1112

LAWS OF MARYLAND

Ch. 282

(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) UNIFORM SCHEDULE OF RATE CEILINGS.

(1) THE DIVISION DIRECTOR MAY ADOPT A UNIFORM

SCHEDULE OF RATE CEILINGS SPECIFYING THE MAXIMUM DIVIDEND OR
INTEREST RATE THAT AN ASSOCIATION IS PERMITTED TO PAY ON SAVINGS
CERTIFICATE ACCOUNTS AND OTHER TYPES OF FIXED TERM ACCOUNTS.

(2) BEFORE ADOPTING A UNIFORM SCHEDULE OF RATE

CEILINGS UNDER PARAGRAPH (1) OF THIS SUBSECTION, THE DIVISION
DIRECTOR SHALL CONSIDER FACTORS SUCH AS THE SAFETY AND SOUNDNESS
OF THE ASSOCIATION, PREVAILING NATIONAL DIVIDEND AND INTEREST
RATES, AND COMPARABLE DIVIDEND AND INTEREST RATES PAID BY OTHER
FINANCIAL INSTITUTIONS IN THE STATE.

[(c)] (D) Appeal.

An applicant aggrieved by the action or nonaction of the
[Board of Commissioners] DIVISION DIRECTOR under this section may
appeal [in accordance with Subtitle 4, Title 8 of this article]
TO THE CIRCUIT COURT FOR BALTIMORE CITY APPROPRIATE CIRCUIT
COURT.

9-406. Same — Special purpose accounts.

(a)  Authority to forego payment.

Except as required by subsection (b) of this section, a
savings and loan association is not required to pay any dividend
or interest on special purpose accounts such as "Christmas" or
"vacation" accounts.

(b)  Rate.

A savings and loan association shall pay at least 5 percent
annual interest or dividend on savings accounts that are for:

(1)  A period of 1 year or less; and

(2)  A special purpose, such as "Christmas" or
"vacation" accounts.

9-407. Small accounts.

(a) In general.

As to any savings account that has a withdrawal value of
less than $25, a savings and loan association:

(1) Need not pay a dividend or interest on the
account; and