§ 9–406
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 9-406 (2026)
Title 9. Savings and Loan Associations
Subtitle 4. General Powers and Provisions
§ 9–406LinkCopy Citation
(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.