HARRY HUGHES, Governor                                       3033

DIVIDENDS; (3) WRITTEN TO THIS CREDIT UNION ABOUT THE ACCOUNT;
OR (4) OTHERWISE INDICATED AN INTEREST IN THE ACCOUNT AS
EVIDENCED BY A MEMORANDUM ON FILE WITH THIS CREDIT UNION."

(2) NOT LESS THAN 30 DAYS BEFORE A CREDIT UNION
ADOPTS ANY CHANGE REGARDING ANY INFORMATION REQUIRED UNDER
PARAGRAPH (1)(I) OF THIS SUBSECTION, THE CREDIT UNION SHALL
INFORM EACH MEMBER OR DEPOSITOR OF THE CHANGE IN THE CREDIT
UNION'S PERIODIC STATEMENT OR BY WRITTEN NOTICE.

(B) A CREDIT UNION SHALL PAY AT LEAST 3 PERCENT ANNUAL
INTEREST OR DIVIDENDS ON EACH INTEREST BEARING OR SHARE ACCOUNT
THAT IS INSTITUTED FOR A SPECIFIC PURPOSE, INCLUDING "CHRISTMAS"
OR "VACATION" ACCOUNTS, FOR A PERIOD OF 1 YEAR OR LESS.

(C) A CREDIT UNION THAT FAILS TO COMPLY WITH SUBSECTION (A)
OR (B) OF THIS SECTION SHALL BE LIABLE TO ANY MEMBER OR DEPOSITOR
OF THE CREDIT UNION WHO SUSTAINS ANY INJURY OR LOSS AS THE RESULT
OF THE FAILURE TO COMPLY FOR:

(1) ALL FORESEEABLE LOSSES INCURRED BY THE MEMBER OR
DEPOSITOR AS A RESULT OF THE CREDIT UNION'S FAILURE TO COMPLY
WITH THOSE SUBSECTIONS; AND

(2) REASONABLE ATTORNEY'S FEES.

9-403.

(A) (1) AS TO THE INTEREST BEARING ACCOUNT OF EACH
DEPOSITOR IN A SAVINGS AND LOAN ASSOCIATION, THE SAVINGS AND LOAN
ASSOCIATION SHALL GENERALLY MAKE AVAILABLE TO ANY DEPOSITOR WITH
AN EXISTING ACCOUNT, IN ADDITION TO ACTUALLY GIVING TO THE
DEPOSITOR, ON THE OPENING OF THE INTEREST BEARING ACCOUNT AND,
LATER, ON DEMAND OF THE DEPOSITOR;

(I) WRITTEN NOTICE OF:

1. THE ANNUAL RATE OF SIMPLE INTEREST
CURRENTLY IN EFFECT;

2. THE DATES, IF ANY, ON WHICH THE
CURRENT RATE OF INTEREST MAY BE CHANGED, AND THE TERMS AND
CONDITIONS UNDER WHICH EACH SUCCESSIVE INTEREST RATE WILL BE
APPLIED;

3. THE DATE OR POINT IN TIME ON WHICH THE
DEPOSIT BEGINS TO EARN INTEREST;

4. THE METHOD OF DETERMINING THE ACCOUNT
BALANCE ON WHICH INTEREST EARNED IS CALCULATED, INCLUDING THE
METHODS FOR DAY OF DEPOSIT TO DAY OF WITHDRAWAL AND LOW PERIODIC
BALANCE;

5. WHETHER INTEREST IS COMPOUNDED AND
WHERE APPLICABLE, THE PERIOD FOR COMPOUNDING;