4784

LAWS OF MARYLAND

Ch. 882

2. Asks the Bank Commissioner to do
so].

5-302.

(a) As to the savings account of each depositor in a
banking institution, the banking institution shall give to
the customer, on opening of the savings account and, later,
on demand of the customer:

(1) Written notice of:

(i) The annual interest rate;

(ii) The method of computing interest;

(iii) The dates when interest is credited;

(iv) The minimum balance required to earn

interest;

(v) Any penalty for withdrawal;

(vi) The date when the deposit begins to
earn interest; and

(vii) Whether interest is compounded; and

(2) The following written notice:

"Under Maryland law, all funds remaining in this
savings account become the property of this State after the
account has been inactive for [12] 5 years and notice is
sent to the depositor at that depositor's last known
address. This account will be considered inactive if the
owner 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; (3)
written to this financial institution about the account; or
(4) otherwise indicated an interest in the account as
evidenced by a memorandum on file with this financial
institution."

5-404.

[(a)] The Bank Commissioner has the same authority to
examine the business of an affiliate that the Bank
Commissioner has as to a banking institution.

[(b) For each examination of an affiliate, the Bank
Commissioner shall charge the same fees that the Bank
Commissioner charges for examination of a banking
institution.]