HARRY HUGHES, Governor

471

FOR WITHDRAWAL UNLESS A DEFAULT OCCURS IN PAYMENTS DUE UNDER
THIS SECTION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first through
fourth and the twelfth and thirteenth sentences
of Art. 23, § 161X(a) and the last sentence of
(b).

Throughout this section, "request" is substituted
for "application".

In subsection (a) of this section, "money in the"
(free share account) is added for clarity.

As to subsection (d)(2)(i) of this section,

"request to withdraw money" is substituted for

"notice to withdraw" to avoid confusion with a
withdrawal from membership.

As to subsection (d) (2) (ii) of this section, the
present phrase "at law or in equity" is deleted
as unnecessary.

Also as to subsection (d)(2)(ii) of this section,
the present provision that the member has an
action at law "to the extent of the secured
payments due as above provided" is deleted since
there is no provision for security for these
payments.

"Savings and loan association" is defined in §
9-101 of this title.

9-407. ORDER OF PAYMENT.

(A)   IN GENERAL.

IN THE ORDER OF RECEIPT, A SAVINGS AND LOAN ASSOCIATION
SHALL:

(1)   NUMBER, DATE, AND FILE EACH WITHDRAWAL
REQUEST; OR

(2)   PAY ALL WITHDRAWAL REQUESTS ON FILE:

(I)   IN FULL; OR

(II)       PRO RATA IN ACCORDANCE WITH § 9-409
OF THIS SUBTITLE.

(B)       EXCEPTION.

A SAVINGS AND LOAN ASSOCIATION MAY PAY IN ANY ORDER
EACH ACCOUNT HOLDER'S WITHDRAWAL REQUEST THAT IS NOT MORE
THAN $200 IN ANY 1 MONTH.