2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 9-405 - Dividends or interest -- Fixed term accounts
§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.
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