MD
Maryland House Bill HB192

Maryland 2023 Regular Session

Maryland House Bill HB192 Compare Versions

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1- WES MOORE, Governor Ch. 166
21
3-– 1 –
4-Chapter 166
5-(House Bill 192)
62
7-AN ACT concerning
3+EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4+ [Brackets] indicate matter deleted from existing law.
5+ Underlining indicates amendments to bill.
6+ Strike out indicates matter stricken from the bill by amendment or deleted from the law by
7+amendment.
8+ *hb0192*
89
9-Cryptocurrency Currency – Campaign Finance Prohibitions – Disclosures by
10-Financial Institutions
10+HOUSE BILL 192
11+G1, Q7 3lr0359
12+ CF SB 269
13+By: Delegates Palakovich Carr, Bagnall, Barve, Boafo, Charkoudian, Ebersole,
14+Fair, Feldmark, Grossman, Guyton, D. Jones, Lopez, McCaskill, Ruth,
15+Solomon, Stewart, Taveras, Terrasa, Washington, and Wells
16+Introduced and read first time: January 19, 2023
17+Assigned to: Ways and Means
18+Committee Report: Favorable with amendments
19+House action: Adopted
20+Read second time: March 1, 2023
1121
12-FOR the purpose of prohibiting a campaign finance entity from depositing funds in a
13-cryptocurrency account; prohibiting certain persons subject to campaign finance
14-regulation from making or accepting monetary contributions or monetary donations
15-using cryptocurrency any currency other than United States currency; prohibiting a
16-campaign finance entity or a person acting on behalf of a campaign finance entity
17-from making an a monetary expenditure using cryptocurrency any currency other
18-than United States currency; authorizing the State Administrator of Elections to
19-investigate certain potential violations of this Act and issue a subpoena in
20-furtherance of an investigation; altering the definition of financial institution for
21-purposes of certain provisions of law authorizing the Comptroller to request certain
22-information and assistance to include a virtual currency money transmitter; and
23-generally relating to cryptocurrency currency.
22+CHAPTER ______
2423
25-BY repealing and reenacting, without amendments,
26- Article – Election Law
27-Section 1–101(a)
28- Annotated Code of Maryland
29- (2022 Replacement Volume and 2022 Supplement)
24+AN ACT concerning 1
3025
31-BY adding to
32- Article – Election Law
33-Section 1–101(p–1), 13–238, 13–250, 13–604.1(b)(11), and (12), and (13), and
34-13–604.3
35- Annotated Code of Maryland
36- (2022 Replacement Volume and 2022 Supplement)
26+Cryptocurrency Currency – Campaign Finance Prohibitions – Disclosures by 2
27+Financial Institutions 3
3728
38-BY repealing and reenacting, with amendments,
39- Article – Election Law
40-Section 13–220(a) and (d), 13–234, and 13–604.1(b)(9) and (10)
41- Annotated Code of Maryland
42- (2022 Replacement Volume and 2022 Supplement)
29+FOR the purpose of prohibiting a campaign finance entity from depositing funds in a 4
30+cryptocurrency account; prohibiting certain persons subject to campaign finance 5
31+regulation from making or accepting monetary contributions or monetary donations 6
32+using cryptocurrency any currency other than United States currency; prohibiting a 7
33+campaign finance entity or a person acting on behalf of a campaign finance entity 8
34+from making an a monetary expenditure using cryptocurrency any currency other 9
35+than United States currency; authorizing the State Administrator of Elections to 10
36+investigate certain potential violations of this Act and issue a subpoena in 11
37+furtherance of an investigation; altering the definition of financial institution for 12
38+purposes of certain provisions of law authorizing the Comptroller to request certain 13
39+information and assistance to include a virtual currency money transmitter; and 14
40+generally relating to cryptocurrency currency. 15
4341
44-BY repealing and reenacting, without amendments,
45- Article – Tax – General
46- Section 13–804(a)(1) and (b)
47- Annotated Code of Maryland
48- (2022 Replacement Volume)
49- Ch. 166 2023 LAWS OF MARYLAND
42+BY repealing and reenacting, without amendments, 16
43+ Article – Election Law 17
44+Section 1–101(a) 18
45+ Annotated Code of Maryland 19
46+ (2022 Replacement Volume and 2022 Supplement) 20
5047
51-– 2 –
52-BY repealing and reenacting, with amendments,
53- Article – Tax – General
54-Section 13–804(a)(2) and (4)
55- Annotated Code of Maryland
56- (2022 Replacement Volume)
48+BY adding to 21 2 HOUSE BILL 192
5749
58- SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
59-That the Laws of Maryland read as follows:
6050
61-Article – Election Law
51+ Article – Election Law 1
52+Section 1–101(p–1), 13–238, 13–250, 13–604.1(b)(11), and (12), and (13), and 2
53+13–604.3 3
54+ Annotated Code of Maryland 4
55+ (2022 Replacement Volume and 2022 Supplement) 5
6256
63-1–101.
57+BY repealing and reenacting, with amendments, 6
58+ Article – Election Law 7
59+Section 13–220(a) and (d), 13–234, and 13–604.1(b)(9) and (10) 8
60+ Annotated Code of Maryland 9
61+ (2022 Replacement Volume and 2022 Supplement) 10
6462
65- (a) In this article the following words have the meanings indicated unless a
66-different meaning is clearly intended from the context.
63+BY repealing and reenacting, without amendments, 11
64+ Article – Tax – General 12
65+ Section 13–804(a)(1) and (b) 13
66+ Annotated Code of Maryland 14
67+ (2022 Replacement Volume) 15
6768
68- (P–1) “CRYPTOCURRENCY ” MEANS DIGITAL OR VIR TUAL CURRENCY THAT
69-RELIES ON CRYPTOGRAP HY TO EFFECT TRANSFE RS AND A DECENTRALIZ ED
70-NETWORK TO RECORD TR ANSACTIONS.
69+BY repealing and reenacting, with amendments, 16
70+ Article – Tax – General 17
71+Section 13–804(a)(2) and (4) 18
72+ Annotated Code of Maryland 19
73+ (2022 Replacement Volume) 20
7174
72-13–220.
75+ SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 21
76+That the Laws of Maryland read as follows: 22
7377
74- (a) (1) Each campaign finance entity shall designate one or more campaign
75-accounts.
78+Article – Election Law 23
7679
77- (2) Each designated campaign account shall:
80+1–101. 24
7881
79- (i) be in a financial institution; and
82+ (a) In this article the following words have the meanings indicated unless a 25
83+different meaning is clearly intended from the context. 26
8084
81- (ii) be registered in a manner that identifies it as the account of a
82-campaign finance entity.
85+ (P–1) “CRYPTOCURRENCY ” MEANS DIGITAL OR VIR TUAL CURRENCY THAT 27
86+RELIES ON CRYPTOGRAP HY TO EFFECT TRANSFE RS AND A DECENTRALIZ ED 28
87+NETWORK TO RECORD TR ANSACTIONS. 29
8388
84- (3) A campaign finance entity shall deposit all funds received in a
85-designated campaign account.
89+13–220. 30
8690
87- (4) A CAMPAIGN FINANCE ENT ITY MAY NOT DEPOSIT ANY FUNDS
88-RECEIVED IN A CRYPTO CURRENCY ACCOUNT .
91+ (a) (1) Each campaign finance entity shall designate one or more campaign 31
92+accounts. 32
8993
90- (d) (1) Subject to paragraph (3) of this subsection, a campaign finance entity
91-may make a disbursement only by:
94+ (2) Each designated campaign account shall: 33
9295
93- (i) check; or
96+ (i) be in a financial institution; and 34
97+ HOUSE BILL 192 3
9498
95- (ii) SUBJECT TO PARAGRAPH (4) OF THIS SUBSECTION , an
96-electronic method that the State Board authorizes by regulation.
97- WES MOORE, Governor Ch. 166
9899
99-– 3 –
100- (2) An electronic method of making a disbursement that the State Board
101-authorizes under this subsection shall ensure that:
100+ (ii) be registered in a manner that identifies it as the account of a 1
101+campaign finance entity. 2
102102
103- (i) the identity of the person making the disbursement may be
104-verified;
103+ (3) A campaign finance entity shall deposit all funds received in a 3
104+designated campaign account. 4
105105
106- (ii) the transaction is secure; and
106+ (4) A CAMPAIGN FINANCE ENT ITY MAY NOT DEPOSIT ANY FUNDS 5
107+RECEIVED IN A CRYPTO CURRENCY ACCOUNT . 6
107108
108- (iii) there is an adequate record of the transaction.
109+ (d) (1) Subject to paragraph (3) of this subsection, a campaign finance entity 7
110+may make a disbursement only by: 8
109111
110- (3) A campaign finance entity may make a disbursement to compensate a
111-responsible officer of the campaign finance entity only by check.
112+ (i) check; or 9
112113
113- (4) THE STATE BOARD MAY NOT AUTHORI ZE A CAMPAIGN FINANC E
114-ENTITY TO MAKE A DIS BURSEMENT USING CRYP TOCURRENCY .
114+ (ii) SUBJECT TO PARAGRAPH (4) OF THIS SUBSECTION , an 10
115+electronic method that the State Board authorizes by regulation. 11
115116
116-13–234.
117+ (2) An electronic method of making a disbursement that the State Board 12
118+authorizes under this subsection shall ensure that: 13
117119
118- (a) A contribution of money may be made only by:
120+ (i) the identity of the person making the disbursement may be 14
121+verified; 15
119122
120- (1) check;
123+ (ii) the transaction is secure; and 16
121124
122- (2) credit card;
125+ (iii) there is an adequate record of the transaction. 17
123126
124- (3) cash, if the contribution does not exceed $100 in an election cycle; or
127+ (3) A campaign finance entity may make a disbursement to compensate a 18
128+responsible officer of the campaign finance entity only by check. 19
125129
126- (4) SUBJECT TO SUBSECTIO N (C) OF THIS SECTION , an electronic
127-method that the State Board authorizes by regulation.
130+ (4) THE STATE BOARD MAY NOT AUTHORI ZE A CAMPAIGN FINANC E 20
131+ENTITY TO MAKE A DIS BURSEMENT USING CRYP TOCURRENCY . 21
128132
129- (b) An electronic method of making a contribution that the State Board
130-authorizes under this section shall ensure that:
133+13–234. 22
131134
132- (1) the identity of the person making the contribution may be verified;
135+ (a) A contribution of money may be made only by: 23
133136
134- (2) the transaction is secure; and
137+ (1) check; 24
135138
136- (3) there is an adequate record of the transaction.
139+ (2) credit card; 25
137140
138- (C) THE STATE BOARD MAY NOT AUTHORI ZE A CONTRIBUTION TO BE MADE
139-USING CRYPTOCURRENCY .
141+ (3) cash, if the contribution does not exceed $100 in an election cycle; or 26
140142
141-13–238.
143+ (4) SUBJECT TO SUBSECTIO N (C) OF THIS SECTION , an electronic 27
144+method that the State Board authorizes by regulation. 28
145+ 4 HOUSE BILL 192
142146
143- (A) (1) A PERSON MAY NOT MAKE A MONETARY CONTRIBUTION USING
144-CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY .
145- Ch. 166 2023 LAWS OF MARYLAND
146147
147-– 4 –
148- (2) A PERSON MAY NOT MAKE A MONETARY DONATION USING
149-CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY TO A
150-PERSON REQUIRED TO R EGISTER UNDER § 13–306 OR § 13–307 OF THIS TITLE.
148+ (b) An electronic method of making a contribution that the State Board 1
149+authorizes under this section shall ensure that: 2
151150
152- (B) (1) A CAMPAIGN FINANCE ENT ITY MAY NOT AC CEPT A MONETARY
153-CONTRIBUTION MADE US ING CRYPTOCURRENCY ANY CURRENCY OTHER T HAN
154-UNITED STATES CURRENCY .
151+ (1) the identity of the person making the contribution may be verified; 3
155152
156- (2) A PERSON REQUIRED TO R EGISTER UNDER § 13–306 OR § 13–307
157-OF THIS TITLE MAY NO T ACCEPT A MONETARY DONATION MADE USING
158-CRYPTOCURRENCY ANY CURRENCY OTHER THAN UNITED STATES CURRENCY .
153+ (2) the transaction is secure; and 4
159154
160-13–250.
155+ (3) there is an adequate record of the transaction. 5
161156
162- A CAMPAIGN FINANCE ENT ITY, OR A PERSON ACTING O N ITS BEHALF, MAY NOT
163-MAKE AN A MONETARY EXPENDITURE USING CRYPTOCURRENCY ANY CURRENCY
164-OTHER THAN UNITED STATES CURRENCY .
157+ (C) THE STATE BOARD MAY NOT AUTHORI ZE A CONTRIBUTION TO BE MADE 6
158+USING CRYPTOCURRENCY . 7
165159
166-13–604.1.
160+13–238. 8
167161
168- (b) The State Board may impose a civil penalty in accordance with this section for
169-the following violations:
162+ (A) (1) A PERSON MAY NOT MAKE A MONETARY CONTRIBUTION USING 9
163+CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY . 10
170164
171- (9) failure to include a disclosure on online campaign material as required
172-in § 13–401.1(b) of this title; [and]
165+ (2) A PERSON MAY NOT MAKE A MONETARY DONATION USING 11
166+CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY TO A 12
167+PERSON REQUIRED TO R EGISTER UNDER § 13–306 OR § 13–307 OF THIS TITLE. 13
173168
174- (10) soliciting a recurring contribution or donation without the affirmative
175-consent of the contributor or donor as required in § 13–244 of this title;
169+ (B) (1) A CAMPAIGN FINANCE ENT ITY MAY NOT ACCEPT A MONETARY 14
170+CONTRIBU TION MADE USING CRYPTOCURRENCY ANY CURRENCY OTHER T HAN 15
171+UNITED STATES CURRENCY . 16
176172
177- (11) DEPOSITING FUNDS IN A CRYPTOCURRENCY ACC OUNT IN
178-VIOLATION OF § 13–220(A)(4) OF THIS TITLE;
173+ (2) A PERSON REQUIRED TO R EGISTER UNDER § 13–306 OR § 13–307 17
174+OF THIS TITLE MAY NO T ACCEPT A MONETARY DONATION MADE USING 18
175+CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY. 19
179176
180- (12) MAKING A MONETARY CONTRIBUTION OR MONETARY DONATION
181-USING CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY
182-OR ACCEPTING A MONETARY CONTRIBUTION OR MONETARY DONATION MADE USING
183-CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY IN
184-VIOLATION OF § 13–238 OF THIS TITLE; AND
177+13–250. 20
185178
186- (13) (12) MAKING AN A MONETARY EXPENDITURE USING
187-CRYPTOCURRENCY ANY CURRENCY OTHER THAN UNITED STATES CURRENCY IN
188-VIOLATION OF § 13–250 OF THIS TITLE.
179+ A CAMPAIGN FINANCE ENT ITY, OR A PERSON ACTING O N ITS BEHALF, MAY NOT 21
180+MAKE AN A MONETARY EXPENDITURE USING CRYPTOCURRENCY ANY CURRENCY 22
181+OTHER THAN UNITED STATES CURRENCY . 23
189182
190-13–604.3.
191- WES MOORE, Governor Ch. 166
183+13–604.1. 24
192184
193-– 5 –
194- (A) THE STATE ADMINISTRATOR OR THE STATE ADMINISTRATOR ’S
195-DESIGNEE MAY INVESTI GATE A POTENTIAL VIO LATION OF § 13–220(A)(4), § 13–238,
196-OR § 13–250 OF THIS TITLE.
185+ (b) The State Board may impose a civil penalty in accordance with this section for 25
186+the following violations: 26
197187
198- (B) THE STATE ADMINISTRATOR OR THE STATE ADMINISTRATOR ’S
199-DESIGNEE SHALL :
188+ (9) failure to include a disclosure on online campaign material as required 27
189+in § 13–401.1(b) of this title; [and] 28
200190
201- (1) NOTIFY A PERSON TH AT IS SUBJECT TO AN INVESTIGATION UNDER
202-THIS SECTION OF THE CIRCUMSTANCES THAT G AVE RISE TO THE INVESTIGATION ;
203-AND
191+ (10) soliciting a recurring contribution or donation without the affirmative 29
192+consent of the contributor or donor as required in § 13–244 of this title; 30 HOUSE BILL 192 5
204193
205- (2) PROVIDE THE PERSON A MPLE OPPORTUNITY TO BE HEARD AT A
206-PUBLIC MEETING OF TH E STATE BOARD.
207194
208- (C) (1) IN FURTHERANCE OF AN INVESTIGATION UNDER THIS SECTION ,
209-THE STATE ADMINISTRATOR OR THE STATE ADMINISTRATOR ’S DESIGNEE MAY
210-ISSUE A SUBPOENA FOR THE ATTENDANCE OF A WITNESS TO TESTIFY O R THE
211-PRODUCTION OF RECORD S.
212195
213- (2) A SUBPOENA ISSUED UNDE R THIS SUBSECTION SH ALL BE SERVED
214-IN ACCORDANCE WITH THE MARYLAND RULES.
196+ (11) DEPOSITING FUNDS IN A CRYPTOCURRENCY ACC OUNT IN 1
197+VIOLATION OF § 13–220(A)(4) OF THIS TITLE; 2
215198
216- (3) IN ORDER FOR A SUBPOE NA TO BE ISSUED UNDE R THIS
217-SUBSECTION, THE STATE ADMINISTRATOR SHALL M AKE A FINDING THAT T HE
218-SUBPOENA IS NECESSAR Y TO AND IN FURTHERA NCE OF AN INVESTIGATION BEING
219-CONDUCTED UNDER THIS SECTION.
199+ (12) MAKING A MONETARY CONTRIBUTION OR MONETARY DONATION 3
200+USING CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY 4
201+OR ACCEPTING A MONETARY CONTRIBUTION OR MONETARY DONATION MADE USING 5
202+CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY IN 6
203+VIOLATION OF § 13–238 OF THIS TITLE; AND 7
220204
221- (4) ANY FILING SUBMITTED TO A COURT WITH RESPECT TO A
222-SUBPOENA UNDER THIS SUBSECTION SHALL BE SEALED ON FILING .
205+ (13) (12) MAKING AN A MONETARY EXPENDITURE USING 8
206+CRYPTOCURRENCY ANY CURRENCY OTHER THAN UNITED STATES CURRENCY IN 9
207+VIOLATION OF § 13–250 OF THIS TITLE. 10
223208
224- (5) IF A PERSON FAILS TO COMPLY WITH A SUBPOE NA ISSUED UNDER
225-THIS SUBSECTION , ON PETITION OF THE STATE ADMINISTRATOR , A CIRCUIT COURT
226-OF COMPETENT J URISDICTION MAY COMP EL COMPLIANCE WITH T HE SUBPOENA .
209+13–604.3. 11
227210
228- (D) AT THE CONCLUSION OF THE INVESTIGATION AN D FOLLOWING THE
229-HEARING UNDER SUBSEC TION (B)(2) OF THIS SECTION , THE STATE BOARD SHALL
230-ISSUE A PUBLIC REPOR T OF ITS FINDINGS AN D MAY:
211+ (A) THE STATE ADMINISTRATOR OR THE STATE ADMINISTRATOR ’S 12
212+DESIGNEE MAY INVESTI GATE A POTENTIAL VIO LATION OF § 13–220(A)(4), § 13–238, 13
213+OR § 13–250 OF THIS TITLE. 14
231214
232- (1) IMPOSE A CIVIL PENALTY IN THE AMOUN T AND MANNER
233-SPECIFIED IN § 13–604.1 OF THIS SUBTITLE; OR
215+ (B) THE STATE ADMINISTRATOR OR THE STATE ADMINISTRATOR ’S 15
216+DESIGNEE SHALL : 16
234217
235- (2) REFER THE MATTER FOR FURTHER INVESTIGATIO N BY THE STATE
236-PROSECUTOR IF THE STATE BOARD HAS REASONABLE CAUSE TO BELIEVE THA T A Ch. 166 2023 LAWS OF MARYLAND
218+ (1) NOTIFY A PERSON THAT IS SUBJECT TO AN INVESTIGATION UNDER 17
219+THIS SECTION OF THE CIRCUMSTANCES THAT G AVE RISE TO THE INVESTIGATION; 18
220+AND 19
237221
238-– 6 –
239-PERSON HAS WILLFULLY AND KNOWINGLY VIOLAT ED § 13–220(A)(4),
240-§ 13–238, OR § 13–250 OF THIS TITLE.
222+ (2) PROVIDE THE PERSON A MPLE OPPORTUNITY TO BE HEARD AT A 20
223+PUBLIC MEETING OF TH E STATE BOARD. 21
241224
242-Article – Tax – General
225+ (C) (1) IN FURTHERANCE OF AN INVESTIGATION UNDER THIS SECTION, 22
226+THE STATE ADMINISTRATOR OR THE STATE ADMINISTRATOR ’S DESIGNEE MAY 23
227+ISSUE A SUBPOENA FO R THE ATTENDANCE OF A WITNESS TO TESTIFY OR THE 24
228+PRODUCTION OF RECORD S. 25
243229
244-13–804.
230+ (2) A SUBPOENA ISSUED UNDE R THIS SUBSECTION SH ALL BE SERVED 26
231+IN ACCORDANCE WITH T HE MARYLAND RULES. 27
245232
246- (a) (1) In this section the following words have the meanings indicated.
233+ (3) IN ORDER FOR A SUBPOE NA TO BE ISSUED UNDE R THIS 28
234+SUBSECTION, THE STATE ADMINISTRATOR SHALL MAKE A FINDING THAT THE 29
235+SUBPOENA IS NECESSAR Y TO AND IN FURTHERA NCE OF AN INVESTIGATION BEING 30
236+CONDUCTED UNDER THIS SECTION. 31
237+ 6 HOUSE BILL 192
247238
248- (2) (i) “Account” means:
249239
250- 1. any funds from a demand deposit account, checking
251-account, negotiable order of withdrawal account, savings account, time deposit account,
252-money market mutual fund account, or certificate of deposit account;
240+ (4) ANY FILING SUBMITTED TO A COURT WITH RESP ECT TO A 1
241+SUBPOENA UNDER THIS SUBSECTION SHALL BE SEALED ON FILING . 2
253242
254- 2. any funds paid towards the purchase of shares or other
255-interest in a financial institution, as defined in paragraph (4)(ii) and (iii) of this subsection;
256-and
243+ (5) IF A PERSON FAILS TO COMPLY WITH A SUBPOE NA ISSUED UNDER 3
244+THIS SUBSECTION , ON PETITION OF THE STATE ADMINISTRATOR , A CIRCUIT COURT 4
245+OF COMPETENT JURISDI CTION MAY COMPEL COM PLIANCE WITH THE SUB POENA. 5
257246
258- 3. any funds or property held by a financial institution, as
259-defined in paragraph (4)(iv) OR (V) of this subsection.
247+ (D) AT THE CONCLUSION OF THE INVESTIGATION AN D FOLLOWING THE 6
248+HEARING UNDER SUBSEC TION (B)(2) OF THIS SECTION , THE STATE BOARD SHALL 7
249+ISSUE A PUBLIC REPOR T OF ITS FINDINGS AN D MAY: 8
260250
261- (ii) “Account” does not include:
251+ (1) IMPOSE A CIVIL PENAL TY IN THE AMOUNT AND MANNER 9
252+SPECIFIED IN § 13–604.1 OF THIS SUBTITLE; OR 10
262253
263- 1. an account or portion of an account to which an obligor
264-does not have access due to the pledge of the funds as security for a loan or other obligation;
254+ (2) REFER THE MATTER FOR FURTHER INVESTIG ATION BY THE STATE 11
255+PROSECUTOR IF THE STATE BOARD HAS REASONABLE CAUSE TO BELIEVE THA T A 12
256+PERSON HAS WILLFULLY AND KNOWINGLY VIOLAT ED § 13–220(A)(4), 13
257+§ 13–238, OR § 13–250 OF THIS TITLE. 14
265258
266- 2. funds or property deposited to an account after the time
267-that the financial institution initially attaches the account;
259+Article – Tax – General 15
268260
269- 3. an account or portion of an account to which the financial
270-institution has a present right to exercise a right of setoff;
261+13–804. 16
271262
272- 4. an account or portion of an account that has an account
273-holder of interest named as an owner on the account; or
263+ (a) (1) In this section the following words have the meanings indicated. 17
274264
275- 5. an account or portion of an account to which the obligor
276-does not have an unconditional right of access.
265+ (2) (i) “Account” means: 18
277266
278- (4) “Financial institution” means:
267+ 1. any funds from a demand deposit account, checking 19
268+account, negotiable order of withdrawal account, savings account, time deposit account, 20
269+money market mutual fund account, or certificate of deposit account; 21
279270
280- (i) a depository institution, as defined in the Federal Deposit
281-Insurance Act under 12 U.S.C. § 1813(c);
271+ 2. any funds paid towards the purchase of shares or other 22
272+interest in a financial institution, as defined in paragraph (4)(ii) and (iii) of this subsection; 23
273+and 24
282274
283- (ii) a federal credit union or State credit union, as defined in the
284-Federal Credit Union Act under 12 U.S.C. § 1752; WES MOORE, Governor Ch. 166
275+ 3. any funds or property held by a financial institution, as 25
276+defined in paragraph (4)(iv) OR (V) of this subsection. 26
285277
286-– 7 –
278+ (ii) “Account” does not include: 27
287279
288- (iii) a State credit union regulated under Title 6 of the Financial
289-Institutions Article; [or]
280+ 1. an account or portion of an account to which an obligor 28
281+does not have access due to the pledge of the funds as security for a loan or other obligation; 29
290282
291- (iv) A VIRTUAL CURRENCY M ONEY TRANSMI TTER THAT IS
292-REGULATED UNDER TITLE 12 OF THE FINANCIAL INSTITUTIONS ARTICLE; OR
283+ 2. funds or property deposited to an account after the time 30
284+that the financial institution initially attaches the account; 31
285+ HOUSE BILL 192 7
293286
294- (V) a benefit association, insurance company, safe deposit company,
295-money market mutual fund, or similar entity doing business in the State that holds
296-property or maintains accounts reflecting property belonging to others.
297287
298- (b) The Comptroller may request from a financial institution information and
299-assistance to enable the Comptroller to enforce the tax laws of the State.
288+ 3. an account or portion of an account to which the financial 1
289+institution has a present right to exercise a right of setoff; 2
300290
301- SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July
302-1, 2023.
291+ 4. an account or portion of an account that has an account 3
292+holder of interest named as an owner on the account; or 4
303293
304-Approved by the Governor, April 24, 2023.
294+ 5. an account or portion of an account to which the obligor 5
295+does not have an unconditional right of access. 6
296+
297+ (4) “Financial institution” means: 7
298+
299+ (i) a depository institution, as defined in the Federal Deposit 8
300+Insurance Act under 12 U.S.C. § 1813(c); 9
301+
302+ (ii) a federal credit union or State credit union, as defined in the 10
303+Federal Credit Union Act under 12 U.S.C. § 1752; 11
304+
305+ (iii) a State credit union regulated under Title 6 of the Financial 12
306+Institutions Article; [or] 13
307+
308+ (iv) A VIRTUAL CURRENCY M ONEY TRANSMITTER THA T IS 14
309+REGULATED UNDER TITLE 12 OF THE FINANCIAL INSTITUTIONS ARTICLE; OR 15
310+
311+ (V) a benefit association, insurance company, safe deposit company, 16
312+money market mutual fund, or similar entity doing business in the State that holds 17
313+property or maintains accounts reflecting property belonging to others. 18
314+
315+ (b) The Comptroller may request from a financial institution information and 19
316+assistance to enable the Comptroller to enforce the tax laws of the State. 20
317+
318+ SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 21
319+1, 2023. 22
320+
321+
322+
323+
324+Approved:
325+________________________________________________________________________________
326+ Governor.
327+________________________________________________________________________________
328+ Speaker of the House of Delegates.
329+________________________________________________________________________________
330+ President of the Senate.