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Can you summarize MDCM Fin. Inst., Title 1, Subtitle 3?
Short Summary
This section of the Code of Maryland, Financial Institutions, Title 1, SubTitle 3, governs the disclosure of financial records by fiduciary institutions in Maryland. It applies to fiduciary institutions, including their officers, employees, agents, and directors. The document prohibits the disclosure of financial records relating to a customer unless certain conditions are met. These conditions include customer authorization, court-appointed guardianship, appointment of a guardian for disabled customers, appointment of a personal representative for deceased customers, requests from the Department of Human Services for public assistance verification, requests from adult protective services program investigating financial abuse or exploitation, requests from the Child Support Administration, and requests from the Comptroller for tax-related information. The document also mandates fiduciary institutions to disclose information requested by the Department of Human Services regarding individuals who are recipients or applicants for public assistance, information requested by adult protective services program regarding suspected victims of financial abuse or exploitation, and information requested by the Comptroller regarding individuals whose property is subject to a tax lien.
Whom does it apply to?
Fiduciary institutions, including their officers, employees, agents, and directors
What does it govern?
Disclosure of financial records by fiduciary institutions in Maryland
What are exemptions?
Various exemptions are provided for activities such as preparation, examination, handling, or maintenance of financial records, disclosure to supervisory agencies, publication of non-identifiable information, making required or permitted reports or returns, exchange of credit information, exchange of mortgage account statements, disclosure to State's Attorneys, disclosure to the Department of Human Services, presentation of certificates under oath, disclosure to affiliates, and disclosure to the Comptroller for tax law enforcement
What are the Penalties?
No specific penalties are mentioned in this section
Jurisdiction
Maryland