(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.
Structure Maryland Statutes
Title 9 - Savings and Loan Associations
Subtitle 4 - General Powers and Provisions
Part I - General Provisions -- Dividends or Interest; Withdrawals
Section 9-401 - Classification of Accounts
Section 9-402 - Savings Certificate Accounts or Other Fixed Term Savings Accounts
Section 9-403 - Interest Bearing Accounts
Section 9-404 - Dividends or Interest -- Savings Accounts
Section 9-405 - Dividends or Interest -- Fixed Term Accounts
Section 9-406 - Dividends or Interest -- Special Purpose Accounts
Section 9-407 - Small Accounts
Section 9-412.1 - Month and Year Account Opened to Appear on Checks or Drafts; Exceptions