MD
Maryland Senate Bill SB269

Maryland 2023 Regular Session

Maryland Senate Bill SB269 Compare Versions

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1- WES MOORE, Governor Ch. 167
21
3-– 1 –
4-Chapter 167
5-(Senate Bill 269)
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+ *sb0269*
89
9-Cryptocurrency Currency – Campaign Finance Prohibitions – Disclosures by
10-Financial Institutions
10+SENATE BILL 269
11+G1, Q7 3lr1684
12+ CF HB 192
13+By: Senators Rosapepe, Feldman, Lewis Young, Brooks, Folden, and James
14+Introduced and read first time: January 26, 2023
15+Assigned to: Education, Energy, and the Environment
16+Committee Report: Favorable with amendments
17+Senate action: Adopted
18+Read second time: March 1, 2023
1119
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.
20+CHAPTER ______
2421
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)
22+AN ACT concerning 1
3023
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)
24+Cryptocurrency Currency – Campaign Finance Prohibitions – Disclosures by 2
25+Financial Institutions 3
3726
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)
27+FOR the purpose of prohibiting a campaign finance entity from depositing funds in a 4
28+cryptocurrency account; prohibiting certain persons subject to campaign finance 5
29+regulation from making or accepting monetary contributions or monetary donations 6
30+using cryptocurrency any currency other than United States currency; prohibiting a 7
31+campaign finance entity or a person acting on behalf of a campaign finance entity 8
32+from making an a monetary expenditure using cryptocurrency any currency other 9
33+than United States currency; authorizing the State Administrator of Elections to 10
34+investigate certain potential violations of this Act and issue a subpoena in 11
35+furtherance of an investigation; altering the definition of financial institution for 12
36+purposes of certain provisions of law authorizing the Comptroller to request certain 13
37+information and assistance to include a virtual currency money transmitter; and 14
38+generally relating to cryptocurrency currency. 15
4339
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. 167 2023 LAWS OF MARYLAND
40+BY repealing and reenacting, without amendments, 16
41+ Article – Election Law 17
42+Section 1–101(a) 18
43+ Annotated Code of Maryland 19
44+ (2022 Replacement Volume and 2022 Supplement) 20
5045
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)
46+BY adding to 21
47+ Article – Election Law 22 2 SENATE BILL 269
5748
58- SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
59-That the Laws of Maryland read as follows:
6049
61-Article – Election Law
50+Section 1–101(p–1), 13–238, 13–250, 13–604.1(b)(11), and (12), and (13), and 1
51+13–604.3 2
52+ Annotated Code of Maryland 3
53+ (2022 Replacement Volume and 2022 Supplement) 4
6254
63-1–101.
55+BY repealing and reenacting, with amendments, 5
56+ Article – Election Law 6
57+Section 13–220(a) and (d), 13–234, and 13–604.1(b)(9) and (10) 7
58+ Annotated Code of Maryland 8
59+ (2022 Replacement Volume and 2022 Supplement) 9
6460
65- (a) In this article the following words have the meanings indicated unless a
66-different meaning is clearly intended from the context.
61+BY repealing and reenacting, without amendments, 10
62+ Article – Tax – General 11
63+ Section 13–804(a)(1) and (b) 12
64+ Annotated Code of Maryland 13
65+ (2022 Replacement Volume) 14
6766
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.
67+BY repealing and reenacting, with amendments, 15
68+ Article – Tax – General 16
69+Section 13–804(a)(2) and (4) 17
70+ Annotated Code of Maryland 18
71+ (2022 Replacement Volume) 19
7172
72-13–220.
73+ SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 20
74+That the Laws of Maryland read as follows: 21
7375
74- (a) (1) Each campaign finance entity shall designate one or more campaign
75-accounts.
76+Article – Election Law 22
7677
77- (2) Each designated campaign account shall:
78+1–101. 23
7879
79- (i) be in a financial institution; and
80+ (a) In this article the following words have the meanings indicated unless a 24
81+different meaning is clearly intended from the context. 25
8082
81- (ii) be registered in a manner that identifies it as the account of a
82-campaign finance entity.
83+ (P–1) “CRYPTOCURRENCY ” MEANS DIGITAL OR VIR TUAL CURRENCY THAT 26
84+RELIES ON CRYPTOGRAP HY TO EFFECT TRANSFE RS AND A DECENTRALIZ ED 27
85+NETWORK TO RECORD TR ANSACTIONS. 28
8386
84- (3) A campaign finance entity shall deposit all funds received in a
85-designated campaign account.
87+13–220. 29
8688
87- (4) A CAMPAIGN FINANCE ENT ITY MAY NOT DEPOSIT ANY FUNDS
88-RECEIVED IN A CRYPTO CURRENCY ACCOUNT .
89+ (a) (1) Each campaign finance entity shall designate one or more campaign 30
90+accounts. 31
8991
90- (d) (1) Subject to paragraph (3) of this subsection, a campaign finance entity
91-may make a disbursement only by:
92+ (2) Each designated campaign account shall: 32
9293
93- (i) check; or
94+ (i) be in a financial institution; and 33
95+ SENATE BILL 269 3
9496
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. 167
9897
99-– 3 –
100- (2) An electronic method of making a disbursement that the State Board
101-authorizes under this subsection shall ensure that:
98+ (ii) be registered in a manner that identifies it as the account of a 1
99+campaign finance entity. 2
102100
103- (i) the identity of the person making the disbursement may be
104-verified;
101+ (3) A campaign finance entity shall deposit all funds received in a 3
102+designated campaign account. 4
105103
106- (ii) the transaction is secure; and
104+ (4) A CAMPAIGN FINANCE ENT ITY MAY NOT DEPOSIT ANY FUNDS 5
105+RECEIVED IN A CRYPTO CURRENCY ACCOUNT . 6
107106
108- (iii) there is an adequate record of the transaction.
107+ (d) (1) Subject to paragraph (3) of this subsection, a campaign finance entity 7
108+may make a disbursement only by: 8
109109
110- (3) A campaign finance entity may make a disbursement to compensate a
111-responsible officer of the campaign finance entity only by check.
110+ (i) check; or 9
112111
113- (4) THE STATE BOARD MAY NOT AUTHORI ZE A CAMPAIGN FINANC E
114-ENTITY TO MAKE A DIS BURSEMENT USING CRYP TOCURRENCY .
112+ (ii) SUBJECT TO PARAGRAPH (4) OF THIS SUBSECTION , an 10
113+electronic method that the State Board authorizes by regulation. 11
115114
116-13–234.
115+ (2) An electronic method of making a disbursement that the State Board 12
116+authorizes under this subsection shall ensure that: 13
117117
118- (a) A contribution of money may be made only by:
118+ (i) the identity of the person making the disbursement may be 14
119+verified; 15
119120
120- (1) check;
121+ (ii) the transaction is secure; and 16
121122
122- (2) credit card;
123+ (iii) there is an adequate record of the transaction. 17
123124
124- (3) cash, if the contribution does not exceed $100 in an election cycle; or
125+ (3) A campaign finance entity may make a disbursement to compensate a 18
126+responsible officer of the campaign finance entity only by check. 19
125127
126- (4) SUBJECT TO SUBSECTIO N (C) OF THIS SECTION , an electronic
127-method that the State Board authorizes by regulation.
128+ (4) THE STATE BOARD MAY NOT AUTHORI ZE A CAMPAIGN FINANC E 20
129+ENTITY TO MAKE A DISBURSEMENT USING CRYPTOCURRENCY . 21
128130
129- (b) An electronic method of making a contribution that the State Board
130-authorizes under this section shall ensure that:
131+13–234. 22
131132
132- (1) the identity of the person making the contribution may be verified;
133+ (a) A contribution of money may be made only by: 23
133134
134- (2) the transaction is secure; and
135+ (1) check; 24
135136
136- (3) there is an adequate record of the transaction.
137+ (2) credit card; 25
137138
138- (C) THE STATE BOARD MAY NOT AUTHORI ZE A CONTRIBUTION TO BE MADE
139-USING CRYPTOCURRENCY .
139+ (3) cash, if the contribution does not exceed $100 in an election cycle; or 26
140140
141-13–238.
141+ (4) SUBJECT TO SUBSECTIO N (C) OF THIS SECTION , an electronic 27
142+method that the State Board authorizes by regulation. 28
143+ 4 SENATE BILL 269
142144
143- (A) (1) A PERSON MAY NOT MAKE A MONETARY CONTRIBUTION USING
144-CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY .
145- Ch. 167 2023 LAWS OF MARYLAND
146145
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.
146+ (b) An electronic method of making a contribution that the State Board 1
147+authorizes under this section shall ensure that: 2
151148
152- (B) (1) A CAMPAIGN FINANCE ENT ITY MAY NOT ACCEPT A MONETARY
153-CONTRIBU TION MADE USING CRYPTOCURRENCY ANY CURRENCY OTHER T HAN
154-UNITED STATES CURRENCY .
149+ (1) the identity of the person making the contribution may be verified; 3
155150
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 T HAN UNITED STATES CURRENCY.
151+ (2) the transaction is secure; and 4
159152
160-13–250.
153+ (3) there is an adequate record of the transaction. 5
161154
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 .
155+ (C) THE STATE BOARD MAY NOT AUTHORI ZE A CONTRIBUTION TO BE MADE 6
156+USING CRYPTOCURRENCY . 7
165157
166-13–604.1.
158+13–238. 8
167159
168- (b) The State Board may impose a civil penalty in accordance with this section for
169-the following violations:
160+ (A) (1) A PERSON MAY NOT MAKE A MONETARY CONTRIBUTION USING 9
161+CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY . 10
170162
171- (9) failure to include a disclosure on online campaign material as required
172-in § 13–401.1(b) of this title; [and]
163+ (2) A PERSON MAY NOT MAKE A MONETARY DONATION USING 11
164+CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY TO A 12
165+PERSON REQUIRED TO REGISTER UNDER § 13–306 OR § 13–307 OF THIS TITLE. 13
173166
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;
167+ (B) (1) A CAMPAIGN FINANCE ENT ITY MAY NOT ACCEPT A MONETARY 14
168+CONTRIBUTION MADE US ING CRYPTOCURRENCY ANY CURRENCY OTHER T HAN 15
169+UNITED STATES CURRENCY . 16
176170
177- (11) DEPOSITING FUNDS IN A CRYPTOCURRENCY ACC OUNT IN
178-VIOLATION OF § 13–220(A)(4) OF THIS TITLE;
171+ (2) A PERSON REQUIRED TO R EGISTER UNDER § 13–306 OR § 13–307 17
172+OF THIS TITLE MAY NO T ACCEPT A MONETARY DONATION MADE USING 18
173+CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY . 19
179174
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
175+13–250. 20
185176
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.
177+ A CAMPAIGN FINANCE ENT ITY, OR A PERSON ACTING O N ITS BEHALF, MAY NOT 21
178+MAKE AN A MONETARY EXPENDITURE USING CRYPTOCURRENCY ANY CURRENCY 22
179+OTHER THAN UNITED STATES CURRENCY . 23
189180
190-13–604.3.
191- WES MOORE, Governor Ch. 167
181+13–604.1. 24
192182
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.
183+ (b) The State Board may impose a civil penalty in accordance with this section for 25
184+the following violations: 26
197185
198- (B) THE STATE ADMINISTRATOR OR THE STATE ADMINISTRATOR ’S
199-DESIGNEE SHALL :
186+ (9) failure to include a disclosure on online campaign material as required 27
187+in § 13–401.1(b) of this title; [and] 28
200188
201- (1) NOTIFY A PERSON THAT IS SUBJECT TO AN INV ESTIGATION UNDER
202-THIS SECTION OF THE CIRCUMSTANCES THAT G AVE RISE TO THE INVE STIGATION;
203-AND
189+ (10) soliciting a recurring contribution or donation without the affirmative 29
190+consent of the contributor or donor as required in § 13–244 of this title; 30 SENATE BILL 269 5
204191
205- (2) PROVIDE THE PERSON A MPLE OPPORTUNITY TO BE HEARD AT A
206-PUBLIC MEETING OF TH E STATE BOARD.
207192
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 FO R THE ATTENDANCE OF A WITNESS TO TESTIFY OR THE
211-PRODUCTION OF RECORD S.
212193
213- (2) A SUBPOENA ISSUED UNDE R THIS SUBSECTION SH ALL BE SERVED
214-IN ACCORDANCE WITH T HE MARYLAND RULES.
194+ (11) DEPOSITING FUNDS IN A CRYPTOCURRENCY ACC OUNT IN 1
195+VIOLATION OF § 13–220(A)(4) OF THIS TITLE; 2
215196
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 INVESTIGAT ION BEING
219-CONDUCTED UNDER THIS SECTION.
197+ (12) MAKING A MONETARY CONTRIBUTION OR MONETARY DONATION 3
198+USING CRYPTOCURRENCY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY 4
199+OR ACCEPTING A MONETARY CONTRIBUTION OR MONETARY DONATION MADE USING 5
200+CRYPTOCURREN CY ANY CURRENCY OTHER T HAN UNITED STATES CURRENCY IN 6
201+VIOLATION OF § 13–238 OF THIS TITLE; AND 7
220202
221- (4) ANY FILING SUBMITTED TO A COURT WITH RESP ECT TO A
222-SUBPOENA UNDER THIS SUBSECTION SHALL BE SEALED ON FILIN G.
203+ (13) (12) MAKING AN A MONETARY EXPENDITURE USING 8
204+CRYPTOCURRENCY ANY CURRENCY OTHER THAN UNITED STATES CURRENCY IN 9
205+VIOLATION OF § 13–250 OF THIS TITLE. 10
223206
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 JURISDI CTION MAY COMPEL COM PLIANCE WITH THE SUB POENA.
207+13–604.3. 11
227208
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:
209+ (A) THE STATE ADMINISTRATOR OR THE STATE ADMINISTRATOR ’S 12
210+DESIGNEE MAY INVESTI GATE A POTENTIAL VIO LATION OF § 13–220(A)(4), § 13–238, 13
211+OR § 13–250 OF THIS TITLE. 14
231212
232- (1) IMPOSE A CIVIL PENAL TY IN THE AMOUNT AND MANNER
233-SPECIFIED IN § 13–604.1 OF THIS SUBTITLE; OR
213+ (B) THE STATE ADMINISTRATOR OR THE STATE ADMINISTRATOR ’S 15
214+DESIGNEE SHALL : 16
234215
235- (2) REFER THE MATTER FOR FURTHER INVESTIG ATION BY THE STATE
236-PROSECUTOR IF THE STATE BOARD HAS REASONABLE CAUSE TO BELIEVE THA T A Ch. 167 2023 LAWS OF MARYLAND
216+ (1) NOTIFY A PERSON THAT IS SUBJECT TO AN INV ESTIGATION UNDER 17
217+THIS SECTION OF THE CIRCUMSTANCES THAT G AVE RISE TO THE INVE STIGATION; 18
218+AND 19
237219
238-– 6 –
239-PERSON HAS WILLFULLY AND KNOWINGLY VIOLAT ED § 13–220(A)(4), § 13–238, OR §
240-13–250 OF THIS TITLE.
220+ (2) PROVIDE THE PERSON A MPLE OPPORTUNITY TO BE HEARD AT A 20
221+PUBLIC MEETING OF TH E STATE BOARD. 21
241222
242-Article – Tax – General
223+ (C) (1) IN FURTHERANCE OF AN INVESTIGATION UND ER THIS SECTION , 22
224+THE STATE ADMINISTRATOR OR THE STATE ADMINISTRATOR ’S DESIGNEE MAY 23
225+ISSUE A SUBPOENA FOR THE ATTENDANCE OF A WITNESS TO TESTIFY O R THE 24
226+PRODUCTION OF RECORD S. 25
243227
244-13–804.
228+ (2) A SUBPOENA ISSUED UNDE R THIS SUBSECTION SH ALL BE SERVED 26
229+IN ACCORDANCE WITH T HE MARYLAND RULES. 27
245230
246- (a) (1) In this section the following words have the meanings indicated.
231+ (3) IN ORDER FOR A SUBPOE NA TO BE ISSUED UNDE R THIS 28
232+SUBSECTION, THE STATE ADMINISTRATOR SHALL M AKE A FINDING THAT T HE 29
233+SUBPOENA IS NECESSAR Y TO AND IN FURTHERA NCE OF AN INVESTIGAT ION BEING 30
234+CONDUCTED UNDER THIS SECTION. 31
235+ 6 SENATE BILL 269
247236
248- (2) (i) “Account” means:
249237
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;
238+ (4) ANY FILING SUBMITTED TO A COURT WITH RESP ECT TO A 1
239+SUBPOENA UNDER THIS SUBSECTION SHALL BE SEALED ON FILING . 2
253240
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
241+ (5) IF A PERSON FAILS TO COMPLY WITH A SUBPOE NA ISSUED UNDER 3
242+THIS SUBSECTION , ON PETITION OF THE STATE ADMINISTRATOR , A CIRCUIT COURT 4
243+OF COMPETENT JURISDI CTION MAY COMPEL COM PLIANCE WITH THE SUB POENA. 5
257244
258- 3. any funds or property held by a financial institution, as
259-defined in paragraph (4)(iv) OR (V) of this subsection.
245+ (D) AT THE CONCLUSION OF THE INVESTIGATION AN D FOLLOWING THE 6
246+HEARING UNDER SUBSEC TION (B)(2) OF THIS SECTION , THE STATE BOARD SHALL 7
247+ISSUE A PUBLIC REPOR T OF ITS FINDINGS AN D MAY: 8
260248
261- (ii) “Account” does not include:
249+ (1) IMPOSE A CIVIL PENAL TY IN THE AMOUNT AND MANNER 9
250+SPECIFIED IN § 13–604.1 OF THIS SUBTITLE; OR 10
262251
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;
252+ (2) REFER THE MATTER FOR FURTHER INVESTIGATIO N BY THE STATE 11
253+PROSECUTOR IF THE STATE BOARD HAS REASONABLE CAUSE TO BELIEVE THA T A 12
254+PERSON HAS WILLFULLY AND KNOWIN GLY VIOLATED § 13–220(A)(4), § 13–238, OR § 13
255+13–250 OF THIS TITLE. 14
265256
266- 2. funds or property deposited to an account after the time
267-that the financial institution initially attaches the account;
257+Article – Tax – General 15
268258
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;
259+13–804. 16
271260
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
261+ (a) (1) In this section the following words have the meanings indicated. 17
274262
275- 5. an account or portion of an account to which the obligor
276-does not have an unconditional right of access.
263+ (2) (i) “Account” means: 18
277264
278- (4) “Financial institution” means:
265+ 1. any funds from a demand deposit account, checking 19
266+account, negotiable order of withdrawal account, savings account, time deposit account, 20
267+money market mutual fund account, or certificate of deposit account; 21
279268
280- (i) a depository institution, as defined in the Federal Deposit
281-Insurance Act under 12 U.S.C. § 1813(c);
269+ 2. any funds paid towards the purchase of shares or other 22
270+interest in a financial institution, as defined in paragraph (4)(ii) and (iii) of this subsection; 23
271+and 24
282272
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. 167
273+ 3. any funds or property held by a financial institution, as 25
274+defined in paragraph (4)(iv) OR (V) of this subsection. 26
285275
286-– 7 –
276+ (ii) “Account” does not include: 27
287277
288- (iii) a State credit union regulated under Title 6 of the Financial
289-Institutions Article; [or]
278+ 1. an account or portion of an account to which an obligor 28
279+does not have access due to the pledge of the funds as security for a loan or other obligation; 29
290280
291- (iv) A VIRTUAL CURRENCY M ONEY TRANSMITTER THA T IS
292-REGULATED UNDER TITLE 12 OF THE FINANCIAL INSTITUTIONS ARTICLE; OR
281+ 2. funds or property deposited to an account after the time 30
282+that the financial institution initially attaches the account; 31
283+ SENATE BILL 269 7
293284
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.
297285
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.
286+ 3. an account or portion of an account to which the financial 1
287+institution has a present right to exercise a right of setoff; 2
300288
301- SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July
302-1, 2023.
289+ 4. an account or portion of an account that has an account 3
290+holder of interest named as an owner on the account; or 4
303291
304-Approved by the Governor, April 24, 2023.
292+ 5. an account or portion of an account to which the obligor 5
293+does not have an unconditional right of access. 6
294+
295+ (4) “Financial institution” means: 7
296+
297+ (i) a depository institution, as defined in the Federal Deposit 8
298+Insurance Act under 12 U.S.C. § 1813(c); 9
299+
300+ (ii) a federal credit union or State credit union, as defined in the 10
301+Federal Credit Union Act under 12 U.S.C. § 1752; 11
302+
303+ (iii) a State credit union regulated under Title 6 of the Financial 12
304+Institutions Article; [or] 13
305+
306+ (iv) A VIRTUAL CURRENCY MONEY TRANS MITTER THAT IS 14
307+REGULATED UNDER TITLE 12 OF THE FINANCIAL INSTITUTIONS ARTICLE; OR 15
308+
309+ (V) a benefit association, insurance company, safe deposit company, 16
310+money market mutual fund, or similar entity doing business in the State that holds 17
311+property or maintains accounts reflecting property belonging to others. 18
312+
313+ (b) The Comptroller may request from a financial institution information and 19
314+assistance to enable the Comptroller to enforce the tax laws of the State. 20
315+
316+ SECTION 2. AND BE IT FURTHE R ENACTED, That this Act shall take effect July 21
317+1, 2023. 22
318+
319+
320+
321+
322+Approved:
323+________________________________________________________________________________
324+ Governor.
325+________________________________________________________________________________
326+ President of the Senate.
327+________________________________________________________________________________
328+ Speaker of the House of Delegates.