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MARVIN MANDEL, Governor 2683
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved May 17, 1977.
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CHAPTER 670
(House Bill 2094)
AN ACT concerning
Bank Savings Deposits
FOR the purpose of requiring certain notice to savings
account customers.
BY adding to
Article 11 - Banks and Trust Companies
Section 102B(h)
Annotated Code of Maryland
(1976 Replacement Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 102B(h) be and it is hereby
added to Article 11 — Banks and Trust Companies, of the
Annotated Code of Maryland (1976 Replacement Volume and
1976 Supplement) to read as follows:
Article 11 - Banks and Trust Companies
1023.
Every tanking institution and national bank shall
provide a written notice to its customers, upon demand,
or upon opening a savings account, containing the
following information pertaining to its savings accounts:
(H) THE FOLLOWING NOTICE:
MARYLAND LAW REQUIRES THAT ALL FUNDS REMAINING
IN THIS SAVINGS ACCOUNT SHALL BECOME THE PROPERTY OF THE
STATE AFTER TWELVE YEARS OF INACTIVITY AND NOTIFICATION
TO THE DEPOSITOR AT HIS LAST KNOWN ADDRESS. THIS ACCOUNT
IS DEFINED AS INACTIVE, IF THE OWNER HAS NOT (1)
INCREASED OR DECREASED THE AMOUNT OF THE DEPOSIT, (2)
PRESENTED THE PASSBOOK OR OTHER SIMILAR EVIDENCE OF THE
DEPOSIT, (3) CORRESPONDED IN WRITING WITH THIS FINANCIAL
INSTITUTION CONCERNING THIS DEPOSIT OR (4) OTHERWISE
INDICATED AN INTEREST IN THE DEPOSIT AS EVIDENCED BY A
MEMORANDUM OR FILE WITH THIS FINANCIAL INSTITUTION.
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