1110

LAWS OF MARYLAND

Ch. 282

9-401. Classification of accounts.

A savings and loan association may classify its savings
accounts according to the character, amount, duration, or
regularity of additions to the accounts.

9-402. Saving certificate accounts or other fixed term savings
accounts.

In accordance with rules and regulations of the [Board of
Commissioners] DIVISION DIRECTOR, a savings and loan association
may issue a savings certificate account or any other fixed term
savings account.

9-403. Truth in savings.

A savings and loan association shall give to the person
opening an account and subsequently, on demand of an account
holder, a written notice as to:

(1)  The annual dividend or interest rate;

(2)  The method of computing the dividend or interest;

(3)  The dates when a dividend or interest is
credited;

(4)  The minimum balance required to earn a dividend
or interest;

(5)  Any penalty for withdrawal;

(6)  The date when the account begins to earn a
dividend or interest; and

(7)  Whether a dividend or interest is compounded.
9-404. Dividends or interest — Savings accounts.

(a) Authority to pay dividends or interest.

Subject to this title and its bylaws, a savings and loan
association may:

(1)  Pay a dividend on savings share accounts or
interest on savings deposit accounts;

(2)  Agree in advance to pay an additional or
different rate of dividend or interest on all savings accounts in
the same classification[; however,] SUBJECT TO THE REQUIREMENT
THAT each savings account in the same classification [shall]
receive the same ratable portion of dividends or interest; and