Regulations of Connecticut State Agencies
The following procedures shall be implemented by Connecticut credit unions offering term shares:
(1) Each member having a term share account shall be given notice before maturity of the member's term share account in accordance with 12 C.F.R. section 707.5, as from time to time amended.
(2) Dividends on term share accounts may be withdrawn at any time without penalty.
(3) Life savings insurance shall not be provided on term share accounts unless the written agreement with the member specifies that such insurance coverage is provided.
(Effective June 25, 1986; TransferredApril 24, 1995; Amended January 30, 1996)