Md. Code Ann., Fin. Inst. § 9-406
Special purpose account dividends or interest
Effective Jun 1, 1986Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986.State of Maryland
- (a) Except as required by subsection (b) of this section, a savings and loan association is not required to pay any dividend or interest on special purpose accounts such as “Christmas” or “vacation” accounts.
(b) A savings and loan association shall pay at least 5 percent annual interest or dividend on savings accounts that are for:
- (1) A period of 1 year or less; and
- (2) A special purpose, such as “Christmas” or “vacation” accounts.
Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986.
Formerly Art. 23, §§ 160, 160 ½.