3642

LAWS OF MARYLAND

Ch. 776

(2) WHEN THE FUNDS DEPOSITED BY CHECK OR SIMILAR
INSTRUMENT INTO AN INTEREST BEARING ACCOUNT WILL BEGIN TO EARN
INTEREST AND WHEN THAT INTEREST WILL BE CREDITED TO THE ACCOUNT.

(B) BEFORE THE OPENING OF AN ACCOUNT IN A SAVINGS AND LOAN
ASSOCIATION, THE SAVINGS AND LOAN ASSOCIATION SHALL PROVIDE A
WRITTEN DISCLOSURE TO ANY POTENTIAL CUSTOMER OF ITS POLICY
CONCERNING:

(1) WHEN THE CUSTOMER MAY WITHDRAW FUNDS DEPOSITED BY
CHECK OR SIMILAR INSTRUMENT INTO THE ACCOUNT; AND

(2) WHEN THE FUNDS DEPOSITED BY CHECK OR SIMILAR
INSTRUMENT INTO AN INTEREST BEARING ACCOUNT WILL BEGIN TO EARN
INTEREST AND WHEN THAT INTEREST WILL BE CREDITED TO THE ACCOUNT.
OF THE TIME AFTER WHICH THE FUNDS REPRESENTED BY AN ITEM
DEPOSITED TO THE ACCOUNT SHALL BE AVAILABLE FOR WITHDRAWAL AS OF
RIGHT, FOR EACH OF THE SITUATIONS WHERE THE ASSOCIATION:

(1) IS ALSO THE PAYOR ASSOCIATION;

(2) IS LOCATED IN THE SAME STATE AS THE PAYOR
ASSOCIATION; AND

(3) IS LOCATED IN A DIFFERENT STATE FROM THAT IN
WHICH THE PAYOR ASSOCIATION IS LOCATED.

(B) THE NOTICE SHALL ALSO STATE THE TIME AFTER WHICH THE
FUNDS REPRESENTED BY AN ITEM BECOME AVAILABLE FOR WITHDRAWAL AS
OF RIGHT WHERE THE ITEM IS ISSUED BY:

(1) THE MARYLAND STATE GOVERNMENT OR ANY AGENCY
THEREOF;

(2) THE UNITED STATES TREASURY; AND

(3) ANY AGENCY OF THE FEDERAL GOVERNMENT.

(C) THE NOTICE SHALL BE PRINTED IN TYPE NO SMALLER THAN
ELITE TYPEWRITER CHARACTERS.

(D) THE NOTICE SHALL:

(1) STATE THAT THE DEPOSITOR MAY CONTACT THE STATE

BANKING COMMISSIONER REGARDING INFORMATION, PROBLEMS, OR

QUESTIONS CONCERNING THE AVAILABILITY OF FUNDS DEPOSITED BY THE
MEMBER; AND

(2) INCLUDE THE ADDRESS AND TELEPHONE NUMBER OF THE
STATE BANKING COMMISSIONER.

SECTION 2. AND BE IT FURTHER ENACTED, That as to each
depositor or member in a banking institution, credit union, or
savings and loan association, the banking institution, credit