MARVIN MANDEL,

Governor

1157

(E)          PENALTIES FOR [[EARLY]] WITHDRAWAL;

(F)          THE DATE THE DEPOSIT BEGINS TO EARN
INTEREST OR DIVIDEND; AND

(G)         WHETHER THE INTEREST OR DIVIDEND IS

COMPOUNDED.

156.

EVERY CREDIT UNION SHALL PROVIDE A WRITTEN NOTICE TO

ITS CUSTOMERS, UPON DEMAND OR UPON OPENING A SHARE OR

DEPOSIT ACCOUNT,__CONTAINING THE FOLLOWING INFORMATION

ABOUT THE ACCOUNT:

(1) THE ANNUAL DIVIDEND RATE,

(2) THE METHOD OF COMPUTING THE DIVIDEND,

(3) THE DATES THE DIVIDEND IS CREDITED,

(4) THE MINIMUM BALANCE REQUIRED TO EARN THE
DIVIDEND,

(5)    THE PENALTY FOR WITHDRAWAL,

(6)    THE DATE THE DEPOSIT BEGINS TO EARN THE
DIVIDEND, AND

(7) WHETHER THE DIVIDEND IS COMPOUNDED.

SECTION 2. AND BE IT FURTHER ENACTED, That new

Section 161FF(f) be and it is hereby added to Article

23—Corporations of the Annotated Code of Maryland (1973

Replacement Volume and 1975 Supplement) to read as

follows:

Article 23 — Corporations

161FF(F).

EVERY SAVINGS AND LOAN ASSOCIATION AND FEDERAL

SAVINGS AND LOAN ASSOCIATION SHALL PROVIDE A WRITTEN

NOTICE TO ITS CUSTOMERS, UPON DEMAND OR UPON OPENING AN

ACCOUNT, CONTAINING THE FOLLOWING INFORMATION ABOUT THE

ACCOUNT:

(1) THE ANNUAL DIVIDEND OR INTEREST RATE,

(2) THE METHOD OF COMPUTING THE DIVIDEND OR

INTEREST,

(3) THE DATES THE DIVIDEND OR INTEREST IS

CREDITED,

(4) THE MINIMUM BALANCE REQUIRED TO EARN THE
DIVIDEND OR INTEREST,