§ 14-c. Power of the superintendent of financial services to prescribe
criteria for disclosure of information on savings and time accounts. 1.
The superintendent of financial services shall promulgate rules and
regulations with respect to the disclosure of information on savings and
time accounts by all banking organizations and out-of-state state banks
authorized to operate and maintain branches pursuant to article five-C
of this chapter. Such rules and regulations shall set forth guidelines
for, but not be limited to the following:

(a) disclosure of the annual rate of simple interest; the effective
annual yield; the formula used in calculating interest; the frequency of
compounding and crediting of interest; date on which a deposit begins to
earn interest; any delay in crediting a deposited instrument; grace
periods for deposits and withdrawals; the minimum balance required to
earn interest; the method of determining the balance on which interest
is paid; the minimum length of time funds must remain on deposit to earn
interest; any fees levied on inactive accounts; any charges, penalties
or other conditions imposed upon withdrawals; any penalties for the
closing of an account before a specific date; and any other fees,
charges or penalties.

(b) form, content and distribution of information.

2. The superintendent of financial services may alter or amend rules
and regulations or promulgate additional rules and regulations as he or
she deems necessary and proper to effectuate the provisions of
subdivision one.