Section 9-407 - Small accounts.
§ 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.]