.</text> </level> <level label="2"> <text>Neglect or refusal to obtain the coverage within 20 days after the demand constitutes disqualification from office, as authorized in the Maryland Constitution.</text> </level> </level> <level label="d"> <text>After execution and approval of a surety bond under this section, the surety bond shall be recorded in the office of the Clerk of the Supreme Court of Maryland.</text> </level> <level label="e"> <level label="1"> <text>The Governor, in consultation with the State Treasurer, shall determine the type and amount of coverage provided by an insurance policy purchased under subsection (a) of this section.</text> </level> <level label="2"> <text>The State Treasurer shall keep a record of any insurance policy procured for the purpose of meeting the requirements of subsection (a) of this section.</text> </level> </level> </section> <section article="gsg" article_name="State Government" number="5-102.1" title_number="5" title_name="Treasurer" subtitle_number="1"> <level label="a"> <text>In addition to the bond or insurance policy required under § 5–102 of this subtitle, the State Treasurer shall be covered by a surety bond or an insurance policy meeting the requirements of this section.</text> </level> <level label="b"> <text>A surety bond purchased to meet the requirements of subsection (a) of this section shall:</text> <level label="1"> <text>be conditioned on the faithful performance of the duties of the State Treasurer as custodian of the Unemployment Insurance Fund;</text> </level> <level label="2"> <text>run to the State;</text> </level> <level label="3"> <text>be in an amount that the Secretary approves; and</text> </level> <level label="4"> <text>be in a form required by law or approved by the Attorney General.</text> </level> </level> <level label="c"> <text>An insurance policy purchased to meet the requirements of subsection (a) of this section shall be of the type and in the amount of coverage determined by the State Treasurer, in consultation with the Secretary of Labor.</text> </level> </section> <section article="gsg" article_name="State Government" number="5-103" title_number="5" title_name="Treasurer" subtitle_number="1"> <level label="a"> <text>Before taking office, the Treasurer shall place in a trust over which the Treasurer has no control or otherwise shall be divested of all capital stock of banks, trust companies, and other financial institutions in the State.</text> </level> <level label="b"> <text>While in office, the Treasurer may not own capital stock of or receive compensation from a bank, trust company, or other financial institution in the State.</text> </level> </section> <section article="gsg" article_name="State Government" number="5-104" title_number="5" title_name="Treasurer" subtitle_number="1"> <level label="a"> <text>The Treasurer shall devote full time to the duties of office.</text> </level> <level label="b"> <text>The Treasurer shall address the Legislative Policy Committee of the General Assembly on a semiannual basis and as necessary on issues of legislative importance, including the activities of the Board of Public Works, bond sales, and investment and procurement initiatives.</text> </level> <level label="c"> <text>The Treasurer’s annual salary shall be:</text> <level label="1"> <text>$175,000 for the first year of appointment beginning January 2027;</text> </level> <level label="2"> <text>$180,000 starting on the first anniversary after appointment;</text> </level> <level label="3"> <text>$180,000 starting on the second anniversary after appointment; and</text> </level> <level label="4"> <text>$185,000 starting on the third anniversary after appointment and thereafter.</text> </level> </level> </section> <section article="gsg" article_name="State Government" number="5-105" title_number="5" title_name="Treasurer" subtitle_number="1"> <level label="a"> <level label="1"> <text>The Treasurer may employ a staff in accordance with the State budget.</text> </level> <level label="2"> <text>While on the staff, an individual shall be covered by a surety bond or an insurance policy of the type and in the amount of coverage determined by the State Treasurer under § 5–108 of this subtitle.</text> </level> <level label="3"> <text>The staff shall perform the duties that the Treasurer assigns.</text> </level> </level> <level label="b"> <level label="1"> <text>From among the employees on the staff, the Treasurer may designate 1 Chief Deputy Treasurer and 1 or more deputy treasurers.</text> </level> <level label="2"> <text>A designation as Chief Deputy Treasurer or as deputy treasurer may be terminated:</text> <level label="i"> <text>by the Treasurer for any reason that the Treasurer considers sufficient; or</text> </level> <level label="ii"> <text>if the Treasurer is ill or absent, by the other members of the Board of Public Works for any reason that the members consider sufficient.</text> </level> </level> <level label="3"> <text>A termination of the designation as Chief Deputy Treasurer or as deputy treasurer is not, of itself, a termination of employment.</text> </level> </level> <level label="c"> <level label="1"> <text>The Treasurer, in consultation with the Secretary of Budget and Management, may set the pay scale of a position in the Office of the Treasurer that:</text> <level label="i"> <text>is unique to the Office of the Treasurer; and</text> </level> <level label="ii"> <text>requires specific skills or experience to perform the duties of the position.</text> </level> </level> <level label="2"> <text>The Secretary of Budget and Management, in consultation with the Treasurer, shall determine the positions for which the Treasurer may set compensation under paragraph (1) of this subsection.</text> </level> </level> </section> <section article="gsg" article_name="State Government" number="5-106" title_number="5" title_name="Treasurer" subtitle_number="1"> <level label="a"> <text>If the Treasurer temporarily is unable or unavailable to carry out the duties of office, an acting treasurer shall have the powers and duties of the office, as provided in this section.</text> </level> <level label="b"> <level label="1"> <text>If the Treasurer gives the presiding officers of the General Assembly and the Chief Deputy Treasurer written notice of a temporary inability or unavailability, the Chief Deputy Treasurer shall serve as an acting treasurer unless the presiding officers appoint another individual as acting treasurer and give the Chief Deputy Treasurer written notice of the appointment.</text> </level> <level label="2"> <text>An acting treasurer shall serve under this subsection:</text> <level label="i"> <text>on and after the date that the Treasurer sets in the notice; and</text> </level> <level label="ii"> <text>until the Treasurer gives the presiding officers and the acting treasurer written notice that the Treasurer is able to carry out the duties.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>If the Treasurer has not given notice, but the presiding officers of the General Assembly make a formal, written determination of a temporary inability or unavailability of the Treasurer, the officers may appoint an acting treasurer.</text> </level> <level label="2"> <text>The acting treasurer shall serve under this subsection:</text> <level label="i"> <text>on and after the date of the appointment; and</text> </level> <level label="ii"> <text>until the presiding officers jointly determine and give the Treasurer and the acting treasurer written notice that the Treasurer is able to carry out the duties.</text> </level> </level> </level> <level label="d"> <text>The Supreme Court of Maryland has exclusive original jurisdiction, on petition of the presiding officers of the General Assembly, the Treasurer, or the acting treasurer, to determine any issue that arises under this section and to pass any appropriate order.</text> </level> </section> <section article="gsg" article_name="State Government" number="5-107" title_number="5" title_name="Treasurer" subtitle_number="1"> <text>If the Office of the Treasurer becomes vacant, the Chief Deputy Treasurer is the deputy treasurer who acts as Treasurer under Article VI, § 1 of the Maryland Constitution.</text> </section> <section article="gsg" article_name="State Government" number="5-108" title_number="5" title_name="Treasurer" subtitle_number="1"> <level label="a"> <text>In determining the type and amount of coverage of any surety bond or insurance policy required by law, the State Treasurer shall have due regard for the duties and responsibilities of the officer or employee.</text> </level> <level label="b"> <text>An officer or employee who is required to be bonded or insured shall be covered, on beginning the performance of the officer’s or employee’s duties, by a surety bond or an insurance policy of the type specified and in the amount and term to be determined by the State Treasurer.</text> </level> <level label="c"> <text>Each State officer or employee, other than those specifically required to be bonded or insured in accordance with any law of the State, who in the opinion of the State Treasurer should be bonded or insured shall be bonded with the type of bond or insurance and in the amount and term to be determined by the State Treasurer.</text> </level> <level label="d"> <text>The State Treasurer shall keep a record of each insurance policy purchased to meet the requirements of subsection (b) of this section.</text> </level> <level label="e"> <level label="1"> <text>On the purchase of any bond required by law, a copy of the bond shall be sent to the Comptroller.</text> </level> <level label="2"> <text>A record shall be kept in the Office of the State Comptroller giving:</text> <level label="i"> <text>the name of the officer or employee for whom any individual bond is issued;</text> </level> <level label="ii"> <text>the name of the agency in which the officer or employee is employed or the name of the agencies covered under a blanket bond program;</text> </level> <level label="iii"> <text>the name of the company issuing the bond; and</text> </level> <level label="iv"> <text>the amount, date, and time of expiration of the bond and of any certificate renewing the bond.</text> </level> </level> </level> </section>