§ 9-405

Maryland § 9-405

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 9

Text

(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.