Any association may classify its savings accounts or savings deposits according to the character, amount or duration thereof, or regularity of additions thereto, and may pay additional or higher rates of earnings on accounts based on such classifications than is paid on regular savings accounts or savings deposits, provided that any such higher rate, or bonus, to be paid on any class of accounts shall not exceed the limitations prescribed by the State Banking Commissioner or by the Director of the Office of Thrift Supervision. A mutual association may also classify its accounts according to type of account, such as full paid, single payment, installment, optional installment, bonus or other types of accounts designated by the bylaws and permitted by the Commissioner.

Laws 1970, HB 1543, c. 101, § 38, emerg. eff. June 1, 1970; Amended by Laws 1978, SB 385, c. 168, § 12, eff. July 1, 1979; Amended by Laws 1990, HB 2278, c. 118, § 10, emerg. eff. April 23, 1990; Amended by Laws 1993, SB 31, c. 183, § 51, emerg. eff. July 1, 1993.