WILLIAM DONALD SCHAEFER, Governor

Ch. 11

3.  The date or point in time on which the
deposit or shares begin to earn interest or a dividend;

4.  The method of determining the account
balance on which interest earned or dividends paid is calculated,
including the methods for day of deposit or purchase to day of
withdrawal and low periodic balance;

5.  Whether interest is compounded[, and]
AND, where applicable, the period for compounding;

6.  The annual percentage yield in 1 year
based on the rate of simple interest or dividends and compounding
method;

7.  The date or point in time when
interest or dividends earned is credited to the account;

8.  The method of determining the amount
of loss of accumulated earned interest or dividends if an account
is closed before the date on which interest or dividends are
regularly credited;

9.  The policy on the availability of
deposited funds or shares; 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 or share account become the property of this State
after the account has been inactive for 5 years and notice is
sent to the member or depositor at that member's or depositor's
last known address. This account will be considered inactive if
the member or 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 or
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."

DRAFTER'S NOTE: This corrects the misplacement of
punctuation in § 6-401(a)(l) of the Financial
Institutions Article.

The misplacement of the punctuation, a comma, was a
publishing error, which occurred in the printing of
the 1986 Supplement to the 1980 Volume of the
Financial Institutions Article.

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