Section 14-C. Power of the banking board to prescribe criteria for disclosure of information on savings and time accounts

1. The  banking  board  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 banking board may alter  or  amend  rules  and  regulations  or
  promulgate  additional  rules  and regulations as it deems necessary and
  proper to effectuate the provisions of subdivision one.