Md. Code, Education § 18–1908

(a) Each fiduciary shall be covered by a surety bond or an insurance policy of the type and in the amount of coverage determined by the State Treasurer under § 5–108 of the State Government Article, as a fiduciary of the Trust.

(b) Unless a fiduciary is bonded, the fiduciary may not exercise custody or control of any assets of the Trust.

(c) A fiduciary may not allow another fiduciary to act in violation of this section.