California Financial Code

§ 7052

FIN § 7052Div. 2 · Ch. 5 · Art. 11

Statute text

Except for accounts that are classified according to a specified contractual time or notice period, interest shall be based on the withdrawal value of each savings account at the beginning of the accounting period, plus additions made during the period (less amounts previously withdrawn and noticed for withdrawal, which for interest purposes shall be deducted from the latest previous additions) computed at the rate for the time the funds have been invested, determined as provided in Section 7053.

Legislative history

Added by Stats. 1983, Ch. 1091, Sec. 2.