COMAR 03.05.01.02 — § 2 Service Charges.

.02 Service Charges.
A.
A service charge of any type may not be made by a holder of any property presumed abandoned under Commercial Law Article, Title 17, during the period of time giving rise to presumption of abandonment unless the holder complies with the requirements set forth in
Commercial Law Article, §17-308
.1.
B.
Except in those instances in which a service charge is properly made pursuant to §17-308.1, a holder shall report, pursuant to §17-310, the full amount appearing on the face of every instrument presumed abandoned. By way of illustration but not of limitation, instruments subject to these provisions include certificates of deposit, drafts, traveler's checks, and money orders.
C.
Repealed.
D.
Repealed.
E.
Effective June 30, 2003, for purposes of
Commercial Law Article, §17-308
.1, Annotated Code of Maryland, an account shall be considered dormant or inactive, if, with respect to that account, the owner has for a period of 1 year, taken none of the actions set forth in
Commercial Law Article, §17-301, Annotated Code of Maryland
. When a service charge is permitted, the maximum amount of the charge shall be $10 per year for an account that does not exceed $50 and $20 per year for an account that exceeds $50.