Dividends or interest on a savings certificate account or other type of fixed term account shall be: Subject to the approval of the Division Director; and In accordance with the rules and regulations of the Division Director. 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: Earnings of the association are sufficient to pay the proposed dividend for a period of at least 1 year; and The public interest is protected. An applicant aggrieved by the action or nonaction of the Division Director under this section may appeal to the appropriate circuit court.