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)