Privacy Law Library

Maryland Confidential Financial Records law

MD Financial Records Confidentiality

Financial

Maryland bars banks and other fiduciary institutions from disclosing a customer's financial records unless the customer authorizes it, a statutory exception applies (such as guardians, estate representatives, public assistance verification, adult protective services, child support, or tax liens), or a properly certified subpoena is served with notice to the customer. A 2026 amendment (ch. 510, effective 2026-10-01) adds disbursement-delay authority and disclosure duties to protect seniors and vulnerable adults from exploitation.

Where
Maryland
Citation
Md. Code, Fin. Inst. §§ 1-301 to 1-307
Status
In force
Last amended
2026-10-01
Enforced by
State's Attorneys (criminal); Attorney General (civil penalties for failure to file elder-abuse reports)
People can sue
No
Penalties
Knowing and willful unauthorized disclosure by institution personnel, or inducing one, is a misdemeanor with a fine up to $1,000 (1-305(a)-(b)). Failure to file a required elder financial abuse report carries civil penalties up to $1,000, or $5,000 if willful (1-305(c)).
Applies to
  • Fiduciary institutions (such as banks, credit unions, and trust companies) and their officers, employees, agents, and directors, with respect to customers' financial records (1-301, 1-302)

Practices it requires

  • Do not disclose a customer's financial records to any person unless the customer authorizes it or a listed statutory exception applies.Fin. Inst. 1-302(1)
  • Produce records in response to a subpoena, summons, warrant, or court order only if it certifies that the customer was served a copy or that the court waived service for good cause.Fin. Inst. 1-304(b)

Other duties

  • Disclose requested deposit information to the Department of Human Services, adult protective services, and the Comptroller in the listed circumstances.Fin. Inst. 1-302(2)-(4)

Sources

Checked against these sources on 2026-09-25 by research agent (Claude), primary sources.

Unverified: Section range end (1-307), the full list of 1-302 exceptions, and the original enactment date were not verified; the 2026 changes were summarized from the chapter's purpose paragraph only.

Research reference, not legal advice.