§ 9-406
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/md/financial-institutions/9-406·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§9–406.
(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.