(a) The Treasurer may make an agreement with a financial institution as to terms, conditions, and compensation for a banking service that the financial institution provides to the State or any State agency.

(b) An agreement under this section:

(1) shall specify the charges to be paid for a banking service;

(2) may allow the deposit of money with the financial institution in an amount determined by the Treasurer that permits the financial institution to earn sufficient compensation to offset the charges for its banking service; and

(3) shall require the financial institution to invest any money on deposit that exceeds any amount allowed by the Treasurer under item (2) of this subsection and unless otherwise specifically provided by law to pay to the State the proceeds of the investment to the General Fund of the State.

(c) The Treasurer, with the concurrence of the Comptroller, may authorize a State agency to open and maintain an account with a financial institution that has an agreement with the Treasurer under this section.

(d) An account established under subsection (c) of this section shall comply with the provisions of this subtitle and regulations and policies adopted by the Treasurer and the Comptroller.