Md. Code, State Finance and Procurement § 6–223

(a) Except as otherwise prohibited by law, the Treasurer may invest or reinvest, in a deposit with a financial institution in the State, unexpended or surplus money over which the Treasurer has custody if:

(1) the deposit is interest bearing; and

(2) as provided for a depositary for State money:

(i) the financial institution provides collateral that has a market value that equals or exceeds the amount by which a deposit exceeds the deposit insurance; and

(ii) a custodian holds the collateral.

(b) The Treasurer may sell, redeem, or exchange an investment or reinvestment made under this section.