Maryland Code, FINANCIAL INSTITUTIONS 2-118
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 2-118
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means includes or including by way of illustration and not by way of limitation. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) There is a Banking Institution and Credit Union Regulation Fund that consists of:
(1) All revenue received for the chartering and regulation of persons who engage in the business of a banking institution or credit union under this article; and
(2) Any other fee, assessment, or revenue received by the Commissioner from banking institutions and credit unions under this article.
(c) Notwithstanding subsection (b) of this section, the Commissioner shall pay all fines and penalties collected by the Commissioner from banking institutions and credit unions under this article into the General Fund of the State.
(d) The purpose of the Fund is to pay all the costs and expenses incurred by the Commissioner that are related to the regulation of banking institutions and credit unions under this article, including:
(1) Expenditures authorized under this article; and
(2) Any other expense authorized in the State budget.
(e) (1) All the costs and expenses of the Commissioner relating to the regulation of banking institutions and credit unions under this article shall be included in the State budget.
(2) Any expenditures from the Fund to cover costs and expenses of the Commissioner may be made only:
(i) By an appropriation from the Fund approved by the General Assembly in the annual State budget; or
(ii) By the budget amendment procedure provided for in § 7-209 of the State Finance and Procurement Article.
(3) If, in any given fiscal year, the amount of the revenue collected by the Commissioner and deposited into the Fund exceeds the actual appropriation for the Commissioner to regulate banking institutions and credit unions under this article, the excess amount shall be carried forward within the Fund.
(f) (1) The State Treasurer is the custodian of the Fund.
(2) The State Treasurer shall deposit payments received from the Commissioner into the Fund.
(g) (1) The Fund is a continuing, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article, and may not be deemed a part of the General Fund of the State.
(2) Unless otherwise provided by law, no part of the Fund may revert or be credited to:
(i) The General Fund of the State; or
(ii) A special fund of the State.