§ 9-407. Small accounts

Latest version.

   (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.

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

                    
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