1. (a)

   1. (1) Subject to paragraph (2) of this subsection, a guardian of the property of a minor or disabled person may petition the court to deposit cash belonging to the minor or disabled person in an amount not exceeding $200,000 into a single restricted account.

   2. (2)

      1. (i) If the amount of cash belonging to a minor or disabled person exceeds $200,000, any excess amount shall be deposited into additional restricted accounts.
      2. (ii) The amount deposited in an additional restricted account under subparagraph (i) of this paragraph may not exceed $200,000.
      3. (iii) The aggregate amount deposited in any financial institution may not exceed $200,000.

2. (b) A deposit under subsection (a) of this section may be made into any type of account, including a certificate of deposit, in a financial institution that:

   1. (1) Accepts deposits; and

   2. (2)

      1. (i) Is federally insured; or
      2. (ii) Is regulated by the Commissioner of Financial Regulation.

Added by Acts 2013, c. 196, § 1, eff. Oct. 1, 2013.