HARRY HUGHES, Governor                                      3029

Article - Financial Institutions
Section 6-401 and 9-403
Annotated Code of Maryland
(1980 Volume and 1985 Supplement)

BY adding to

Article - Financial Institutions
Section 6-401 and 9-403
Annotated Code of Maryland
(1980 Volume and 1985 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

5-302.

(a) (1) As to the savings INTEREST BEARING account of each
depositor in a banking institution, the banking institution shall
[give] GENERALLY MAKE AVAILABLE TO ANY CUSTOMER WITH AN EXISTING
ACCOUNT, IN ADDITION TO ACTUALLY GIVING to the customer, on THE
opening of the savings INTEREST BEARING account and, later, on
demand of the customer:

(1) (I) Written notice of:

(i) The annual [interest rate] RATE OF SIMPLE
INTEREST;

(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 OR ANY OTHER
PENALTY;

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

(vii) Whether interest is compounded; [and]

(VIII) THE FREQUENCY OF COMPOUNDING AND

CREDITING OF INTEREST;

(IX) ANY DELAY IN CREDITING A DEPOSITED

INSTRUMENT;