§ 106.107. Public Disclosure of Account Information.

(a) General. An association shall make readily available to the public in a public place and shall furnish to the depositor prior to the time funds are initially placed with the association, whether such funds are accepted at its principal office, branch office or mobile facility, disclosures concerning savings accounts, investment certificates and withdrawable shares.

(b) Form of Disclosure. The disclosure required by subsection (a) shall be in the form of a written statement or written statements which shall contain an effective date and shall disclose the following minimum information in a clear and concise manner:

(1) A description of the various accounts available;

(2) The rate of interest, the annual yield, and method that will be used in computing and paying interest on the account, if any, including any provision for nonpayment of interest on deposits made after the beginning of the interest payment period or withdrawn before the end of such period;

(3) Rules for grace period interest on:

(A) Deposits mailed or received on or before the last day of the grace period,

(B) Transfer of funds between accounts within the association on or before the effective date of such change, unless such change is required by law or regulations.

(g) Copies to be Retained. The association shall maintain a chronological file showing all notices and the dates of the related accounts. The statements and notices shall bear the date of issue.

HISTORY

1. Change without regulatory effect renumbering former Section 217 to Section 106.107 (Register 87, No. 14). For prior history, see Register 83, No. 4.

Note

Note: Authority cited: Section 5255, Financial Code. Reference: Sections 6601 and 6602, Financial Code.