Maryland Labor and Employment Section 10-318

      (a)      (1)      The State Treasurer shall invest surplus money of the Fund in any security in which a savings bank may invest under State law.

            (2)      If the State Treasurer invests in a certificate of deposit, it shall:

                  (i)      be interest bearing;

                  (ii)      be issued by:

                        1.      a bank located and authorized to do business in the State;

                        2.      a national banking association located in the State; or

                        3.      a trust company located and authorized to do business in the State; and

                  (iii)      be secured in full by a pledge of a direct obligation of the State or United States.

      (b)      If sale of a security in which money of the Fund is invested is in the best interest of the Fund, the State Treasurer may sell the security.