Maryland Financial Institutions Section 9-405

      (a)      Dividends or interest on a savings certificate account or other type of fixed term account shall be:

            (1)      Subject to the approval of the Division Director; and

            (2)      In accordance with the rules and regulations of the Division Director.

      (b)      Within 45 days of the request, the Division Director shall approve an association's request to pay a dividend or interest under this section if:

            (1)      Earnings of the association are sufficient to pay the proposed dividend for a period of at least 1 year; and

            (2)      The public interest is protected.

      (c)      An applicant aggrieved by the action or nonaction of the Division Director under this section may appeal to the appropriate circuit court.