Maryland Code, COMMERCIAL LAW 17-308.1
Terms Used In Maryland Code, COMMERCIAL LAW 17-308.1
(1) The charges or cessation of any benefit are provided for in a valid, enforceable and written contract between the holder and the owner which specifies the amount or rate of the charges and that the benefit will cease;
(2) For property in excess of $2, the holder gives written notice to the owner at the owner’s last known address before the proposed action; and
(3) The holder imposes charges or ceases accrual or payment of benefits on all dormant or inactive accounts, and does not reverse or otherwise cancel the charges or retroactively pay or accrue benefits with respect to those accounts.
(b) A holder may consider a money order dormant or inactive for purposes of imposing a service charge if the owner has taken none of the actions set forth in § 17-301(b)(3) of this subtitle for 1 year from the date of issuance of the money order.
(c) The notice required in this section is not required with respect to charges imposed or benefits that ceased prior to July 1, 1981.