# Financial Institutions (GFI)

## Title 9. Savings and Loan Associations

### Subtitle 4. General Powers and Provisions

#### 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.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)