Md. Code, Financial Institutions § 9-406

Md. Code, Financial Institutions § 9-406
in effect
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(a) Except as required by subsection (b) of this section, a savings and loan association is not required to pay any dividend or interest on special purpose accounts such as “Christmas” or “vacation” accounts. (b) A savings and loan association shall pay at least 5 percent annual interest or dividend on savings accounts that are for: (1) A period of 1 year or less; and (2) A special purpose, such as “Christmas” or “vacation” accounts.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi&section=9-406&enactments=falseFetched: 10/17/2026

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