Section 9-407 - Small accounts. - Maryland Statutes

§ 9-407. Small accounts.
 

(a)  In general.- 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)  Exception.- This section does not apply to a negotiable or transferable order of withdrawal account. 
 

[An. Code 1957, art. 23, § 161FF; 1980, ch. 856; 1986, ch. 282.]