TITLE XXXV BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CHAPTER 393 BUILDING AND LOAN ASSOCIATIONS
Dues, Fines, Loans, Investments, etc.
Section 393:20
393:20 Fines and Service Charges. –
It may impose fines upon its shareholders and upon those of its borrowers who are shareholders, for non-payment of interest and principal beginning 14 days after they become due, not exceeding 4 percent a month upon the sums unpaid. It may make a service charge of not more than $1 in any calendar year against any savings account if at the time any such charge is made: (a) The association is not required to distribute earnings on such account; (b) no payment has been made and no earnings have been distributed on such account for a period of at least 25 months next preceding the date on which such charge is made; and (c) 30 days prior to making the first service charge, the association will mail to the holder of such account, at its last known address, a notice that service charges will be made in accordance with this section.