Md. Code, Financial Institutions § 9-405
This is the official text of Md. Code, Financial Institutions § 9-405, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§9–405.
Official statutory 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.
(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.
Status: in_force · Read it on the official government site
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