3034

LAWS OF MARYLAND

Ch. 791

6. THE ANNUAL PERCENTAGE YIELD IN 1 YEAR
BASED ON THE RATE OF SIMPLE INTEREST AND COMPOUNDING METHOD;

7. THE DATE OR POINT IN TIME WHEN
INTEREST EARNED IS CREDITED TO THE ACCOUNT;

8. THE METHOD OF DETERMINING THE AMOUNT

OF LOSS OF ACCUMULATED EARNED INTEREST IF AN ACCOUNT IS CLOSED
BEFORE THE DATE ON WHICH INTEREST IS REGULARLY CREDITED;

9. THE POLICY ON THE AVAILABILITY OF
DEPOSITED FUNDS; AND

10. ANY FEES, CHARGES, OR PENALTIES WHICH
MAY BE APPLIED AND THE CONDITIONS UNDER WHICH THE FEES, CHARGES,
OR PENALTIES MAY BE ASSESSED; AND

(II) THE FOLLOWING WRITTEN NOTICE;

"UNDER MARYLAND LAW, ALL FUNDS REMAINING IN THIS INTEREST
BEARING ACCOUNT BECOME THE PROPERTY OF THIS STATE AFTER THE
ACCOUNT HAS BEEN INACTIVE FOR 5 YEARS AND NOTICE IS SENT TO THE
DEPOSITOR AT THAT DEPOSITOR'S LAST KNOWN ADDRESS. THIS ACCOUNT
WILL BE CONSIDERED INACTIVE IF THE DEPOSITOR 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
SAVINGS AND LOAN ASSOCIATION ABOUT THE ACCOUNT; OR (4) OTHERWISE
INDICATED AN INTEREST IN THE ACCOUNT AS EVIDENCED BY A MEMORANDUM
ON FILE WITH THIS SAVINGS AND LOAN ASSOCIATION."

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

(B) A SAVINGS AND LOAN ASSOCIATION SHALL PAY AT LEAST     3

PERCENT ANNUAL INTEREST ON EACH INTEREST BEARING ACCOUNT THAT   IS

INSTITUTED FOR A SPECIFIC PURPOSE, INCLUDING "CHRISTMAS"     OR
"VACATION" ACCOUNTS, FOR A PERIOD OF 1 YEAR OR LESS.

(C) A SAVINGS AND LOAN ASSOCIATION THAT FAILS TO COMPLY
WITH SUBSECTION (A) OR (B) OF THIS SECTION SHALL BE LIABLE TO ANY
DEPOSITOR OF THE ASSOCIATION WHO SUSTAINS ANY INJURY OR LOSS AS
THE RESULT OF THE FAILURE TO COMPLY FOR;

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

(2) REASONABLE ATTORNEY'S FEES.