Section 9-407 – Small Accounts
(a) As to any savings account that has a withdrawal value of less than $25, a savings and loan association: (1) Need not pay a dividend or interest on the account; and (2) May not charge a penalty or service charge. (b) This section does not apply to a negotiable or transferable order of withdrawal account.
Section 9-408 – Withdrawals
(a) At any time, a holder of a savings account in a savings and loan association may request to withdraw all or any part of the money in the account of the holder and, for certain classes of accounts, the request may be made by a negotiable or transferable order. (b) (1) A savings and loan association may […]
Section 9-412.1 – Month and Year Account Opened to Appear on Checks or Drafts; Exceptions
(a) Any checks or drafts provided directly or indirectly by a savings and loan association for use in connection with a personal checking or draft account shall have the numerical month and year in which the account was opened printed on the face of the checks or drafts, except as provided in subsection (b) of this […]
Section 9-416 – Adverse Claim to Money
(a) Except as provided in subsection (b) of this section, a savings and loan association is not required to recognize or take any action on any claim to a deposit or to money or property held by the association or contained in a safe deposit box if that claim is adverse to the interests of any […]
Section 9-419 – Investments Authorized
(a) Subject to § 9-420 of this subtitle and the regulations of the Division Director, a savings and loan association may invest in any of the following types of investments: (1) Any mortgage on real property that is a first or second lien on property, but only if the requirements of § 9-420 of this subtitle are […]
Section 9-420 – Specific Limitations on Authorized Investments
(a) (1) An association may not, directly or indirectly, grant loans to any one individual or business entity in a total amount in excess of 5 percent of its assets. (2) In computing the total amount of loans made by an association to an individual, all loans made by the association to any entity in which that individual […]
Section 9-401 – Classification of Accounts
A savings and loan association may classify its savings accounts according to the character, amount, duration, or regularity of additions to the accounts.
Section 9-402 – Savings Certificate Accounts or Other Fixed Term Savings Accounts
In accordance with rules and regulations of the Division Director, a savings and loan association may issue a savings certificate account or any other fixed term savings account.
Section 9-403 – Interest Bearing Accounts
(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 […]