Md. Code Ann., Fin. Inst. § 9-407
Savings accounts below specified value
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) As to any savings account that has a withdrawal value of less than $25, a savings and loan association:
- (1) Need not pay a dividend or interest on the account; and
- (2) May not charge a penalty or service charge.
- (b) This section does not apply to a negotiable or transferable order of withdrawal account.
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, § 161FF.