Maryland Financial Institutions Section 9-403

      (a)      (1)      As to the interest bearing account of each depositor in a savings and loan association, the savings and loan association shall generally make available to any depositor with an existing account, in addition to actually giving to the depositor, on the opening of the interest bearing account and, later, on demand of the depositor:

                  (i)      Written notice of:

                        1.      The annual rate of simple interest currently in effect;

                        2.      The dates, if any, on which the current rate of interest may be changed, and the terms and conditions under which each successive interest rate will be applied;

                        3.      The date or point in time on which the deposit begins to earn interest;

                        4.      The method of determining the account balance on which interest earned is calculated, including the methods for day of deposit to day of withdrawal and low periodic balance;

                        5.      Whether interest is compounded and, where applicable, the period for compounding;

                        6.      The annual percentage yield in 1 year based on the rate of simple interest and compounding method;

                        7.      The date or point in time when interest earned is credited to the account;

                        8.      The method of determining the amount of loss of accumulated earned interest if an account is closed before the date on which interest is regularly credited;

                        9.      The policy on the availability of deposited funds; and

                        10.      Any fees, charges, or penalties which may be applied and the conditions under which the fees, charges, or penalties may be assessed; and

                  (ii)      The following written notice:

      "Under Maryland law, all funds remaining in this interest bearing account become the property of this State after the account has been inactive for 5 years and notice is sent to the depositor at that depositor's last known address. This account will be considered inactive if the depositor has not: (1) increased or decreased the amount in the account; (2) presented the passbook or other similar evidence of the account for the crediting of interest; (3) written to this savings and loan association about the account; or (4) otherwise indicated an interest in the account as evidenced by a memorandum on file with this savings and loan association."

            (2)      Not less than 30 days before a savings and loan association adopts any change regarding any information required under paragraph (1)(i) of this subsection, the association shall inform each depositor of the change in the association's periodic statement or by written notice.

      (b)      A savings and loan association shall pay at least 3 percent annual interest on each interest bearing account that is instituted for a specific purpose, including "Christmas" or "vacation" accounts, for a period of 1 year or less.

      (c)      A savings and loan association that fails to comply with subsection (a) or (b) of this section shall be liable to any depositor of the association who sustains any injury or loss as the result of the failure to comply for:

            (1)      All foreseeable losses incurred by the depositor as a result of the association's failure to comply with those subsections; and

            (2)      Reasonable attorney's fees.