{"data":{"id":"us-md/md.-code-financial-institutions-5-509","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 5–509","heading":"","body":"(a) Each banking institution shall be a member of the Federal Deposit Insurance Corporation unless the institution is not in the business of accepting deposits or retaining funds in a deposit account. A banking institution is not in the business of accepting deposits if it accepts a deposit as a trustee or custodian and is not in the business of retaining deposits if the deposits do not remain in a deposit account of the institution for more than two consecutive banking days. Any institution which is not in the business of accepting deposits or retaining funds in a deposit account as defined in this section shall not be bound by the provisions of § 5–403(c)(2) of this title.\n(b) If approved by a majority of its directors, a banking institution may:\n(1) Become and participate as a member of the Federal Reserve System; or\n(2) Withdraw from the system.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=5-509","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"c5ef764f9736630f1c6355ab9374ba268b1398519047bce8df0a4a31bed5e074","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-5-508","next":"us-md/md.-code-financial-institutions-5-511"},"notice":"GroundRules: Original legal text. Not legal advice."}