Title 6. Credit Unions — Subtitle 5. Deposits and Dividends
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 6-501 (2026)
Title 6. Credit Unions
Subtitle 5. Deposits and Dividends
§ 6–501LinkCopy Citation
As to each interest bearing or share account of each member or depositor in a credit union, the credit union shall generally make available to any member or depositor with an existing account, in addition to actually giving to the member or depositor, on the opening of the interest bearing or share account and, later, on demand of the member or depositor the following written notice:
“Under Maryland law, all funds remaining in this interest bearing or share account become the property of this State after the account has been inactive for 3 years and notice is sent to the member or depositor at that member’s or depositor’s last known address. This account will be considered inactive if the member or 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 or dividends; (3) written to this credit union about the account; (4) engaged in any credit, share, or other deposit transaction with the credit union; or (5) otherwise indicated an interest in the account as evidenced by a memorandum on file with this credit union.”
Md. Code Ann., Fin. Inst. § 6-502 (2026)
Title 6. Credit Unions
Subtitle 5. Deposits and Dividends
§ 6–502LinkCopy Citation
(a)
(1)
Except as otherwise provided in this section, the board may declare and pay dividends from its available net earnings or undivided earnings at the close of any accounting period after providing for accrued expenses and interest.
(2)
Dividends paid or accrued are to be treated as an expense.
(b)
The board shall set the dividend rate and any terms and conditions regarding the dividend.
(c)
A credit union may not declare a dividend:
(1)
Unless the required amount of earnings has been credited to the reserve fund of the credit union; or
(2)
If the known losses at the close of a fiscal year would exceed the sum of the balances of the reserve fund, surplus, and undivided earnings after payment of the dividend.
Md. Code Ann., Fin. Inst. § 6-503 (2026)
Title 6. Credit Unions
Subtitle 5. Deposits and Dividends
§ 6–503LinkCopy Citation
(a)
Any share drafts or checks provided directly or indirectly by a credit union for use in connection with a personal account shall have the numerical month and year in which the account was opened printed on the face of the drafts or checks, except as provided in subsection (b) of this section.
(b)
The provisions of subsection (a) of this section shall not apply under the following conditions:
(1)
If an individual personal account is closed at a particular credit union and a joint personal account is opened at the same credit union that includes one of the customers who previously had the individual personal account, then the numerical month and year printed on the face of the share drafts or checks shall be the numerical month and year in which the individual personal account was established.
(2)
If a joint personal account is closed at a particular credit union and an individual personal account is opened at the same credit union by one of the customers who previously was included under the joint account, then the numerical month and year printed on the face of the share drafts or checks shall be the numerical month and year in which the joint account was established.
(3)
If a customer with an individual personal account or with a joint personal account opens an additional account at the same credit union, then the numerical month and year printed on the face of the share drafts or checks shall be the numerical month and year in which the initial account was established.
(4)
In the case of a personal account that is closed and a new personal account opened simultaneously on the advice of the credit union, the share drafts or checks for the new account shall have the numerical month and year in which the closed account was originally opened printed on the face of the share drafts or checks.
(5)
If the closed account was opened prior to July 1, 1987, a date is not required to be printed on the share drafts or checks.
(c)
A share draft or check provided on the opening of a personal account for use by the customer until printed share drafts or checks have been prepared is not required to have the numerical month and year in which the account was opened printed on the face of the share draft or check.
(d)
(1)
The credit union and the share draft or check printer may not be held liable for unintentional errors in the month and year printed on the face of the share draft or check.
(2)
The customer may not be charged for the reprinting of the share drafts or checks when the share drafts or checks are reprinted due to error in the month and year printed on the face of the share draft or check.