§ 9–405

Statutes in effect as of October 1, 2026.

Md. Code Ann., Fin. Inst. § 9-405 (2026)

Title 9. Savings and Loan Associations

Subtitle 4. General Powers and Provisions

(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.