Maryland State Personnel and Pensions Section 21-210

      (a)      The State shall purchase a bond for each fiduciary in accordance with Title 9, Subtitle 17 of the State Government Article.

      (b)      (1)      Unless a fiduciary is bonded as required by subsection (a) of this section, the fiduciary may not exercise custody or control of any assets of a State system.

            (2)      A fiduciary may not allow another fiduciary to act in violation of paragraph (1) of this subsection.

      (c)      The bond required by subsection (a) of this section is the only bond required for a fiduciary to exercise custody or control of any assets of a State system.