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2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 9-406 - Dividends or interest -- Special purpose accounts


MD Fin Inst Code § 9-406 (2013) What's This?

§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.

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