Maryland law requires savings and loan associations and most banks within the state to pay interest on home escrow accounts originating after May 31, 1974. The requirement applies primarily to homebuyers whose property is located within Maryland.

Virginia and D.C. homebuyers who have escrow accounts in Maryland national banks or in Maryland state-regulated lending institutions also are entitled to interest under the terms of that law, according to the Maryland Bank Commission and the Maryland attorney general's office. There is no penalty for violations of the interest requirement, but a homebuyer who believes he should be getting interest can take his case to the appropriate regulatory agency. It is up to the agency to determine if interest is due and then to secure it for the homebuyer.

Here are the three main regulatory agencies:

Maryland Bank Commissioner, 1301 Blaustein Building, Charles and Fayette streets, Baltimore, Md.. 21201. Telephone 301-659-6262. The office has jurisdiction over state-chartered banks and savings and loan associations.

Office of the Comptroller of the Currency, Consumer Protection Unit, Washington, D.C. 20219. It has jurisdiction over national banks.

Federal Home Loan Bank Board, Supervisory Agent, Federal Home Loan Bank of Atlanta, PO Box 56527, Peachtree Center Station, Atlanta, Ga. b30343. Telephone in Washington 377-6237. It has jurisdiction over federally insured S&Ls.

Federally insured S&Ls in Maryland are exempt from paying interest on escrow accounts when the home is located outside Maryland. Mortgage bankers there are exempt from paying interest inside or outside of the state.