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Can you summarize MDCM Fin. Inst. Section 5-513?
Short Summary
This section of the Code of Maryland, specifically Title 5, SubTitle 5, governs the requirements for banking institutions to return checks to customers with truncated accounts. It defines key terms such as ‘check’ and ‘check facsimile’. Upon request, a banking institution must return any check required by a customer for tax audits, litigation, or campaign finance reporting, at no cost to the customer. If check facsimiles are returned instead of original checks, the banking institution must provide check facsimiles of the front and back of the original checks, at no additional cost and of the same size. In all other instances, a banking institution must return a maximum of 2 checks per month, at no cost to the customer. The section also outlines the requirements for returning original checks or check facsimiles on a regular basis, depending on the type of truncated account. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Banking institutions and customers with truncated accounts
What does it govern?
Returning checks to customers with truncated accounts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Maryland