9-A M.R.S. § 9-404 — ME Code / Title 9-A / Chapter 9 / Section 9-404
9-A §9-404. Stay of enforcement of judgment
Status: in_force

At any time after the entry of a judgment in favor of a creditor against a consumer in an action arising from a consumer credit transaction, the court, for cause and upon motion of a party or on its own motion, while such court retains jurisdiction, may stay enforcement of the judgment by order upon just and equitable conditions and continue, modify or revoke the order as the interests of justice may require. [PL 1987, c. 396, §12 (NEW).]
9-A M.R.S. § 6-112 — ME Code / Title 9-A / Chapter 6 / Section 6-112
9-A §6-112. Temporary relief
Status: in_force

With respect to an action brought to enjoin violations of the Act, section 6‑110 , or unconscionable agreements or fraudulent or unconscionable conduct, section 6‑111 , the administrator, through the Attorney General, may apply to the court for appropriate temporary relief against a respondent, pending final determination of proceedings. If the court finds that there is reasonable cause to believe that the respondent is engaging in or is likely to engage in conduct sought to be restrained, it may grant any temporary relief or restraining order it deems appropriate. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 357 — ME Code / Title 9-B / Part 3 / Chapter 35 / Section 357
9-B §357. Effect of merger, consolidation, conversion or acquisition
Status: in_force

From and after the effective date of a merger, consolidation, conversion or acquisition, the resulting institution may conduct business in accordance with the terms of the plan as approved; provided that: [PL 1975, c. 500, §1 (NEW).]

1. Continuing entity. Even though the charter of any participating or converting institution has been terminated, the resulting institution shall be deemed to be a continuation of the entity of the participating or converting institution such that all property of the participating or converting institution, including rights, titles and interests in and to all property of whatsoever kind, whether real, personal or mixed, and things in action, and every right, privilege, interest and asset of any conceivable value or benefit then existing, or pertaining to it, or which would inure to it, including appointments, designations and nominations, and all other rights and interests as trustee, personal representative, guardian and conservator, and in every other fiduciary capacity, shall immediately by act of law and without any conveyance or transfer and without further act or deed be vested in and continue to be that property of the resulting institution; and such institution shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by the participating or converting institution and such resulting institution as of the time of the taking effect of such merger, consolidation, conversion or acquisition shall continue to have and succeed to all the rights, obligations and relations of the participating or converting institution. [PL 1983, c. 42 (AMD).]

2. Effect on judicial proceedings. All pending actions and other judicial proceedings to which the participating or converting institution is a party shall not be deemed to have been abated or to have been discontinued by reason of such merger, consolidation, conversion or acquisition, but may be prosecuted to final judgment, order or decree in the same manner as if such action had not been taken; and such institution resulting from such merger, consolidation, conversion or acquisition may continue such action in its new name, and any judgment, order or decree may be rendered for or against it which might have been rendered for or against the participating or converting institution theretofore involved in such judicial proceedings. [PL 1975, c. 500, §1 (NEW).]

3. Creditor's rights. The resulting institution in a merger, consolidation, conversion or acquisition is liable for all obligations of the participating or converting institution that existed prior to such action, and the action taken does not prejudice the right of a creditor of the participating or converting institution to have the creditor's debts paid out of the assets thereof, and such creditor may not be deprived of, or prejudiced in, any action against the officers, directors, corporators or members of a participating or converting institution for any neglect or misconduct. [RR 2025, c. 1, Pt. D, §25 (COR).]

4. Exception. In the event of an acquisition of assets pursuant to section 355 , the provisions of subsections 1 through 3 of this section shall apply only to the assets acquired and the liabilities assumed by the resulting institution; provided that sufficient assets to satisfy all liabilities not assumed by the resulting institution are retained by the transferring institution. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 2-307 — ME Code / Title 9-A / Chapter 2 / Section 2-307
9-A §2-307. Restrictions on interest in land as security
Status: in_force

1. With respect to a supervised loan in which the annual percentage rate disclosed is greater than 18%, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void. [PL 1973, c. 762, §1 (NEW).]

2. With respect to a supervised loan in which the amount financed is $2,800 or less, a lender may not take a security interest in the principal residence of the consumer. This subsection does not apply when the lender holds a first mortgage on the residence at the time the loan is made or when the loan is made pursuant to an open-end credit plan involving a commitment to advance amounts in excess of $2,800. Notwithstanding Title 14 , a judgment of foreclosure of a mortgage upon the principal residence of a consumer may not be entered on account of the consumer's failure to repay supervised loans under an open-end credit plan, unless the consumer's outstanding balance in the account at the end of the statement period has at some time exceeded $2,800 and the consumer has not paid the account in full subsequent to the date of the last periodic statement showing an outstanding balance in excess of $2,800. [PL 2011, c. 427, Pt. D, §8 (AMD).]

3. [PL 1997, c. 727, Pt. B, §7 (RP).]
9-A M.R.S. § 4-201 — ME Code / Title 9-A / Chapter 4 / Section 4-201
9-A §4-201. Term of insurance
Status: in_force

The provisions of Title 24‑A, section 2856 , shall apply to insurance provided or to be provided in relation to a consumer credit transaction. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 476 — ME Code / Title 9-B / Part 4 / Chapter 47 / Section 476
9-B §476. Transfer of fiduciary relationships to and from affiliated financial institutions
Status: in_force

A financial institution may transfer its fiduciary relationships to another affiliate if the affiliate to which the fiduciary relationships are being transferred is authorized to conduct trust activities in the manner described in this section. [PL 1997, c. 398, Pt. I, §41 (NEW).]

1. Petition. The following provisions govern the petition process. A. The transferee affiliate may apply by petition to the Superior Court or Probate Court in and for the county in which its principal office is located requesting that it be substituted for its affiliate specified in the petition in every existing fiduciary capacity designated in the petition and, in the case of the first petition, in every fiduciary capacity that may take effect after the date on which that petition is filed. [PL 1997, c. 398, Pt. I, §41 (NEW).] B. Each transferor affiliate shall join in the petition. Notice of the filing of the petition must be given to the superintendent prior to the filing. [PL 1997, c. 398, Pt. I, §41 (NEW).] C. The petition must indicate the county in which the principal office of each transferor affiliate joining in the petition is located and must designate each fiduciary relationship existing at the date of the petition with respect to which the transferee affiliate, referred to in this section as the "petitioner," requests substitution. The petition additionally must set forth, with regard to each existing fiduciary relationship designated in the petition, the name and address last known to the petitioner of each person entitled to receive notice of hearing on the petition, as follows: (1) In a case in which the transferor affiliate specified in the petition is acting with one or more cofiduciaries in respect to the fiduciary relationship, each cofiduciary; (2) In a case in which the instrument creating the fiduciary relationship so provides, each person who, alone or together with others, may revoke, terminate or amend the instrument or remove the corporate fiduciary; (3) In the case of any trust not described in subparagraph (2), each beneficiary entitled or permitted, on the date the petition is filed, to receive income from the trust pursuant to the terms of the trust and each person who would be presumptively entitled to any portion of the principal of the trust if all income interests in the trust terminated on the date the petition was filed; (4) In the case of the estate of any decedent, each person who would have a claim to succession to any property of the decedent under the testacy status upon which the fiduciary has been authorized to proceed; (5) In the case of any conservatorship, each person whose assets are the subject of the conservatorship and each guardian of the person, if any guardian has been appointed and is a person other than a transferor affiliate; (6) In the case of any person described in subparagraphs (1) to (5) that is a charitable institution or a charitable trust located within the State, the Attorney General; and (7) In all cases, the superintendent. [PL 1997, c. 398, Pt. I, §41 (NEW).] D. The court may appoint one or more guardians ad litem to represent the interests of a person: (1) Entitled to receive notice pursuant to paragraph C , who is a minor or who is known by the petitioner or any transferor affiliate to be subject to any other disability, including confinement in a penal institution, and for whom no guardian, other than a transferor affiliate, has been appointed; (2) Of whose estate a transferor affiliate is conservator and for whom no guardian, other than a transferor affiliate, has been appointed; and (3) Whose identity or whereabouts is unknown. Title 18‑C, section 1‑403 governs in determining the propriety of any such appointments. [PL 2017, c. 402, Pt. C, §25 (AMD); PL 2019, c. 417, Pt. B, §14 (AFF).] [PL 2017, c. 402, Pt. C, §25 (AMD); PL 2019, c. 417, Pt. B, §14 (AFF).]

2. Notice. When any petition described in subsection 1 has been filed, the court in which the petition has been filed shall enter an order fixing a date and time for hearing on the petition, which may not be earlier than 35 days after the filing of the petition, and approving the form of notice to be given by the petitioner as provided in this section. At least 25 days prior to the hearing date, the petitioner shall cause a copy of the notice to be mailed by first class mail to each person identified in the petition as being entitled to receive notice under this section, at that person's last known address as set forth in the petition. In addition, the petitioner shall cause a copy of the notice to be published at least once a week for 3 successive weeks preceding the hearing date, the first publication to be at least 25 days prior to the hearing date. This publication must be in a newspaper of general circulation in each county in which the principal office of the affiliated bank specified in the petition is located. [PL 1997, c. 398, Pt. I, §41 (NEW).]

3. Contents of notice. The notice mailed and published with respect to each petition must state the time and place of the hearing, the name of the subsidiary trust company that has filed the petition, the name of each transferor affiliate that has joined in the petition, that the petition requests that the petitioner be substituted for each of its transferor affiliates specified in the petition in every existing fiduciary capacity designated in the petition and, if appropriate, in every fiduciary capacity that may take effect after the petition has been filed and that any person to whom the notice is addressed may file an objection in accordance with subsection 4 . All costs incurred in connection with the printing, mailing and publishing of the notice must be borne by the petitioner. [PL 1997, c. 398, Pt. I, §41 (NEW).]

4. Objections. A person entitled to receive notice under this section may object to the substitution of the petitioner as fiduciary. Any such person wishing to object must file a written objection to the substitution, setting forth the reasons for the objection, with the court in which the petition has been filed and serve a copy upon the attorney for the petitioner at least 3 days before the date of hearing and must appear at the hearing in person or by an attorney. [PL 1997, c. 398, Pt. I, §41 (NEW).]

5. Order. On the date fixed for the hearing on the petition, upon making a determination that notice has been properly given as required by this section, the court shall enter an order substituting the petitioner for each of its specified affiliated banks in every designated existing fiduciary capacity and, in the case of the first petition by the petitioner, in every fiduciary capacity that takes effect after the filing of the petition, except fiduciary capacities in any existing relationship with respect to which an objection has been filed in accordance with subsection 4 . In the case of a fiduciary relationship when more than one person is entitled under this section to object to substitution of the petitioner, the properly made objection by fewer than all of the persons must be considered by the court, which shall in its sole discretion determine whether the substitution will be ordered. In the case of a fiduciary relationship in respect of which an objection has been properly made by any person who is entitled pursuant to this section to object to the substitution, the court may in its discretion determine that the resignation of the transferor affiliate will be accepted in respect of the fiduciary relationship. If the court determines that the resignation will be accepted, it shall enter an order substituting a different financial institution or nondepository trust company that has given its written consent to such a substitution prior to the entry of the order. In construing the language of any instrument that is the subject of a proceeding pursuant to this section, this section may not be considered to abrogate or affect the terms of the instrument creating the fiduciary relationship. Upon entry of the court's order, the petitioner, without further act, is substituted in every such fiduciary capacity. [PL 1997, c. 398, Pt. I, §41 (NEW).]

6. Substitution. In respect of each fiduciary capacity, existing and future, as to which substitution has been ordered pursuant to this section, each designation of an affiliated bank as fiduciary in any capacity contained in any contract, will, order of any court or other document or instrument is deemed a designation of the petitioner substituted for the transferor affiliate pursuant to this section. A. Any grant in any such contract, will, order or other document or instrument of any rights, powers, duties or authorities, whether or not discretionary, is deemed conferred upon the petitioner deemed designated as the fiduciary pursuant to this section. [PL 1997, c. 398, Pt. I, §41 (NEW).] B. Following the entry of an order pursuant to this section, the petitioner, with respect to each fiduciary relationship affected by the order that is an estate of a deceased person, guardianship or conservatorship, shall notify in writing the register of probate for the county in which the affected affiliated bank was appointed to the affected fiduciary relationship of the substitution of the petitioner for the affected affiliated bank in this fiduciary capacity. The notification must contain the name of the affected estate, guardianship or conservatorship, the date on which the order was entered and the name of the court that entered it and must state that the order was entered pursuant to this section. [PL 1997, c. 398, Pt. I, §41 (NEW).] [PL 1997, c. 398, Pt. I, §41 (NEW).]

7. Assets. Upon substitution pursuant to this section, each transferor affiliate shall deliver to the petitioner all assets held by the transferor affiliate as fiduciary, except assets held in capacities with respect to which there has been no substitution pursuant to this section and, upon substitution, the assets become the property of the petitioner without the necessity of any instrument of transfer or conveyance. Notwithstanding any provision in this Title, after a substitution of existing fiduciary capacities pursuant to this section, a transferor affiliate remains jointly liable with the petitioner that has been substituted for it in respect of each of the existing fiduciary relationships as to which the substitution has been ordered, but the transferor affiliate is entitled to a right of indemnification against the petitioner for all amounts paid by the transferee affiliate as a result of the joint liability. [PL 1997, c. 398, Pt. I, §41 (NEW).]
9-A M.R.S. § 3-203 — ME Code / Title 9-A / Chapter 3 / Section 3-203
9-A §3-203. Notice of assignment
Status: in_force

The consumer is authorized to pay the original creditor until the consumer receives notification of assignment of rights to payment pursuant to a consumer credit transaction and that payment is to be made to the assignee. A notification that does not clearly and conspicuously identify the rights assigned is ineffective. If requested by the consumer, the assignee must seasonably furnish reasonable proof that the assignment has been made and unless the assignee does so the consumer may pay the original creditor. [RR 2025, c. 1, Pt. C, §14 (COR).]
9-B M.R.S. § 162 — ME Code / Title 9-B / Part 1 / Chapter 16 / Section 162
9-B §162. Disclosure of financial records prohibited; exceptions
Status: in_force

A financial institution authorized to do business in this State or credit union authorized to do business in this State or its affiliates may not disclose to any person, except to the customer or the customer's duly authorized agent, any financial records relating to that customer of that financial institution or credit union unless: [PL 2001, c. 262, Pt. B, §4 (AMD).]

1. Authorized disclosure. The customer has authorized disclosure to the person; [PL 1997, c. 537, §1 (AMD); PL 1997, c. 537, §62 (AFF).]

2. Disclosure in response to legal process. The financial records are disclosed in response to a lawful subpoena, summons, warrant or court order that meets the requirements of section 163 ; [PL 2001, c. 211, §1 (AMD).]

3. Disclosure in response to a request by the Department of Health and Human Services. The financial records are disclosed in response to a request for information by the Department of Health and Human Services for purposes related to establishing, modifying or enforcing a child support order; [PL 2007, c. 108, §1 (AMD).]

4. Disclosure in response to a request by the Department of Labor. The financial records are disclosed in response to a notice of levy issued by the Department of Labor pursuant to Title 26, section 1233 ; [PL 2009, c. 213, Pt. AAAA, §2 (AMD).]

5. Disclosure to the Department of Health and Human Services upon suspicion of financial exploitation. The financial records are disclosed to the Department of Health and Human Services pursuant to Title 22, section 3479 because a financial institution authorized to do business in this State or its affiliate or a credit union authorized to do business in this State or its affiliate has reasonable cause to suspect that an incapacitated or dependent adult has been or is at substantial risk of abuse, neglect or exploitation; [PL 2025, c. 215, §1 (AMD).]

5-A. Disclosure upon suspicion of financial exploitation. The financial records are disclosed to the Office of the Attorney General or a law enforcement agency pursuant to section 245 because a financial institution authorized to do business in this State or its affiliate or a credit union authorized to do business in this State or its affiliate has reasonable cause to believe that a disbursement requested by an individual 62 years of age or older may result in financial exploitation of that person; [PL 2025, c. 215, §2 (NEW).]

6. Disclosure in response to a request by the Department of Administrative and Financial Services, Bureau of Revenue Services. The financial records are disclosed in response to a request for information by the Department of Administrative and Financial Services, Bureau of Revenue Services for purposes related to establishing, modifying or enforcing tax debts; or [PL 2025, c. 215, §3 (AMD).]

7. Disclosure of notice of mortgagor’s right to cure. The financial records pertain to a notice of mortgagor’s right to cure and are disclosed to the Bureau of Consumer Credit Protection pursuant to Title 14, section 6111, subsection 3‑A . [PL 2009, c. 402, §8 (NEW).]
9-B M.R.S. § 353 — ME Code / Title 9-B / Part 3 / Chapter 35 / Section 353
9-B §353. Mergers and consolidations; mutual financial institutions
Status: in_force

Any 2 or more mutual financial institutions authorized to do business in this State may merge or consolidate into one mutual financial institution organized under chapter 32 in accordance with the procedures and subject to the conditions and limitations set forth in this section. [PL 1997, c. 398, Pt. G, §3 (AMD).]

1. Adoption of plan. The governing body of each participating institution shall adopt, by a majority vote or higher if required by its organizational documents, a plan of merger or consolidation on such terms as are mutually agreed upon. The plan must include: A. The names of the participating institutions and their locations; [PL 1975, c. 500, §1 (NEW).] B. [PL 1997, c. 398, Pt. G, §3 (RP).] C. With respect to the resulting institution, the name and location of its principal office, branch offices and facilities; the name, address and occupation of each director who is to serve until the next annual meeting of the mutual voters; and the name and address of each officer; [PL 1997, c. 398, Pt. G, §3 (AMD).] D. The mode for carrying the plan into effect and the proposed effective date; [PL 1997, c. 398, Pt. G, §3 (AMD).] E. The manner of converting deposits, accounts or shares of such institutions into deposits, accounts or shares of the resulting institution; [PL 1997, c. 398, Pt. G, §3 (AMD).] F. A statement that the agreement is subject to the approval of the superintendent and of the mutual voters of each participating institution; and [PL 1997, c. 398, Pt. G, §3 (AMD).] G. Such other provisions and details as may be necessary to perfect the merger or consolidation or as may be required by the superintendent. [PL 1997, c. 398, Pt. G, §3 (AMD).] [PL 1997, c. 398, Pt. G, §3 (AMD).]

2. Superintendent's approval. [PL 1997, c. 398, Pt. G, §3 (RP).]

2-A. Superintendent's approval. The superintendent shall approve the plan of merger or consolidation in accordance with section 351, subsection 3 . [PL 1997, c. 398, Pt. G, §3 (NEW).]

3. Vote of mutual voters. The plan of merger or consolidation, as approved by the superintendent, must be submitted to the mutual voters of the participating institutions for their approval at an annual meeting, or at a special meeting called for that purpose, in accordance with section 351, subsection 4 and with the following requirements. A. Copies of the notice required under section 351, subsection 4, paragraph A , must be posted in a conspicuous place in all offices of the participating institutions, at least 15 days prior to the meeting. [PL 1997, c. 398, Pt. G, §3 (AMD).] B. Any mutual voter not present at the meeting in person must be regarded as having affirmatively voted for the merger or consolidation and be counted among the required 2/3 vote if notice of this fact is contained in the published and mailed notices and if this notice was mailed to the mutual voter as required in section 351, subsection 4, paragraph A . [PL 1997, c. 398, Pt. G, §3 (AMD).] C. [PL 1997, c. 398, Pt. G, §3 (RP).] Notice and meeting are not required under this subsection if mutual voters unanimously approve the plan. [PL 2021, c. 508, §8 (AMD).]

4. Executed plan; certificate; effective date. The executed plan, certificate and effective date must be in accordance with section 351, subsection 5 . A. [PL 1997, c. 398, Pt. G, §3 (RP).] B. [PL 1997, c. 398, Pt. G, §3 (RP).] C. [PL 1997, c. 398, Pt. G, §3 (RP).] [PL 1997, c. 398, Pt. G, §3 (AMD).]

5. Federally-chartered institution as participant. If one of the parties to a merger or consolidation is a federally chartered mutual financial institution, the participants shall comply with all requirements imposed by federal law for such merger or consolidation and provide evidence of such compliance to the superintendent as a condition precedent to the issuance of a certificate in section 351, subsection 5 relating to such merger or consolidation. [PL 1997, c. 398, Pt. G, §3 (AMD).]
9-B M.R.S. § 846 — ME Code / Title 9-B / Part 8 / Chapter 84 / Section 846
9-B §846. Meetings of the members
Status: in_force

1. Time and notice. The annual meeting of the members of a credit union must be held at such time and place as the board of directors may determine, but not later than 180 days after the close of the fiscal year. Special meetings may be called at any time by a majority of the directors, and must be called by the clerk upon written request of 25 members or 5% of the total members entitled to vote as of the date of request, whichever number is greater. Notwithstanding this section, the maximum number of members required to call a special meeting may not exceed 500. Notice of all meetings of the members must be given in the manner prescribed in the bylaws. A credit union may adopt bylaws that allow annual and special meetings to be conducted by means of remote communication or authorize members to participate in a meeting by means of remote communication as described in section 325, subsection 3, paragraph F or Title 13‑C, section 709 . [PL 2021, c. 188, §3 (AMD).]

2. Voting. A member may not be entitled to vote by proxy, except in a vote for dissolution or merger, or have more than one vote; and a member under the age of 18 may be entitled to vote, subject to conditions prescribed in the bylaws. A fraternal organization, voluntary association, partnership or corporation having membership in a credit union may cast one vote at any of the meetings of the credit union by a duly delegated agent. [PL 2007, c. 79, §10 (AMD).]

3. Lending limitations; dividends. The members at each annual meeting may fix the maximum amount to be loaned to any one member and, upon recommendation of the board of directors, may declare dividends in accordance with section 833 . [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 1025 — ME Code / Title 9-B / Part 10 / Chapter 102 / Section 1025
9-B §1025. Purchase of stock by fiduciaries; authority and restrictions
Status: in_force

1. Investment in shares of stock. State banks with trust powers, trust companies and national banks with trust powers located in this State, acting in a fiduciary capacity and for true fiduciary purposes, either alone or with one or more individual cofiduciaries, may, if exercising the care of a prudent investor and with the consent of such individual cofiduciary or cofiduciaries, if any, invest and reinvest funds held in such fiduciary capacity in the shares of stock of a mutual trust investment company except where the will, trust indenture or other instrument under which such fiduciary is acting prohibits such investment. No investment in the stock of a mutual trust investment company may be made by any bank or trust company which operates its own common trust fund under the laws of this State. The stock shall not be subject to Title 32, chapter 13 . [PL 1975, c. 500, §1 (NEW).]

2. Limitation. No funds of any estate, trust or fund shall be invested in the stock of a mutual trust investment company in an amount which would result in any bank or trust company having an aggregate holding in excess of 25% of the total issued and outstanding stock of such mutual trust investment company, as increased by the amount of the proposed investment. In the event that by reason of reduction of the holdings of stock by other banks or trust companies, mergers of banks or trust companies, or for other reasons, the aggregate holding of stock in the mutual trust investment company by any bank or trust company shall become greater than 25% of the total issued and outstanding stock, such bank or trust company may retain the stock then held by it but may not make further investments in such stock until its aggregate holdings have become less than such 25%. [PL 1975, c. 500, §1 (NEW).]

3. Responsibility. A mutual trust investment company shall be permitted to rely on the written statement of any bank or trust company purchasing its stock that the purchase complies with the foregoing requirements, except that the mutual trust investment company shall be responsible to see that the limit on the holding of stock by any one bank or trust company as provided in subsection 2 is not exceeded. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 145 — ME Code / Title 9-B / Part 1 / Chapter 14-A / Section 145
9-B §145. Business days; banking days; hours of operation
Status: in_force

1. Business days. For purposes of this Title, unless otherwise provided under other state or federal law applicable to financial institutions, a business day is a calendar day other than the following: A. Saturday and Sunday; [PL 1997, c. 398, Pt. B, §2 (NEW).] B. January 1st, New Year's Day; [PL 1997, c. 398, Pt. B, §2 (NEW).] C. The 3rd Monday in January, Martin Luther King, Jr. Day; [PL 1997, c. 398, Pt. B, §2 (NEW).] D. The 3rd Monday in February, President's Day; [PL 1997, c. 398, Pt. B, §2 (NEW).] E. The 3rd Monday in April, Patriot's Day; [PL 1997, c. 398, Pt. B, §2 (NEW).] F. The last Monday in May, Memorial Day, but if the United States Government designates May 30th as the date of observance of Memorial Day, then May 30th; [PL 1997, c. 398, Pt. B, §2 (NEW).] F-1. June 19th, Juneteenth; [PL 2021, c. 140, §3 (NEW).] G. July 4th, Independence Day; [PL 1997, c. 398, Pt. B, §2 (NEW).] H. The first Monday of September, Labor Day; [PL 1997, c. 398, Pt. B, §2 (NEW).] I. The 2nd Monday in October, Indigenous Peoples Day; [PL 2019, c. 59, §2 (AMD).] J. November 11th, Veterans' Day; [PL 1997, c. 398, Pt. B, §2 (NEW).] K. The 4th Thursday in November, Thanksgiving Day; and [PL 1997, c. 398, Pt. B, §2 (NEW).] L. December 25th, Christmas Day. [PL 1997, c. 398, Pt. B, §2 (NEW).] If January 1st, July 4th, November 11th or December 25th falls on a Sunday, then the next Monday is not a business day. [PL 2021, c. 140, §3 (AMD).]

2. Days and hours of banking offices. A financial institution may, at its discretion, establish days and hours for its offices, including opening offices for business on days that are not defined as business days in subsection 1 . The days and hours of operation must be established in accordance with section 332 . [PL 1997, c. 398, Pt. B, §2 (NEW).]

3. Disclosure of office hours. A financial institution shall post the days and hours of operation at or near the public entrances to its banking offices. [PL 1997, c. 398, Pt. B, §2 (NEW).]

4. Closing for cause. A financial institution may temporarily close any of its offices for reasons that include but are not limited to good cause, emergency weather conditions and community events. If a financial institution temporarily closes any of its offices for all or any part of a banking day, the institution shall post a conspicuous notice of the closing at all points of public access to the closed offices. A closing may not become effective until such notice is posted at the office to be closed. Posting this notice relieves the institution from liability for failure to perform any of the business of the financial institution at the closed offices. The superintendent may, by adopting rules, which are routine technical rules pursuant to Title 5, chapter 375, subchapter 2‑A , establish standards governing the form and content of the notice required under this subsection and may require dissemination of the notice of closing by any other reasonable means. [PL 1997, c. 398, Pt. B, §2 (NEW).]

5. Limitation on liability. Any act authorized, required or permitted to be performed at, by or with respect to any institution on a day not defined as a business day or on a day the institution is closed pursuant to subsection 4 may be performed on the next succeeding business day and liability or loss of rights of any kind may not result from this delay. [PL 1997, c. 398, Pt. B, §2 (NEW).]

6. Emergencies. The superintendent may require that financial institutions be closed as provided in chapter 15 . [PL 1997, c. 398, Pt. B, §2 (NEW).]
9-A M.R.S. § 3-201 — ME Code / Title 9-A / Chapter 3 / Section 3-201
9-A §3-201. Advertising
Status: in_force

1. No creditor may engage in this State in false or misleading advertising concerning the terms or conditions of credit with respect to a consumer credit transaction or an open-end credit plan. [PL 1987, c. 129, §54 (AMD).]

2. Without limiting the generality of subsection 1 and without requiring a statement of rate of finance charge if the finance charge is not more than $5 when the amount financed does not exceed $75, or $7.50 when the amount financed exceeds $75, an advertisement with respect to a consumer credit transaction or an open-end credit plan is misleading if: A. It states the rate of finance charge and the rate is not stated in the form required by the provisions on disclosure; or [PL 1973, c. 762, §1 (NEW).] B. It states the dollar amounts of the finance charge or instalment payments, and does not also state the rate of any finance charge and the number and amount of the installment payments. [PL 1985, c. 819, Pt. A, §13 (AMD).] [PL 1987, c. 129, §55 (AMD).]

3. In this section a catalog or other multiple-page advertisement is considered a single advertisement if it clearly and conspicuously displays a credit terms table setting forth the information required by this section. [PL 1973, c. 762, §1 (NEW).]

4. This section imposes no liability on the owner or personnel, as such, of any medium in which an advertisement appears or through which it is disseminated. [PL 1973, c. 762, §1 (NEW).]

5. Advertising which complies with the Federal Consumer Credit Protection Act, 15 U.S.C.A. § 1601 et seq., does not violate subsection 2 . [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 5-109 — ME Code / Title 9-A / Chapter 5 / Section 5-109
9-A §5-109. Default
Status: in_force

An agreement of the parties to a consumer credit transaction with respect to default on the part of the consumer is enforceable only to the extent that: [PL 1973, c. 762, §1 (NEW).]

1. The consumer fails to make a payment as required by agreement; or [PL 1973, c. 762, §1 (NEW).]

2. The prospect of payment, performance or realization of collateral is significantly impaired. The burden of establishing the prospect of significant impairment is on the creditor. [PL 1973, c. 762, §1 (NEW).]

3. The following without limitation shall constitute a significant impairment of the prospect of payment, performance or realization of collateral: A. Death, insolvency, assignment for the benefit of creditors, the commencement of any proceeding under any bankruptcy or insolvency laws by or against debtors; [PL 1973, c. 762, §1 (NEW).] B. Loss, theft, substantial damage to or destruction of the collateral not covered by insurance; [PL 1973, c. 762, §1 (NEW).] C. Sale or prior encumbrance of the collateral; [PL 1987, c. 129, §64 (AMD).] D. Failure to renew insurance on the collateral; or termination of insurance on the collateral when substitute insurance is not obtained before the insurance coverage terminates; and [PL 1987, c. 129, §64 (AMD).] E. Discovery by the creditor of a misstatement of a material fact in any document signed by the consumer which forms part of the basis for extending credit. [PL 1987, c. 129, §64 (NEW).] [PL 1987, c. 129, §64 (AMD).]

4. The consumer fails to make a payment as required by agreement if the consumer fails to pay when due an amount equal to or greater than the amount of the average installment under a schedule of payments, other than any down payment or balloon payment permitted under section 3‑308 , that conforms both as to amounts and intervals to the average of all installments and intervals under the agreement. The unpaid amount due may consist of any unpaid installment or accumulation of partially unpaid installments, delinquency or deferral charges, or any combination thereof. [RR 2025, c. 1, Pt. C, §36 (COR).]
9-B M.R.S. § 422-A — ME Code / Title 9-B / Part 4 / Chapter 42 / Section 422-A
9-B §422-A. Cash reserves on deposits and accounts
Status: in_force

1. Requirement. A financial institution organized under the laws of this State and a credit union organized under the laws of this State shall maintain reserves on deposits or accounts as required from time to time by the Federal Reserve Act, Section 19(b), as amended, and any regulations promulgated under it; except that the amount of reserves shall be 100% of the requirements, notwithstanding the Federal Reserve Act, Section 19(b)(8) of that Act. [PL 1981, c. 155, §2 (NEW).]

2. Transition period. Reserves held by a financial institution or credit union to meet the requirements of this section must be in the form prescribed by the Federal Reserve Act, Section 19(c), as amended, and any regulations promulgated under it. A. [PL 1997, c. 398, Pt. I, §14 (RP).] B. [PL 1997, c. 398, Pt. I, §14 (RP).] C. [PL 1997, c. 398, Pt. I, §14 (RP).] D. [PL 1997, c. 398, Pt. I, §14 (RP).] [PL 1997, c. 398, Pt. I, §14 (AMD).]

3. Assessment for deficiency. Any deficiency in the cash reserve established pursuant to this section may be subject to an assessment for such period of time as the deficiency may exceed 2% of the required reserves. Any such penalty may be assessed at a rate not to exceed 10% per year. [PL 1981, c. 155, §2 (NEW).]

4. Failure to make up deficiency. If any financial institution or credit union fails to make up a reserve deficiency with a corresponding excess reserve in the reserve computation period immediately following the period in which the deficiency occurred, the superintendent may declare that no loans or investments be made except those loans secured by deposit accounts or investments made in bonds or other obligations issued by the United States or any of its instrumentalities, or issued or guaranteed by this State or issued by any of its instrumentalities, agencies or political subdivisions which is not in default on any of its outstanding funded obligations. [PL 1981, c. 155, §2 (NEW).]

5. Reports. The superintendent may require a financial institution or credit union to furnish such reports as the superintendent considers appropriate to properly supervise compliance with the requirements of this section. [RR 2025, c. 1, Pt. D, §27 (COR).]
9-A M.R.S. § 4-304 — ME Code / Title 9-A / Chapter 4 / Section 4-304
9-A §4-304. Cancellation by creditor
Status: in_force

A creditor may not request cancellation of a policy of property or liability insurance except after the consumer's default or in accordance with a written authorization by the consumer and until written notice is delivered to the consumer or mailed to the consumer at the consumer's address as stated by the consumer. The notice must state that the policy may be cancelled on a date not less than 10 days after the notice is delivered or, if the notice is mailed, not less than 13 days after it is mailed. [RR 2025, c. 1, Pt. C, §34 (COR).]
9-B M.R.S. § 332 — ME Code / Title 9-B / Part 3 / Chapter 33 / Section 332
9-B §332. Branch offices
Status: in_force

1. Approval of governing body. All or any part of the business of a financial institution authorized pursuant to the provisions of this Title may be transacted in a branch or agency office. The financial institution's governing body is responsible for determining the scope of operations of each branch, including the services to be provided and the days and hours of operation. Customers must be provided reasonable advance notice of reduction in services or hours of operation. [PL 1997, c. 398, Pt. E, §1 (AMD).]

2. Superintendent's approval. [PL 1999, c. 218, §11 (RP).]

2-A. Superintendent's approval. A financial institution may not establish a branch or agency office without the prior approval of the superintendent. A. For a branch being established in the State by a financial institution, approval must be obtained pursuant to section 336 , except that a financial institution that meets the minimum standards set forth in section 412‑A or 831 and any rules adopted pursuant to these sections and is not under an enforcement action that requires the superintendent's prior approval of a branch establishment may establish a branch in this State without the prior approval of the superintendent. If the superintendent's approval is not required, the financial institution shall inform the superintendent at least 10 days prior to the proposed action. This notice must be accompanied by a recording fee not to exceed $100. [PL 2017, c. 143, §1 (AMD).] B. For a branch being established by a financial institution outside of this State, but not in a foreign country, approval must be obtained pursuant to chapter 37 and section 336 . [PL 1999, c. 218, §12 (NEW).] C. For a branch being established by a financial institution outside of this State and in a foreign country, approval must be obtained pursuant to section 336 . [PL 1999, c. 218, §12 (NEW).] [PL 2017, c. 143, §1 (AMD).]

3. Bonded carrier. The use of a financial institution employee or a bonded carrier to transport deposits to a financial institution, whether paid for by the customer or the financial institution, may not be construed as the establishment or operation of a branch. In the event a bonded carrier is used to transport deposits to a financial institution, the messenger must be considered the agent of the customer rather than of the financial institution. Deposits collected under this arrangement are not considered to have been received by the financial institution until they are actually delivered to a teller at the financial institution's premises. [PL 1997, c. 398, Pt. E, §1 (NEW).]
9-A M.R.S. § 2-310 — ME Code / Title 9-A / Chapter 2 / Section 2-310
9-A §2-310. Servicing requirements of assigned supervised loans
Status: in_force

No supervised loan secured by a mortgage on real estate may be assigned under this Article unless:

1. The supervised lender making the loan retains servicing of the loan and either maintains a place of business in this State or maintains a toll-free telephone number or other free means of oral communication that is disclosed to mortgagors and staffed in the manner described in subsection 2 ; or [PL 1987, c. 129, §37 (AMD).]

2. The assignee or servicing agent retained to collect the loan maintains a toll-free telephone number, or other free means of oral communication, that is disclosed to mortgagors in each coupon book or on each periodic billing notice or statement of account and that is staffed during normal business hours for mortgagors to use to communicate with the assignee or servicing agent concerning the supervised loan. [PL 1987, c. 129, §37 (AMD).]
9-A M.R.S. § 12-103 — ME Code / Title 9-A / Chapter 12 / Section 12-103
9-A §12-103. Application of law
Status: in_force

1. This article does not apply to an advance made by a consumer's attorney to pay for expenses related to preparation for trial. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

2. Legal funding that is made pursuant to this article is not a consumer credit transaction as defined in section 1‑301, subsection 12 . [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

3. An advance made to a consumer other than pursuant to the terms of this article is a supervised loan as defined in section 1‑301, subsection 40 . [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
9-A M.R.S. § 12-101 — ME Code / Title 9-A / Chapter 12 / Section 12-101
9-A §12-101. Short title
Status: in_force

This article may be known and cited as "the Maine Consumer Credit Code Legal Funding Practices." [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
9-B M.R.S. § 372 — ME Code / Title 9-B / Part 3 / Chapter 37 / Section 372
9-B §372. Definitions
Status: in_force

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1995, c. 628, §20 (NEW).]

1. De novo branch. "De novo branch" means a branch of a financial institution, out-of-state financial institution, federal association or national bank, that is originally established by the financial institution as a branch and does not become a branch of that financial institution as a result of the acquisition by the financial institution of a financial institution or the acquisition of a branch of a financial institution or through the conversion, merger or consolidation with that institution or branch. [PL 1995, c. 628, §20 (NEW).]

2. Interstate branch acquisition. "Interstate branch acquisition" means the purchase of one or more branches of a financial institution, out-of-state financial institution, federal association or national bank whose home state is different from the home state of the acquiring financial institution, out-of-state financial institution, federal association or national bank and the transfer of any branches so acquired into branches of the acquiring financial institution, out-of-state financial institution, federal association or national bank. [PL 1995, c. 628, §20 (NEW).]

3. Interstate combination. "Interstate combination" means the merger, acquisition or consolidation of financial institutions, out-of-state financial institutions, federal associations or national banks, that have different home states when the branches of the acquired financial institution, out-of-state financial institution, federal association, or national bank become branches of the resulting financial institution, out-of-state financial institution, federal association or national bank. [PL 1995, c. 628, §20 (NEW).]
9-B M.R.S. § 311 — ME Code / Title 9-B / Part 3 / Chapter 31 / Section 311
9-B §311. Applicability of chapter
Status: in_force

The provisions of this chapter govern the organization and management of financial institutions operating as corporations, limited liability companies, limited partnerships and limited liability partnerships. Unless otherwise indicated in this Title, the provisions of Title 13‑C apply to financial institutions operating as corporations; Title 31, chapter 19 applies to financial institutions operating as limited partnerships; Title 31, chapter 21 applies to financial institutions operating as limited liability companies; and Title 31, chapter 15 applies to financial institutions operating as limited liability partnerships. [PL 2009, c. 629, Pt. A, §3 (AFF); PL 2009, c. 629, Pt. B, §1 (AMD).]
9-A M.R.S. § 14-111 — ME Code / Title 9-A / Chapter 14 / Section 14-111
9-A §14-111. Funding
Status: in_force

The superintendent shall internally track any license, examination and investigation fees collected pursuant to this Article and any funds received from any public or private source. The superintendent shall use these funds to cover the costs of carrying out the duties of this Article, and funds received may not be used for any other purpose. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
9-A M.R.S. § 9-308 — ME Code / Title 9-A / Chapter 9 / Section 9-308
9-A §9-308. Right to prepay
Status: in_force

A consumer may prepay in full or in part the unpaid balance of a consumer credit transaction that is an alternative mortgage transaction, as defined in section 9‑302, subsection 1 , at any time without penalty. [PL 1995, c. 614, Pt. A, §16 (AMD).]
9-A M.R.S. § 5-104 — ME Code / Title 9-A / Chapter 5 / Section 5-104
9-A §5-104. No garnishment before judgment
Status: in_force

Prior to entry of judgment in an action against the consumer for debt arising from a consumer credit transaction, the creditor may not obtain an interest in any property of the debtor by attachment, garnishment or like proceedings. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 1323 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1323
9-B §1323. Voluntary closure of Maine branch, Maine agency or Maine representative office
Status: in_force

1. Maine branch or Maine agency. A foreign bank may voluntarily close a Maine branch or Maine agency in accordance with section 335, subsection 2 . [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Maine representative office. A foreign bank may voluntarily close a Maine representative office upon 30 days' prior notice to the superintendent. [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-B M.R.S. § 354 — ME Code / Title 9-B / Part 3 / Chapter 35 / Section 354
9-B §354. Mergers and consolidations; investor-owned and mutual financial institutions
Status: in_force

1. Resulting mutual financial institution. An investor-owned financial institution may be merged into or consolidated with a mutual financial institution organized under the laws of this State in accordance with the procedures and subject to the conditions and limitations set forth in this subsection. A. The acquiring mutual financial institution shall comply with the requirements of section 353, subsections 1 to 4 , except that the plan of merger or consolidation must state the amount that institution will pay for the equity interests in the investor-owned institution to be acquired and additional information the superintendent considers appropriate. [PL 1997, c. 398, Pt. G, §4 (AMD).] B. [PL 1997, c. 22, §10 (RP).] C. [PL 1997, c. 22, §10 (RP).] D. [PL 1997, c. 22, §10 (RP).] E. The investor-owned institution to be acquired shall comply with section 352, subsections 1 to 6 . [PL 1997, c. 398, Pt. G, §4 (AMD).] F. Sections 357 and 358 apply to mergers or consolidations made pursuant to this section. [PL 1997, c. 398, Pt. G, §4 (AMD).] [PL 1997, c. 398, Pt. G, §4 (AMD).]

2. Resulting investor-owned institution. Except as the superintendent may authorize pursuant to section 354‑A , a mutual financial institution may not merge into an investor-owned institution organized under the laws of this State without prior compliance with section 344 and all rules adopted under that section. In accordance with section 1054, subsection 3, paragraph B , a mutual holding company may acquire a mutual financial institution or mutual federal association through merger into a subsidiary universal bank or an interim subsidiary universal bank of the mutual holding company without prior compliance with section 344 and all rules adopted under that section. [PL 2021, c. 5, §1 (AMD).]
9-B M.R.S. § 1019 — ME Code / Title 9-B / Part 10 / Chapter 101 / Section 1019
9-B §1019. Prohibitions
Status: in_force

1. Prohibited practices. To the extent provided for therein, financial institution holding companies subject to the laws of this State shall be subject to chapters 24 and 46 . [PL 1975, c. 500, §1 (NEW).]

2. Penalties. Any person or company violating any provision of this chapter, or any regulation promulgated thereunder, is subject to a penalty of not more than $1,000 per day for each day the violation continues, to be recovered in a civil action in the name of the State. Any company or Maine financial institution violating section 1013, subsection 3 , or any regulation promulgated under that section, is subject to a penalty of not more than $1,000 a day for each day the violation continues. The superintendent shall report the violation forthwith, with such remarks as the superintendent determines appropriate, to the Attorney General, who may forthwith institute a civil action therefor on behalf of the State. [PL 1997, c. 182, Pt. A, §14 (AMD).]

3. Remedy for violation of section 1013. A Maine financial institution or any financial institution holding company which violates section 1013 shall be subject to the provisions of chapters 23 and 24 . [PL 1983, c. 302, §7 (AMD).]
9-A M.R.S. § 2-505 — ME Code / Title 9-A / Chapter 2 / Section 2-505
9-A §2-505. Finance charge on consolidation
Status: in_force

1. If a consumer owes an unpaid balance to a creditor with respect to a consumer credit transaction and becomes obligated on another consumer credit transaction with the same creditor, the parties may agree to a consolidation resulting in a single schedule of payments. If the previous consumer credit transaction was not precomputed, the parties may agree to add the unpaid amount of the amount financed and accrued charges on the date of consolidation to the amount financed with respect to the subsequent consumer credit transaction. If the previous consumer credit transaction was precomputed, the parties may agree to refinance the unpaid balance pursuant to the provisions on refinancing, section 2‑504 , and to consolidate the amount financed resulting from the refinancing by adding it to the amount financed with respect to the subsequent consumer credit transaction. In either case the creditor may contract for and receive a finance charge as provided in subsection 2 based on the aggregate amount financed resulting from the consolidation. [PL 1973, c. 762, §1 (NEW).]

2. If the debts consolidated arise exclusively from consumer credit sales, the transaction is a consolidation with respect to a consumer credit sale and the amount of the finance charge is governed by the provisions on finance charge for consumer credit sales other than open-end credit, section 2‑201 . If the debts consolidated include a debt arising from a consumer loan, the transaction is a consolidation with respect to a consumer loan and the amount of the finance charge is governed by the provisions on finance charge for consumer loans, section 2‑401 . [PL 1987, c. 129, §51 (AMD).]

3. If a consumer owes an unpaid balance to a creditor with respect to a consumer credit transaction arising out of a consumer credit sale, and becomes obligated on another consumer credit transaction arising out of another consumer credit sale by the same seller, the parties may agree to a consolidation resulting in a single schedule of payments either pursuant to subsection 1 or by adding together the unpaid balances with respect to the two sales, except where adding the unpaid balances together results in a decrease of the maturity of an earlier transaction. [PL 1975, c. 181 (AMD).]

4. Any consolidation under this section involving a supervised loan is subject to section 2‑308 . [PL 1973, c. 762, §1 (NEW).]

5. This section does not apply to consumer leases or to successive transactions pursuant to an open-end credit arrangement. [PL 1973, c. 762, §1 (NEW).]
9 M.R.S. § 5009 — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5009
9 §5009. Retention of contracts
Status: in_force

All contracts entered into between a professional solicitor and a charitable organization must be in writing. [PL 2013, c. 539, §15 (AMD).]

Contracts must be kept on file in the offices of the charitable organization and the professional solicitor during the term of the contract and for 3 years after the date of solicitation of contributions provided for in the contract and must be made available for inspection by or production to the Attorney General or the director during that time. [PL 2013, c. 539, §15 (AMD).]

1. Contracts to be filed. [PL 2013, c. 313, §18 (RP).]

2. Contracts to be retained by office. [PL 2007, c. 402, Pt. A, §8 (RP).]

3. Exemption. [PL 2013, c. 313, §18 (RP).]
9-A M.R.S. § 3-402 — ME Code / Title 9-A / Chapter 3 / Section 3-402
9-A §3-402. Limitation on default charges
Status: in_force

1. The agreement with respect to a consumer credit transaction may not provide for any charges as a result of default by the consumer, except that the agreement may provide for the following: A. Charges authorized by other provisions of this Act; [PL 1991, c. 237 (NEW).] B. Notwithstanding section 2‑507 , reasonable charges incurred in realizing on a security interest in personal property securing a consumer loan, consumer lease or a consumer credit sale, other than attorney's fees; and [PL 1999, c. 150, §5 (AMD).] C. Notwithstanding section 2‑507 , reasonable attorney's fees, legal expenses and other reasonable costs incurred in realizing on real property securing a consumer loan or a consumer credit sale. [PL 1991, c. 237 (NEW).] [PL 1999, c. 150, §5 (AMD).]

2. A provision in violation of this section is unenforceable. [PL 1991, c. 237 (NEW).]

3. Notwithstanding subsections 1 and 2 , a creditor that complies with Title 14, sections 6071 and 6073 is entitled to the remedies provided in those sections when an instrument that the creditor has taken in connection with a consumer loan, consumer lease or consumer credit sale is dishonored. [PL 1999, c. 150, §6 (NEW).]
9-A M.R.S. § 3-316 — ME Code / Title 9-A / Chapter 3 / Section 3-316
9-A §3-316. Real estate settlement procedures
Status: in_force

A creditor and its mortgage loan originators shall comply with the provisions of the federal Real Estate Settlement Procedures Act of 1974, 12 United States Code, Section 2601 et seq. and its implementing regulation, Regulation X, 12 Code of Federal Regulations, Section 1024.1 et seq. [PL 2013, c. 464, §2 (AMD).]
9-B M.R.S. § 1232 — ME Code / Title 9-B / Part 12 / Chapter 123 / Section 1232
9-B §1232. Organization of uninsured banks
Status: in_force

1. Organization. An uninsured bank must be organized pursuant to chapter 31 . [PL 1997, c. 398, Pt. J, §2 (NEW).]

1-A. Principal office in State. Except for an uninsured bank organized prior to the effective date of this subsection, an uninsured bank shall locate its principal office in this State, have at least one resident of this State on its governing board and hold at least one of its governing board meetings in this State each year. [PL 2021, c. 5, §6 (NEW).]

2. Organizational documents. The organizational documents of an uninsured bank that are filed with the Secretary of State must contain the following statement: "This corporation, limited liability company, limited partnership or limited liability partnership is subject to the Maine Revised Statutes, Title 9‑B, chapter 123 and does not have the power to solicit, receive or accept retail deposits." This statement in the organizational documents of an uninsured bank may not be amended. [PL 1997, c. 398, Pt. J, §2 (NEW).]

3. Conversion. An uninsured bank may convert to any other type of investor-owned financial institution pursuant to chapter 34 . [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-B M.R.S. § 232 — ME Code / Title 9-B / Part 2 / Chapter 23 / Section 232
9-B §232. Removal or prohibition of officer or director
Status: in_force

The superintendent may remove any officer or director of a financial institution organized pursuant to this Title or any officer of a branch of an out-of-state financial institution authorized to do business in this State or any officer or director of a financial institution holding company, in accordance with the procedures and subject to the conditions and limitations set forth in this section. The superintendent may prohibit an officer or director of a financial institution, financial institution holding company or branch of an out-of-state financial institution from participating in any manner in the conduct of the affairs of a financial institution, financial institution holding company or branch of an out-of-state financial institution if the superintendent determines that such action is necessary for the protection of the public, the financial institution, financial institution holding company or out-of-state financial institution or the interests of the institution's depositors or creditors. [PL 1997, c. 660, Pt. A, §2 (AMD).]

1. Grounds for removal. The superintendent may serve written notice of intent to remove an officer or director from office or to prohibit further participation by the officer or director in any manner in the conduct of the affairs of a financial institution or financial institution holding company if: A. In the opinion of the superintendent, that officer or director has directly or indirectly: (1) Violated a law, rule, regulation or cease and desist order that has become final; (2) Engaged in or participated in any unsafe or unsound practice; or (3) Committed or engaged in any act, omission, or practice that constitutes a breach of the fiduciary duty of the officer or director; [PL 1993, c. 538, §2 (RPR).] B. By reason of the violation, practice or breach of fiduciary duty described in paragraph A : (1) The financial institution or financial institution holding company has suffered or will probably suffer financial loss or other damage; (2) The interests of the financial institution's depositors or creditors or the public have been or could be prejudiced; or (3) The officer or director has received financial gain or other benefit by reason of the violation, practice or breach of fiduciary duty; and [PL 2005, c. 83, §2 (AMD).] C. The violation, practice or breach of fiduciary duty described in paragraph A involves personal dishonesty on the part of the officer or director or demonstrates willful or continuing disregard by the officer or director for the safety or soundness of the financial institution or financial institution holding company. [PL 2005, c. 83, §2 (AMD).] D. [PL 2005, c. 83, §3 (RP).] E. [PL 2005, c. 83, §4 (RP).] [PL 2005, c. 83, §§2-4 (AMD).]

1-A. Additional grounds for removal. The superintendent may serve written notice of intent to remove an officer or director from office or to prohibit further participation by the officer or director in any manner in the conduct of the affairs of a financial institution or financial institution holding company if: A. In the opinion of the superintendent, that officer or director has evidenced personal dishonesty and unfitness to continue as an officer or director of the financial institution or financial institution holding company by conduct with respect to another business entity that resulted, or is likely to result, in substantial financial loss or other damage; or [PL 2005, c. 83, §5 (NEW).] B. The officer or director has been removed or prohibited from participation in any manner in the conduct of the affairs of the financial institution by the appropriate federal banking agency. [PL 2005, c. 83, §5 (NEW).] [PL 2005, c. 83, §5 (NEW).]

2. Notice of intent to remove. A. The written notice required in subsection 1 shall be in the form prescribed by the Maine Administrative Procedure Act, Title 5, section 9052, subsection 4 and shall be served not less than 30 nor more than 60 days prior to the date set for the hearing. [PL 1977, c. 694, §156 (RPR).] B. The superintendent shall serve such written notice in accordance with Rule 4 of the Maine Rules of Civil Procedure upon the officer or director involved and copies of such notice must be served upon the financial institution or financial institution holding company of which the person is an officer or director or in the conduct of whose affairs the person has participated. [PL 1997, c. 182, Pt. C, §3 (AMD).] [PL 1997, c. 182, Pt. C, §3 (AMD).]

3. Effect of notice. A. If the superintendent considers it necessary for the protection of the financial institution or financial institution holding company or the interests of its depositors or shareholders, such written notice may suspend the officer or director from office or prohibit the officer or director from further participation in any manner in the conduct of the affairs of the financial institution or financial institution holding company. [PL 1997, c. 182, Pt. C, §4 (AMD).] B. Such suspension or prohibition shall become effective upon service of said notice and, unless stayed by the Superior Court pursuant to subsection 4 , shall remain in effect pending completion of administrative proceedings pursuant to this section and until such time as the superintendent shall dismiss the charges specified in such notice or, if an order of removal or prohibition is issued against the officer or director, until the effective date of any such order. [PL 1975, c. 500, §1 (NEW).] [PL 1997, c. 182, Pt. C, §4 (AMD).]

4. Stay of suspension or prohibition. An officer or director adversely affected by a suspension or prohibition contained in a written notice pursuant to subsection 3 may apply to the Superior Court in the county where the financial institution of which the individual is an officer or director has its main office or in the Superior Court of Kennebec County for a stay of the suspension or prohibition pending completion of administrative proceedings required under this section, and that court has jurisdiction to stay the suspension or prohibition. [RR 2025, c. 1, Pt. D, §9 (COR).]

5. Hearing. A. The superintendent shall hold a hearing at the time and place specified in the notice required under subsection 2 , such hearing to be governed by the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter IV . [PL 1979, c. 429, §4 (AMD).] B. Unless the officer or director affected appears at the hearing under paragraph A , the officer or director is deemed to have consented to the issuance of an order for the removal or prohibition. [RR 2025, c. 1, Pt. D, §10 (COR).] C. In the event of consent pursuant to paragraph B , or if upon the record made at any such hearing the superintendent finds that any of the grounds specified in the notice have been established, the superintendent may issue such orders of suspension or removal from office or prohibition from participation in the conduct of the affairs of the financial institution or financial institution holding company, as the superintendent considers appropriate. [PL 1997, c. 182, Pt. C, §5 (AMD).] D. Notwithstanding any provision to the contrary, as prescribed by the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter IV , such order shall be issued not later than 30 days after the close of the hearing if any, held pursuant to this section. [PL 1987, c. 402, Pt. A, §86 (AMD).] [RR 2025, c. 1, Pt. D, §10 (COR).]

6. Effective date. A. Any order issued pursuant to subsection 5 becomes effective at the expiration of 30 days after service upon the officer or director and the financial institution or financial institution holding company concerned; provided that an order issued upon consent becomes effective within the time specified therein. [PL 1997, c. 182, Pt. C, §6 (AMD).] B. Such order shall remain effective and enforceable except to such extent as it is stayed, modified, terminated or set aside by action of the superintendent or a court having jurisdiction relating thereto. [PL 1975, c. 500, §1 (NEW).] [PL 1997, c. 182, Pt. C, §6 (AMD).]

7. Participation in a felony. A. The superintendent may issue written notice, pursuant to subsections 2 and 3 , to any officer or director charged in any information, complaint, or indictment with commission of or participation in a felony involving dishonesty or breach of trust, pursuant to laws of the State of Maine or of the United States. Such suspension or prohibition shall remain in effect until terminated by the superintendent or said information, complaint, or indictment is finally disposed of. [PL 1975, c. 500, §1 (NEW).] B. At such time as a judgment of conviction with respect to such offense is entered against such officer or director, and such judgment is not subject to further appellate review, the superintendent may issue and serve upon such officer or director an order removing the officer or director from such office or prohibiting the officer or director from further participation in the conduct of the affairs of the financial institution or financial institution holding company except with the written consent of the superintendent. Such order becomes effective after service upon the officer or director and the financial institution or financial institution holding company. [PL 1997, c. 182, Pt. C, §7 (AMD).] C. A finding of not guilty or other disposition of the charge in paragraph A shall not preclude the superintendent from instituting proceedings pursuant to this section on the grounds set forth in subsection 1 . [PL 1975, c. 500, §1 (NEW).] [PL 1997, c. 182, Pt. C, §7 (AMD).]

8. Prohibition on participation in banking industry. An officer or director may be prohibited from participating in the banking industry in accordance with the following. A. Any officer or director who, pursuant to an order issued under this section, has been removed from office in a financial institution, out-of-state financial institution or financial institution holding company or prohibited from participating in the conduct of the affairs of a financial institution, out-of-state financial institution, or financial institution holding company may not, while such order is in effect, continue or commence to hold any office, or participate in any manner in the conduct of the affairs of any financial institution, out-of-state financial institution or financial institution holding company. [PL 1997, c. 660, Pt. A, §5 (NEW).] B. If, on or after the date an order is issued under this section that removes from office an officer or director or prohibits an officer or director from participating in the conduct of the affairs of any financial institution, out-of-state financial institution or financial institution holding company, the order is modified, terminated or set aside in accordance with subsection 6 , then the prohibition imposed in paragraph A must be similarly modified, terminated or set aside. [PL 1997, c. 660, Pt. A, §5 (NEW).] [RR 1997, c. 2, §35 (COR).]
9-A M.R.S. § 1-302 — ME Code / Title 9-A / Chapter 1 / Section 1-302
9-A §1-302. Definition: Federal Truth in Lending Act
Status: in_force

In this Act, "Federal Truth in Lending Act" means Title I of the Consumer Credit Protection Act, (Public Law 90-321; 82 Stat. 146), as amended, and includes regulations issued pursuant to that Act. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 346 — ME Code / Title 9-B / Part 3 / Chapter 34 / Section 346
9-B §346. Change of institutional name
Status: in_force

1. Authorization; prohibitions. Any financial institution may change its corporate name to another name if the name selected is not the same or deceptively similar to the name of any other financial institution authorized to do business in this State. [PL 1997, c. 398, Pt. F, §8 (AMD).]

2. Requirements. A change in the name of a financial institution requires compliance with the following requirements: A. Approval pursuant to section 314‑A or 325 by investors or mutual voters and the superintendent to amend the name set forth in the institution's organizational document; and [PL 1997, c. 398, Pt. F, §8 (AMD).] B. [PL 1997, c. 398, Pt. F, §8 (RP).] C. The superintendent shall notify forthwith the institution of the superintendent's decision; and, if the superintendent approves the name change, the superintendent shall file a certificate with the Secretary of State indicating approval. [PL 1997, c. 398, Pt. F, §8 (AMD).] [PL 1997, c. 398, Pt. F, §8 (AMD).]

3. Effective date. The name change shall become effective from the time of filing with the Secretary of State, or upon a date subsequent thereto if such date is fixed in the certificate, and shall become the corporate title of the institution thereafter. [PL 1975, c. 500, §1 (NEW).]

4. Continuing entity. The adoption of a new name shall not affect the validity of any acts, transactions or documents wherein the former name was used. All deeds, mortgages, contracts, judgments, proceedings and records made, received, entered into, carried on, or done by an institution before adoption of the change of name, but wherein the institution is called by the name so subsequently adopted, shall be as valid as if the institution was called therein by the name set forth in its original articles of incorporation. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 10-303 — ME Code / Title 9-A / Chapter 10 / Section 10-303
9-A §10-303. Requirement for written disclosure
Status: in_force

Before any agreement is entered into, or before any money is paid by a consumer, whichever occurs first, the loan broker shall provide the consumer with written disclosure of material consumer protections, including the following: [PL 2005, c. 274, §10 (AMD).]

1. The existence and purpose of the surety bond on file with the State, and the procedure for instituting an action against that bond; [PL 1989, c. 70, §3 (NEW).]

2. The requirement that all fees from the consumer, other than bona fide 3rd-party fees, be placed in an escrow account; and [PL 1989, c. 70, §3 (NEW).]

3. The requirement for a written, signed agreement between the parties. [PL 1989, c. 70, §3 (NEW).]
9-A M.R.S. § 3-501 — ME Code / Title 9-A / Chapter 3 / Section 3-501
9-A §3-501. Definition: "Home solicitation sale"
Status: in_force

"Home solicitation sale" means a consumer credit sale of goods, other than farm equipment, or services in which the seller or a person acting for the seller engages in a personal solicitation of the sale at a residence of the buyer and the buyer's agreement or offer to purchase is there given to the seller or a person acting for the seller. It includes a sale in which the seller allows the buyer to purchase goods or services pursuant to a lender credit card. It does not include a sale made pursuant to a preexisting open-end credit account, a sale made pursuant to prior negotiations between the parties at a business establishment at a fixed location where goods or services are offered or exhibited for sale or a sale that is subject to the provisions on the consumer's right to rescind certain transactions of the Federal Truth in Lending Act. A sale that would be a home solicitation sale if credit were extended by the seller is a home solicitation sale although the goods or services are paid for in whole or in part by a consumer loan in which the lender is subject to defenses arising from the sale, section 3‑404 . [RR 2025, c. 1, Pt. C, §26 (COR).]
9-B M.R.S. § 373 — ME Code / Title 9-B / Part 3 / Chapter 37 / Section 373
9-B §373. Interstate combinations, branch acquisitions and de novo establishments
Status: in_force

1. Authority. Interstate combinations are expressly authorized subject to the provisions of this chapter. Interstate branch acquisition and establishment of de novo branches are expressly authorized subject to the provisions of this chapter; however, the law of jurisdiction of any out-of-state financial institution, federal association or national bank proposing to establish or acquire one or more branches in this State must expressly authorize, under conditions no more restrictive than those imposed by the laws of this State as determined by the superintendent, the financial institution, federal association or national bank whose home state is this State to engage in interstate branch acquisition or establishment of de novo branches in that state. [PL 1995, c. 628, §20 (NEW); PL 1995, c. 628, §38 (AFF).]

2. Application requirements. When the resulting financial institution of any interstate combination, interstate branch acquisition or de novo branch establishment is a financial institution organized under the laws of this State, that financial institution must obtain prior approval of the superintendent before participating in the transaction. The application for the superintendent's approval must be filed in the form and manner prescribed by the superintendent in accordance with this chapter and chapters 33 and 35 , as applicable. The superintendent shall approve or disapprove an application under this section in accordance with the requirements of section 252 and the superintendent may condition approval of the application, as necessary, to conform with the criteria set forth in section 253 . [PL 1995, c. 628, §20 (NEW).]

3. Notice requirements. When the resulting financial institution of any interstate combination, branch acquisition or de novo branch establishment is an out-of-state financial institution, federal association or national bank with a home state that is not this State, that out-of-state financial institution, federal association or national bank must provide prior notice to the superintendent before participating in the transaction. Notice to the superintendent must: A. Be in a form and contain that information prescribed by the superintendent, including, but not limited to, proof of compliance with this chapter, as applicable; [PL 1995, c. 628, §20 (NEW).] B. Be provided no later than 3 days after the date of filing an application for that transaction with the appropriate state or federal regulatory agency; [PL 1995, c. 628, §20 (NEW).] C. Include a copy of any application filed with the appropriate state or federal regulatory agency; and [PL 1995, c. 628, §20 (NEW).] D. Include payment of the fee pursuant to section 371 . [PL 1995, c. 628, §20 (NEW).] The superintendent shall provide written response within 30 days of receipt of the notice. If the superintendent finds that the interstate combination, acquisition or establishment does not comply with applicable state law, including, but not limited to, the conditions and requirements of this chapter, the superintendent may file an objection with the appropriate state or federal regulatory agency that has primary responsibility for the applicant. In addition, if the superintendent finds that an interstate combination, branch acquisition or de novo establishment would be adverse to the public interest, the superintendent may bring an action in the name of the State pursuant to chapter 24 . The Maine charter of the participating financial institution terminates automatically upon completion of an interstate combination done in conformity with this subsection that results in an out-of-state financial institution, federal association or national bank. [PL 2021, c. 508, §9 (AMD).]
9-A M.R.S. § 3-301 — ME Code / Title 9-A / Chapter 3 / Section 3-301
9-A §3-301. Security in sales or leases
Status: in_force

1. With respect to a consumer credit sale, a seller may take a security interest in the property sold. In addition, a seller may take a security interest in goods upon which services are performed or in which goods sold are installed or to which they are annexed, or in land to which the goods are affixed or which is maintained, repaired or improved as a result of the sale of the goods or services, if in the case of a security interest in land the debt secured is $2,800 or more, or, in the case of a security interest in goods, the debt secured is $1,000 or more. Except as provided with respect to cross-collateral, section 3‑302 , a seller may not otherwise take a security interest in property of the buyer to secure the debt arising from a consumer credit sale. [PL 1997, c. 727, Pt. B, §13 (AMD).]

2. With respect to a consumer lease, a lessor may not take a security interest in property of the lessee to secure the debt arising from the lease. [PL 1981, c. 243, §§16 and 26 (AMD).]

3. A security interest taken in violation of this section is void. [PL 1973, c. 762, §1 (NEW).]

4. [PL 1997, c. 727, Pt. B, §14 (RP).]
9-A M.R.S. § 2-201 — ME Code / Title 9-A / Chapter 2 / Section 2-201
9-A §2-201. Finance charge for consumer credit sales other than open-end credit
Status: in_force

1. With respect to a consumer credit sale, other than a sale pursuant to open-end credit, a seller may contract for and receive a finance charge not exceeding that permitted by this section. [PL 1973, c. 762, §1 (NEW).]

2. The finance charge, calculated according to the actuarial method, may not exceed the equivalent of the greater of either of the following: A. The total of: (i) 30% per year on that part of the unpaid balances of the amount financed that is $1,000 or less; (ii) 21% per year on that part of the unpaid balances of the amount financed that is more than $1,000 but does not exceed $2,800; and (iii) 15% per year on that part of the unpaid balances of the amount financed that is more than $2,800; or [PL 1997, c. 727, Pt. B, §3 (AMD).] B. 18% per year on the unpaid balances of the amount financed. [PL 1973, c. 762, §1 (NEW).] [PL 1997, c. 727, Pt. B, §3 (AMD).]

3. This section does not limit or restrict the manner of calculating the finance charge whether by way of add-on, discount, or otherwise, so long as the rate of the finance charge does not exceed that permitted by this section. If the sale is precomputed, A. The finance charge may be calculated on the assumption that all scheduled payments will be made when due; and [PL 1973, c. 762, §1 (NEW).] B. The effect of prepayment is governed by the provisions on rebate upon prepayment, section 2‑510 . [PL 1973, c. 762, §1 (NEW).] [PL 1973, c. 762, §1 (NEW).]

4. For the purposes of this section, the term of a sale agreement commences with the date the credit is granted or, if goods are delivered or services performed 10 days or more after that date, with the date of commencement of performance or with the date of completion of delivery. For purposes of this section, a sale agreement does not commence upon the transfer of merchandise certificates, but commences only upon the date goods are delivered or services performed. For purposes of this section, delivery and performance include delivery or performance by a subcontractor or agent of the seller. Differences in the lengths of months are disregarded and a day may be counted as 1/30th of a month. Subject to classifications and differentiations the seller may reasonably establish, a part of a month in excess of 15 days may be treated as a full month if periods of 15 days or less are disregarded and that procedure is not consistently used to obtain a greater yield than would otherwise be permitted. [PL 1973, c. 762, §1 (NEW).]

5. Subject to classifications and differentiations the seller may reasonably establish, the seller may make the same finance charge on all amounts financed within a specified range. A finance charge so made does not violate subsection 2 if: A. When applied to the median amount within each range, it does not exceed the maximum permitted by subsection 2 ; and [PL 1973, c. 762, §1 (NEW).] B. When applied to the lowest amount within each range, it does not produce a rate of finance charge exceeding the rate calculated according to paragraph A by more than 8% of the rate calculated according to paragraph A . [PL 1973, c. 762, §1 (NEW).] [RR 2025, c. 1, Pt. C, §9 (COR).]

6. Notwithstanding subsection 2 , the seller may contract for and receive a minimum charge of not more than: A. Five dollars when the amount financed does not exceed $75; [PL 1975, c. 298, §1 (RPR).] B. Seven dollars and fifty cents when the amount financed exceeds $75, but is less than $250; or [PL 1975, c. 298, §1 (RPR).] C. Twenty-five dollars when the amount financed is $250 or more and when, within 30 days from the date of the transaction, the agreement is assigned by the seller, other than a seller of motor vehicles, to an assignee having no corporate relationship to the seller-assignor. [PL 1975, c. 298, §1 (RPR).] [PL 1975, c. 298, §1 (RPR).]

7. The finance charge on a transaction involving the credit sale of goods or services used in the modernization, rehabilitation, repair, alteration or improvement of real property, in which the seller or the seller's agent installs the goods or provides the services related to the modernization, rehabilitation, repair, alteration or improvement of the real property, may not exceed 18% per year on the unpaid balances of the amount financed. [RR 2025, c. 1, Pt. C, §10 (COR).]

8. [PL 1997, c. 727, Pt. B, §4 (RP).]

9. [PL 1993, c. 188, §1 (RP).]

9-A. Notwithstanding any other provision of law, the finance charge on a consumer credit sale of a motor vehicle, as defined in this section, that is sold on or after January 1, 1994 may not exceed 18% per year on the unpaid balance of the amount financed. For the purposes of this section, "motor vehicle" means any self-propelled vehicle not operated exclusively on tracks, except agricultural machinery and any other devices that do not constitute consumer goods, as defined in Title 11, section 9‑1102, subsection (23) . [PL 1999, c. 699, Pt. D, §2 (AMD); PL 1999, c. 699, Pt. D, §30 (AFF).]

10. Notwithstanding any other subsection, the finance charge on a transaction to finance or refinance the acquisition of, or secured by, manufactured housing, not involving a security interest in real estate, may not exceed the greater of the following: A. A rate 2% greater than the maximum rate established by federal regulations pursuant to the United States Code, Title 38, Section 1819(f), Veterans Housing Act of 1970, as amended, and published from time to time in the Federal Register, 38 Code of Federal Regulations, Part 36; or [PL 1987, c. 129, §32 (AMD).] B. 18% per year. [PL 1983, c. 87, §1 (RPR).] In the event no specific maximum rate is established by federal regulation in accordance with this subsection, this subsection shall not apply. [PL 1987, c. 129, §32 (AMD).]
9-A M.R.S. § 9-406 — ME Code / Title 9-A / Chapter 9 / Section 9-406
9-A §9-406. Refunds and penalties as set-off to obligation
Status: in_force

Refunds or penalties to which the consumer is entitled pursuant to this Part may be set off against the consumer's obligation and may be raised as a defense to a suit on the obligation without regard to the time limitations prescribed by this Part. [PL 1987, c. 396, §12 (NEW).]
9-A M.R.S. § 1-110 — ME Code / Title 9-A / Chapter 1 / Section 1-110
9-A §1-110. Relationship to federal law
Status: in_force

Notwithstanding the provisions of Section 501 of the United States Depository Institutions Deregulation and Monetary Control Act of 1980, Public Law 96-221, the Legislature declares that the maximum finance charges established in article II apply to: [PL 1995, c. 137, §1 (AMD).]

1. Consumer credit transactions involving manufactured housing as defined in section 1‑301, subsection 23‑A ; and [PL 1995, c. 137, §2 (AMD).]

2. [PL 1995, c. 137, §3 (RP).]

3. First lien mortgages on real estate granted by a creditor subject to licensing by the administrator as set out in section 2‑301 . [PL 1981, c. 218 (NEW).]

The Legislature declares that the preemption provided by the United States Garn-St. Germain Depository Institutions Act of 1982, Public Law 97-320, Section 804, shall not apply. The Legislature further declares that the applicable provisions of the Maine Consumer Credit Code relating to alternative mortgage instruments shall apply, including, but not limited to, sections 3‑308 and 3‑310 . [PL 1983, c. 307, §1 (NEW).]
9-A M.R.S. § 10-308 — ME Code / Title 9-A / Chapter 10 / Section 10-308
9-A §10-308. False information on application for credit
Status: in_force

A loan broker or any mortgage loan originator of a loan broker may not knowingly permit, encourage or assist a consumer to submit false information on any application for credit, nor may a loan broker or mortgage loan originator of a loan broker knowingly falsify such information on a consumer's application. [PL 2011, c. 427, Pt. B, §17 (AMD).]
9-B M.R.S. § 1239 — ME Code / Title 9-B / Part 12 / Chapter 123 / Section 1239
9-B §1239. Holding companies of uninsured banks
Status: in_force

If a holding company is not a financial institution holding company under chapter 101 by virtue of controlling a financial institution other than a merchant bank, a nondepository trust company or an uninsured bank, the superintendent may grant the holding company a waiver from the provisions of chapter 101 ; except that, the superintendent may not waive the requirements of section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1 . [PL 2001, c. 211, §26 (NEW).]

If a holding company is not a financial institution holding company under chapter 101 by virtue of controlling financial institutions other than a merchant bank, nondepository trust company or uninsured bank, the superintendent may examine the holding company, including its subsidiaries and affiliates, to the extent necessary to determine the soundness and viability of the uninsured bank. [PL 2001, c. 211, §26 (NEW).]
9-A M.R.S. § 9-311 — ME Code / Title 9-A / Chapter 9 / Section 9-311
9-A §9-311. Choice of accounting, tax or attest services provider
Status: in_force

A creditor may not, in connection with the extension of credit, interfere with a purchaser's or borrower's free choice of an accounting, tax or attest services provider who is accredited as a certified public accountant, public accountant or enrolled agent, except that the creditor may require the provider chosen by the purchaser or borrower to provide adequate evidence of liability insurance or such other written policy requirements as the creditor may determine necessary to protect its interest. [PL 2007, c. 466, Pt. B, §7 (RPR); PL 2007, c. 466, Pt. B, §10 (AFF).]
9-A M.R.S. § 2-701 — ME Code / Title 9-A / Chapter 2 / Section 2-701
9-A §2-701. Engaging in pretense to evade requirements of this Article prohibited
Status: in_force

An entity covered by this Article may not engage in any device, subterfuge or pretense to evade the requirements of this Article, including, but not limited to, making a loan disguised as a personal property sale and leaseback transaction, disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services or making, offering, assisting or arranging a debtor to obtain a loan with a greater rate of interest, consideration or charge than is permitted by this Article through any method. A loan made in violation of this Part is void and uncollectible as to any principal, fee, interest or charge. [PL 2021, c. 297, §1 (NEW).]
9-A M.R.S. § 12-104 — ME Code / Title 9-A / Chapter 12 / Section 12-104
9-A §12-104. Requirements for legal funding contracts
Status: in_force

The following provisions govern the legal funding contracts used by a litigation funding provider. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

1. All contracts must be written in a clear and coherent manner using words with common, everyday meanings to enable the average consumer who makes a reasonable effort under ordinary circumstances to read and understand the terms of the legal funding contract without having to obtain the assistance of a professional. The contract must have a meaningful arrangement that is appropriately divided and captioned by its various sections. This subsection applies to any agreement signed by the consumer in connection with a legal funding contract entered into in this State. This subsection does not apply to any acknowledgment or representation signed by an attorney. This subsection does not apply to legal funding contracts when an organization is the plaintiff; to language or arrangements that are specifically required by federal or state law, regulation or official agency interpretation; or to agreements, the form or any part of which is required by a governmental instrumentality as a condition of the assignability of the agreement. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

2. All contracts must be completely filled in and must contain a disclosure form on the front page in at least 12-point bold type, in the following format: DISCLOSURE STATEMENT 1. Total amount of legal funding received by consumer under this contract: $ __________ 2. Itemized fees: $ __________ Application $ __________ Processing $ __________ Attorney review $ __________ Broker $ __________ Other ( ) $ __________ Total fees: $ __________ 3. Annual percentage fee (rate of return) on advance, compounded semiannually: __________% 4. Total amount to be repaid by consumer if at 6 months: $ __________ if at 12 months: $ __________ if at 18 months: $ __________ if at 24 months: $ __________ if at 30 months: $ __________ if at 36 months: $ __________ if at 42 months: $ __________ [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

3. All contracts must provide that the consumer may cancel the contract within 5 business days following the consumer's receipt of funds without penalty or further obligation. The contract must contain the following notice written in a clear and conspicuous manner: "MAINE CONSUMER'S RIGHT TO CANCELLATION: YOU MAY CANCEL THIS CONTRACT WITHOUT PENALTY OR FURTHER OBLIGATION WITHIN FIVE BUSINESS DAYS FROM THE DATE YOU RECEIVE FUNDING FROM [insert name of litigation funding provider]." The contract must also specify that in order for the cancellation to be effective, the consumer must either return the full amount of disbursed funds to the company by delivering the litigation funding provider's uncashed check to the provider's offices in person within 5 business days of the disbursement of funds or mail a notice of cancellation and include in the mailing a return of the full amount of disbursed funds in the form of the provider's check, or a registered or certified check or money order, by insured, registered or certified United States mail postmarked within 5 business days of receiving funds from the litigation funding provider, at the address specified for such cancellation in the contract. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

4. The consumer shall initial each page of the contract. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

5. All contracts must contain a legend above the consumer's signature in at least 12-point bold type to read: "NOTICE: LEGAL FUNDING PROVIDERS MUST REGISTER WITH MAINE REGULATORS. GO TO www.maine.gov/pfr/ consumercredit AND SELECT THE "ROSTERS" LINK TO VERIFY A LITIGATION FUNDING PROVIDER'S REGISTRATION OR TO CONTACT PROVIDERS TO OBTAIN COMPARATIVE RATE QUOTES." [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

6. All contracts must contain a legend immediately above the consumer's signature in at least 12-point bold type to read: "DO NOT SIGN THIS CONTRACT BEFORE YOU READ IT COMPLETELY OR IF IT CONTAINS ANY BLANK SPACES. BEFORE YOU SIGN THIS CONTRACT YOU SHOULD OBTAIN THE ADVICE OF YOUR ATTORNEY. YOU ARE ENTITLED TO A COMPLETELY FILLED-IN COPY OF THIS CONTRACT." [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

7. All contracts for legal funding must contain the following in at least 12-point bold type to read: "THE LITIGATION FUNDING PROVIDER AGREES THAT IT HAS NO RIGHT TO AND WILL NOT MAKE ANY DECISIONS WITH RESPECT TO THE CONDUCT OF THE UNDERLYING CIVIL ACTION OR CLAIM OR ANY SETTLEMENT OR RESOLUTION THEREOF AND THAT THE RIGHT TO MAKE SUCH DECISIONS REMAINS SOLELY WITH THE CONSUMER AND THE CONSUMER'S ATTORNEY." [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

8. A contract may not require mandatory arbitration to resolve disputes under the contract. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

9. All contracts for legal funding must contain a written acknowledgment by an attorney that states that: A. The attorney has reviewed the contract and all costs and fees have been disclosed, including the amount to be paid by the consumer; [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] B. The attorney is being paid per a written fee agreement; [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] C. All proceeds of the civil claim or action will be disbursed via the attorney's trust account; and [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] D. The attorney is following written instructions of the consumer with regard to the legal funding. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

10. For English-speaking, French-speaking and Spanish-speaking consumers, contracts must be written in the same language in which the oral negotiations are conducted between the company and the consumer. For consumers whose primary language is neither English, French nor Spanish, the principal terms of the contract must be translated by a certified translator in the consumer's native language and the translator must sign a notarized affirmation confirming that the principal terms have been presented to the consumer in the consumer's native language and acknowledged by the consumer in writing. Principal terms must include all of the items required to be disclosed by this section. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

11. To the extent the contract provides for attorney's fees and costs in addition to the amount due and owing under the contract, the contract must provide that in case of a breach of the contract by either party attorney's fees and costs may be recoverable by the prevailing party and must be reasonable. Any contractual cap on such attorney's fees and costs must apply equally to both parties. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
9-B M.R.S. § 336 — ME Code / Title 9-B / Part 3 / Chapter 33 / Section 336
9-B §336. Approval powers of superintendent
Status: in_force

1. Notification required; application upon request. If the superintendent's approval is required pursuant to section 332, subsection 2‑A or section 335, subsection 1 , at least 30 days prior to the relocation of a main office or the establishment, moving or closing of a branch or agency office authorized by this chapter, the institution shall notify the superintendent of the proposed action. A complete application for the branch establishment, moving or closing may be required only when the superintendent requests that a complete application be filed. Within 30 days of the notice, any interested person may request that the superintendent require a complete application. If the superintendent denies any interested person's request for a complete application, the denial must be in writing with the reasons for denial. The notification, or the application if requested, must be filed with the superintendent in the form and manner and containing information the superintendent may prescribe. If no application is requested within the 30-day period, the change is deemed approved. A fee must accompany the notification in an amount established by the superintendent but not to exceed 1/2 of the application fee. [PL 1999, c. 218, §13 (AMD).]

2. Application requirements. The superintendent may establish different application requirements according to the type of branch office or facility involved and the operations conducted thereat, and may permit joining of applications for the same types of branch offices or facilities; provided that the same requirements shall be applied to each application for the same type of branch office or facility. [PL 1975, c. 500, §1 (NEW).]

3. Application fee. No action may be taken on an application unless it is accompanied by a fee, to be credited and used as provided in section 214 . The amount of the fee shall be established by the superintendent according to different application requirements, but in no instance shall it exceed $1,000. [PL 1983, c. 201, §2 (AMD).]

4. Decision-making criteria. The superintendent shall approve or disapprove an application under this chapter in accordance with the requirements of section 252 and any rules adopted under section 252 ; and the superintendent may condition approval of such application, as necessary, to conform with the criteria as set forth in section 253 . [PL 1997, c. 398, Pt. E, §6 (AMD).]

5. Approvals; time extensions. If the superintendent approves an application to establish and operate a branch or agency office, copies of the order must be furnished to the applicant institution. The order or acknowledgment lapses one year after its effective date if the office authorized thereunder has not opened for business, unless the superintendent for good cause shown has granted in writing an extension of time not to exceed 6 months. No fee may be charged for such an extension. Additional 6-month extensions may be granted by the superintendent for good cause shown at a fee established by the superintendent for such extensions not to exceed $500. [PL 1997, c. 22, §7 (AMD).]

6. Notice of opening. Within 5 days after a branch office approved pursuant to subsection 1 has opened for business, the financial institution shall inform the superintendent in writing of the exact date of opening. [PL 1997, c. 398, Pt. E, §7 (AMD).]
9-B M.R.S. § 111 — ME Code / Title 9-B / Part 1 / Chapter 11 / Section 111
9-B §111. Declaration of policy
Status: in_force

By enactment of this Title, it is declared to be the policy of the State that the business of all financial institutions must be supervised by the Bureau of Financial Institutions in a manner to ensure the strength, stability and efficiency of all financial institutions; to ensure reasonable and orderly competition, thereby encouraging the development and expansion of financial services advantageous to the public welfare; and to maintain close cooperation with other supervisory authorities. [PL 2001, c. 44, §2 (AMD); PL 2001, c. 44, §14 (AFF).]

In addition, with respect to the Bureau of Financial Institutions' authority pursuant to Title 9-A, section 1-301, subsection 2 , all financial institutions must be supervised in such a way as to protect consumers against unfair practices by financial institutions that provide consumer credit, to provide consumer education and to encourage the development of economically sound credit practices. [PL 2001, c. 44, §2 (AMD); PL 2001, c. 44, §14 (AFF).]
9-A M.R.S. § 2-301 — ME Code / Title 9-A / Chapter 2 / Section 2-301
9-A §2-301. Authority to make or service supervised loans
Status: in_force

Unless a person is a supervised financial organization, a financial institution holding company as defined in Title 9‑B, section 1011, subsection 1 or a mutual holding company as defined in Title 9‑B, section 1052, subsection 2 or has first obtained a license pursuant to this Act from the administrator authorizing the person to make or service supervised loans, the person may not engage in the business of: [PL 2017, c. 106, §4 (AMD).]

1. Making supervised loans; [PL 2017, c. 106, §4 (AMD).]

2. Taking assignments of and undertaking direct collection of payments from or enforcement of rights against debtors arising from supervised loans; or [PL 2021, c. 245, Pt. A, §3 (AMD).]

3. Servicing mortgage loans. [PL 2017, c. 106, §4 (NEW).]
9-B M.R.S. § 225 — ME Code / Title 9-B / Part 2 / Chapter 22 / Section 225
9-B §225. Retention of financial institution records
Status: repealed

1. Superintendent's authority. All records of financial institutions authorized to do business in this State and of credit unions authorized to do business in this State, insofar as this section does not contravene paramount federal law, must be retained for such minimum periods as the superintendent may prescribe. [PL 2003, c. 322, §10 (AMD).]

2. Minimum retention period. The superintendent may from time to time issue regulations classifying all records kept by these institutions and prescribing the minimum period for which these records shall be retained. Such periods may be permanent or for a lesser term. Such regulations may be amended or repealed from time to time; provided that any amendment or repeal shall not affect any action taken prior to such amendment or repeal. [PL 1975, c. 500, §1 (NEW).]

3. Retention criteria. Prior to issuing regulations pursuant to subsection 2 , the superintendent shall consider: A. Court and administrative proceedings in which the production of these records might be necessary or desirable; [PL 1975, c. 500, §1 (NEW).] B. State and federal statutes of limitation applicable to such proceedings; [PL 1975, c. 500, §1 (NEW).] C. The availability of information from other sources; and [PL 1975, c. 500, §1 (NEW).] D. Such other matters as the superintendent shall deem pertinent in order that the regulations will require retention of records for such reasonable period as is commensurate with the interests of customers, depositors, stockholders and the people of this State in having such records available. [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]

4. Reproductions. Reproductions, as defined by Title 16, section 456 shall be deemed acceptable, in lieu of the originals, for purposes of the prescribed periods for which such records shall be retained. [PL 1975, c. 500, §1 (NEW).]

5. Disposal of records. Institutions may dispose of any record which has been retained for the minimum period prescribed by the superintendent. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 815 — ME Code / Title 9-B / Part 8 / Chapter 81 / Section 815
9-B §815. Supervision and examination
Status: in_force

Credit unions are under the supervision of the superintendent; and Part 2 of this Title is applicable to credit unions in the same manner as that Part applies to financial institutions in general. [PL 1995, c. 24, §5 (AMD).]
9-A M.R.S. § 9-312 — ME Code / Title 9-A / Chapter 9 / Section 9-312
9-A §9-312. False information on application for credit
Status: in_force

A supervised lender, or any mortgage loan originator of a supervised lender, may not knowingly permit, encourage or assist a consumer to submit false information on any application for credit, nor may a supervised lender or mortgage loan originator of a supervised lender knowingly falsify such information on a consumer's application. [PL 2011, c. 427, Pt. B, §13 (AMD).]
9-B M.R.S. § 354-A — ME Code / Title 9-B / Part 3 / Chapter 35 / Section 354-A
9-B §354-A. Authority for expedited mergers and consolidations
Status: in_force

Notwithstanding any other provision of law, or any organizational document of any participating institution, following approval of the plan of merger or consolidation by a majority vote of the governing body of each participating institution and receipt by the superintendent of certified copies of the authorizing resolutions adopted by the governing body of each participating institution, the superintendent may order that the merger or consolidation become effective immediately if the superintendent believes that the action is necessary for the protection of depositors or the public. Any person aggrieved by a merger or consolidation pursuant to this section is entitled to judicial review of the superintendent's order in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter VII . [PL 1997, c. 398, Pt. G, §5 (AMD).]
9-A M.R.S. § 10-310 — ME Code / Title 9-A / Chapter 10 / Section 10-310
9-A §10-310. Requirements related to refund anticipation loan and refund anticipation check
Status: in_force

1. A facilitator of a refund anticipation loan or refund anticipation check shall make the following disclosures in accordance with this section. A. A facilitator of a refund anticipation loan or refund anticipation check shall prominently display a schedule showing the current fees for a refund anticipation loan or refund anticipation check at its place of business. Each fee schedule must include at least 5 examples of refund anticipation loans in different amounts ranging from $300 to $5,000. [PL 2009, c. 248, §9 (NEW).] B. A facilitator of a refund anticipation loan or refund anticipation check shall post the following notice to consumers: "When you take out a refund anticipation loan, you are borrowing money against your tax refund. If your tax refund is less than expected, you will still owe the entire amount of the loan. If your refund is delayed, you may have to pay additional costs. You can get your refund in 8 to 15 days without paying any extra fees and taking out a refund anticipation loan. You can have your tax return filed electronically and your refund deposited directly into your own bank account without obtaining a refund anticipation loan or paying fees for an extra product." [PL 2009, c. 248, §9 (NEW).] C. At the time a person applies for a refund anticipation loan or refund anticipation check, the facilitator of a refund anticipation loan or refund anticipation check shall disclose, on a form separate from the application, the refund anticipation loan fee or refund anticipation check fee; the fee for tax preparation or any other fee; the time within which the proceeds of the refund anticipation loan or refund anticipation check will be paid if the loan or check is approved; and, in the case of a refund anticipation loan, if it is the practice of the facilitator to demand repayment upon delivery of the refund, the annual percentage rate based on the facilitator's reasonable estimate of the time the refund will be delivered. [PL 2011, c. 427, Pt. D, §14 (AMD).] D. Prior to the consummation of the refund anticipation loan or refund anticipation check transaction, the facilitator of a refund anticipation loan or refund anticipation check shall also provide a copy of the completed loan or check application and agreement and, for a refund anticipation loan, the disclosures required by Article 8‑A . [PL 2011, c. 427, Pt. D, §14 (AMD).] E. If a person applies for a refund anticipation loan, the facilitator of a refund anticipation loan or refund anticipation check shall orally inform the applicant that the product is a loan that lasts only one to 2 weeks, that the applicant is liable for the full amount of the loan if the anticipated tax refund is less than expected, the amount of any loan fees and the interest rate for the loan. If a person applies for a refund anticipation check, the facilitator of a refund anticipation loan or refund anticipation check shall orally inform the applicant of any check fee and that the applicant can receive a refund without a loan or extra fees if the refund is filed electronically and the applicant chooses direct deposit to the applicant's own bank account. [PL 2009, c. 248, §9 (NEW).] [PL 2011, c. 427, Pt. D, §14 (AMD).]

2. A facilitator of a refund anticipation loan or refund anticipation check is prohibited from engaging in any of the following activities. A. A facilitator of a refund anticipation loan or refund anticipation check may not assess or impose any fee, charge or other consideration in the making of a refund anticipation loan or refund anticipation check unless that fee, charge or other consideration is included in the disclosed refund anticipation loan fee and the refund anticipation loan interest rate charged by the creditor or bank that provides the loan or check. In addition, any such fee, charge or other consideration, from whatever source, must be disclosed on the written agreement required by section 10‑302 . A facilitator of a refund anticipation loan or refund anticipation check may charge a fee for tax preparation if the same fee in the same amount is charged to customers who do not receive a refund anticipation loan, refund anticipation check or any other tax-related financial product. [PL 2009, c. 248, §9 (NEW).] B. A facilitator of a refund anticipation loan or refund anticipation check may not engage in unfair or deceptive acts or practices in the facilitating of a refund anticipation loan or refund anticipation check, including making any oral statements contradicting any of the information required to be disclosed under this Article. [PL 2009, c. 248, §9 (NEW).] C. A facilitator of a refund anticipation loan or refund anticipation check may not threaten to take any action prohibited by this Article in facilitating a refund anticipation loan or refund anticipation check. [PL 2009, c. 248, §9 (NEW).] D. A facilitator of a refund anticipation loan or refund anticipation check may not directly or indirectly arrange for any 3rd party to charge any interest, fee or charge related to a refund anticipation loan or refund anticipation check, including but not limited to charges for insurance, check cashing or attorney's fees or other collection costs. [PL 2009, c. 248, §9 (NEW).] E. A facilitator of a refund anticipation loan or refund anticipation check may not include any of the following provisions in a refund anticipation loan application or agreement: (1) A hold-harmless clause; (2) A confession-of-judgment clause; (3) A waiver of the right to a jury trial in any action; (4) Any assignment of or order for payment of wages or other compensation for services; (5) An agreement that the consumer will not assert any claim or defense arising out of the contract or seek any remedies pursuant to this Title; (6) A waiver of any requirement of this Article; (7) A waiver of the right to injunctive, declaratory or other equitable relief or relief on a classwide basis; or (8) A requirement that any aspect of a resolution of a dispute between the parties to the agreement be kept confidential. [PL 2009, c. 248, §9 (NEW).] F. A facilitator of a refund anticipation loan or refund anticipation check may not take or arrange for a creditor to take a security interest in any property of the consumer other than the proceeds of the consumer's tax refund to secure payment of a refund anticipation loan. [PL 2009, c. 248, §9 (NEW).] G. A facilitator of a refund anticipation loan or refund anticipation check may not directly or indirectly engage in the collection of an outstanding or delinquent refund anticipation loan for any creditor or assignee. [PL 2009, c. 248, §9 (NEW).] H. A facilitator of a refund anticipation loan or refund anticipation check may not refer, facilitate or solicit consumers on behalf of a 3rd party engaged in check cashing for a fee or permit 3rd-party check cashing for a fee in any place of business in which refund anticipation loans or refund anticipation checks are facilitated. [PL 2009, c. 248, §9 (NEW).] I. A facilitator of a refund anticipation loan or refund anticipation check may not facilitate any refund anticipation loan that is secured by or that the creditor arranges to be repaid directly from the proceeds of the consumer's state tax refund. [PL 2009, c. 248, §9 (NEW).] J. A facilitator of a refund anticipation loan or refund anticipation check may not make a misrepresentation of fact in obtaining or attempting to obtain a registration as a facilitator. [PL 2009, c. 248, §9 (NEW).] K. A facilitator of a refund anticipation loan or refund anticipation check may not advertise or market a refund anticipation loan without including in the advertising or marketing materials a disclosure that the product is a loan and that tax refunds can be obtained without a loan or extra fees if tax returns are electronically filed with direct deposit. [PL 2009, c. 248, §9 (NEW).] L. A facilitator of a refund anticipation loan or refund anticipation check may not advertise or market a refund anticipation check without including in the advertising or marketing materials a disclosure that there is a fee associated with the check and that tax refunds can be obtained without a loan or extra fees if tax returns are electronically filed with direct deposit. [PL 2009, c. 248, §9 (NEW).] [PL 2009, c. 248, §9 (NEW).]
9-B M.R.S. § 422 — ME Code / Title 9-B / Part 4 / Chapter 42 / Section 422
9-B §422. Insurance of deposits or accounts
Status: in_force

1. Requirement. A financial institution organized under the laws of this State or a branch of an out-of-state financial institution authorized to do business in this State shall take any action necessary to have its deposits or accounts insured by the FDIC. For purposes of this section, a branch of an out-of-state financial institution does not include a branch of a foreign bank that is not eligible for insurance of accounts by the FDIC. [PL 1997, c. 398, Pt. I, §13 (AMD).]

2. Transition period. [PL 1981, c. 155, §1 (RP).]

3. Failure to obtain insurance. [PL 1981, c. 155, §1 (RP).]

4. Applicable law. A financial institution that has its deposits or accounts insured pursuant to this section shall comply with all statutes and regulations governing the insurance of deposits or accounts by the FDIC. This section may not be construed as repealing, modifying or impairing any powers, duties, rights or responsibilities under the provisions of this Title of the superintendent or of the financial institution so insured. [PL 1997, c. 398, Pt. I, §13 (AMD).]

5. Exception. A financial institution organized pursuant to Part 12 is not required to have its deposits or accounts insured by the FDIC. [PL 1997, c. 398, Pt. I, §13 (NEW).]
9-A M.R.S. § 3-309 — ME Code / Title 9-A / Chapter 3 / Section 3-309
9-A §3-309. Referral sales
Status: in_force

With respect to a consumer credit sale or consumer lease, the seller or lessor may not give or offer to give a rebate or discount or otherwise pay or offer to pay value to the buyer or lessee as an inducement for a sale or lease in consideration of the buyer's or lessee's giving to the seller or lessor the names of prospective purchasers or lessees, or otherwise aiding the seller or lessor in making a sale or lease to another person, if the earning of the rebate, discount or other value is contingent upon the occurrence of an event subsequent to the time the buyer or lessee agrees to buy or lease. An agreement containing a violation of this section is unenforceable by the seller or lessor; and the buyer or lessee, at the buyer's or lessee's option, may rescind the agreement or retain the goods delivered and the benefit of any services performed, without any obligation to pay for them. [RR 2025, c. 1, Pt. C, §24 (COR).]
9-A M.R.S. § 14-109 — ME Code / Title 9-A / Chapter 14 / Section 14-109
9-A §14-109. Superintendent powers and duties
Status: in_force

1. Investigations and examinations. The superintendent has the authority to conduct investigations and examinations as follows. A. For purposes of initial licensing, license renewal, license suspension, license revocation or termination or general or specific inquiry or investigation to determine compliance with this Article, the superintendent may access, receive and use any books, accounts, records, files, documents, information or evidence belonging to a licensee or person under examination, including, but not limited to, criminal, civil and administrative history information; personal history and experience information, including independent credit reports obtained from a consumer reporting agency described in Section 603(p) of the federal Fair Credit Reporting Act, 15 United States Code, Section 1681a; and any other documents, information or evidence the superintendent considers relevant to the inquiry or investigation regardless of the location, possession, control or custody of such documents, information or evidence. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] B. For the purposes of investigating violations or complaints arising under this Article or for the purposes of examination, the superintendent may review, investigate or examine any licensee or person subject to this Article as often as necessary in order to carry out the purposes of this Article. The superintendent may direct, subpoena or order the attendance of and examine under oath any person whose testimony may be required about the student education loan or the business or subject matter of any such examination or investigation and may direct, subpoena or order the person to produce books, accounts, records, files and any other documents the superintendent considers relevant to the inquiry. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] C. In making an examination or investigation authorized by this section, the superintendent may control access to any documents and records of the licensee or person under examination or investigation. The superintendent may take possession of the documents and records or place a person in exclusive charge of the documents and records in the place where they are usually kept. During the period of control, a person may not remove or attempt to remove any of the documents and records except pursuant to a court order or with the consent of the superintendent. Unless the superintendent has reasonable grounds to believe the documents or records of the licensee or person have been, or are at risk of being, altered or destroyed for purposes of concealing a violation of this Article, the licensee or owner of the documents and records may have access to the documents or records as necessary to conduct its ordinary business affairs. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] D. In order to carry out the purposes of this section, the superintendent may: (1) Retain attorneys, accountants or other professionals and specialists as examiners, auditors or investigators to conduct or assist in the conduct of examinations or investigations; (2) Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures and documents, records, information or evidence obtained under this section; (3) Use, hire, contract for or employ public or privately available analytical systems, methods or software to examine or investigate the licensee or person subject to this Article; (4) Accept and rely on examination or investigation reports made by other government officials, within or without this State; and (5) Accept audit reports made by an independent certified public accountant for the licensee or person subject to this Article in the course of that part of the examination covering the same general subject matter as the audit and may incorporate the audit report in a report of examination, report of investigation or other writing of the superintendent. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] E. A licensee or person subject to investigation or examination under this section may not knowingly withhold, abstract, remove, mutilate or destroy any books, physical records, computer records or other information relating to information regulated under this Article. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] F. Whenever it appears to the superintendent that a person has violated, is violating or is about to violate a provision of this Article or a rule adopted pursuant to this Article or that a licensee or an owner, director, officer, member, partner, shareholder, trustee, employee or agent of the licensee has committed fraud, engaged in dishonest activities or made a misrepresentation, the superintendent may take action against the person or licensee in accordance with Article 6 . [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] G. The costs of an investigation conducted by the superintendent must be paid by the licensee or person being investigated. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] H. The superintendent shall adopt rules to implement this Article. Rules adopted pursuant to this paragraph are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
9-A M.R.S. § 4-401 — ME Code / Title 9-A / Chapter 4 / Section 4-401
9-A §4-401. Scope
Status: in_force

1. Scope. This Part applies to supervised lenders who are not supervised financial organizations. [PL 1997, c. 315, §8 (NEW).]

2. Exceptions. Except for sections 4‑402 and 4‑405 , this Part does not apply to group health and group life insurance to the extent authorized by Title 24‑A, chapters 31 and 35 when the insured is enrolled in the insurance policy, credit life and credit health insurance to the extent authorized by Title 24‑A, chapter 37 , credit property insurance, credit involuntary unemployment insurance, forced placed property insurance, a vendor's single interest policy or any other insurance product as determined by the Superintendent of Insurance. [PL 1997, c. 315, §8 (NEW).]
9-A M.R.S. § 4-204 — ME Code / Title 9-A / Chapter 4 / Section 4-204
9-A §4-204. Notice of right to cancel credit insurance in open-end transactions
Status: in_force

A creditor who provides consumer credit insurance in relation to open-end credit shall, at least annually, inform the consumer of the voluntary nature of the insurance and of the consumer's right to cancel that insurance at will. [RR 2025, c. 1, Pt. C, §33 (COR).]
9-B M.R.S. § 362 — ME Code / Title 9-B / Part 3 / Chapter 36 / Section 362
9-B §362. Payments restrained to preserve assets or protect depositors
Status: in_force

1. Application to court. Whenever it may become necessary to preserve the assets or protect depositors in a financial institution, the Superior Court may, on application by the superintendent, the governing body of such institution or 3/4 of its depositors, members or investors or more if required by the institution's organizational documents, after due notice, issue an order restraining the institution from paying out its funds or any portion of its funds or from declaring or paying any dividends or deposits for such time as the court considers advisable. [PL 1997, c. 398, Pt. H, §2 (AMD).]

2. Authority of court. The court may at any time revoke or modify the original order and authorize the institution to pay dividends upon its deposits, or pay any portion of its deposits to such as may desire to withdraw the same or make any other or further order that may be necessary to protect the depositors or members of such institution. [PL 1975, c. 500, §1 (NEW).]

3. Rights of parties. Nothing in this section shall be construed to take away the rights of the parties in interest to proceed under sections 365 or 366, subsection 1. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 1326 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1326
9-B §1326. Involuntary termination of authority and receivership
Status: in_force

1. Involuntary termination of authority to operate Maine branch, Maine agency or Maine representative office. The involuntary termination of authority to operate a Maine branch, Maine agency or Maine representative office is governed by the following. A. Authority to operate a Maine branch, Maine agency or Maine representative office terminates when the parent foreign bank is dissolved or its authority or existence is otherwise terminated or canceled in the country of its organization. [PL 1997, c. 182, Pt. B, §3 (NEW).] B. The superintendent may terminate a foreign bank's authority to operate a Maine branch, Maine agency or Maine representative office if the superintendent determines that or has reasonable cause to believe that: (1) The foreign bank has violated or failed to comply with any of the provisions of this chapter or any of the rules or orders of the superintendent made pursuant to this chapter; or (2) A conservator is appointed for the foreign bank or a similar proceeding is initiated in the foreign bank's country of organization. [PL 1997, c. 182, Pt. B, §3 (NEW).] C. A foreign bank whose authority to operate a Maine branch, Maine agency or Maine representative office is revoked by the superintendent may bring an action challenging the superintendent's revocation in Superior Court within 10 days of that revocation. The court must uphold the superintendent's revocation of a foreign bank's authority to operate a Maine branch, Maine agency or Maine representative office unless the court finds that the superintendent's action was arbitrary and capricious. [PL 1997, c. 182, Pt. B, §3 (NEW).] [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Receivership. Whenever the superintendent revokes a foreign bank's authority to operate a Maine branch or Maine agency or whenever any creditor of that foreign bank has obtained a judgment against the foreign bank arising out of a transaction with a branch or agency in any court of record of the United States or any state of the United States and made application, accompanied by a certificate from the clerk of the court stating that that judgment has been rendered and has remained unpaid for a period of 30 days, or whenever the superintendent becomes satisfied that that foreign bank is insolvent, the superintendent may, after due consideration of its affairs, appoint a receiver who shall take possession of all the property and assets of that foreign bank in Maine pursuant to provisions of chapter 36 . [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-B M.R.S. § 1213 — ME Code / Title 9-B / Part 12 / Chapter 121 / Section 1213
9-B §1213. Capital
Status: in_force

A nondepository trust company must have initial paid-in capital in accordance with chapter 31 and shall maintain capital in accordance with section 412-A and any rules adopted under section 412-A , except the superintendent may establish different capital maintenance requirements for nondepository trust companies than those required for other financial institutions organized under this Title. [PL 1999, c. 539, §1 (AMD).]
9-A M.R.S. § 2-309 — ME Code / Title 9-A / Chapter 2 / Section 2-309
9-A §2-309. No other business for purpose of evasion
Status: in_force

A supervised lender may not carry on other business for the purpose of evasion or violation of this Act at a location where the supervised lender makes or services supervised loans. [PL 2017, c. 106, §9 (AMD).]
9-B M.R.S. § 364 — ME Code / Title 9-B / Part 3 / Chapter 36 / Section 364
9-B §364. Voluntary liquidation
Status: in_force

1. Application to court. Whenever, in the opinion of the superintendent and a majority of the governing body of any financial institution or in the opinion of 3/4 of its depositors, members or investors or more if required by the institution's organizational documents, it is inexpedient for any reason for the institution to continue the further prosecution of its business, the governing body may join with the superintendent in an application to the Superior Court for liquidation of the affairs of the institution, or the depositors, members or investors may file such an application with the concurrence of the superintendent. [PL 1999, c. 218, §19 (AMD).]

2. Injunction to restrict payments. Upon presentation of such application, the court may issue an injunction wholly or partially restraining further payment of deposits until further order of court. [PL 1975, c. 500, §1 (NEW).]

3. Order to liquidate. If, after notice and hearing on application, the court is of the opinion that it is inexpedient for the institution to continue the further prosecution of its business, it may make orders and decrees as seem proper for liquidation of the institution's affairs, distribution of its assets, protection of its depositors, members and investors, if any, and the welfare of the community. [PL 1997, c. 398, Pt. H, §3 (AMD).]

4. Liquidation proceedings. Further proceedings on such application may be in the manner provided for liquidation of an insolvent financial institution, or the court may authorize the chief executive officer, president and governing body of such institution then in office to liquidate its affairs under direction of the court. [PL 1997, c. 398, Pt. H, §3 (AMD).]

5. Applicability of section 362. Section 362 is made applicable to such applications. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 844 — ME Code / Title 9-B / Part 8 / Chapter 84 / Section 844
9-B §844. Supervisory committee or independent public accountant
Status: in_force

1. Duties of supervisory committee. If a supervisory committee is appointed pursuant to section 842, subsection 2 , the supervisory committee shall keep informed fully and at all times as to the financial condition of the credit union, shall examine or cause to be examined carefully the cash and accounts of the credit union annually, and shall report to the board of directors its findings, together with its recommendations. The supervisory committee shall hold meetings at least once each quarter and shall keep records of the meetings. The supervisory committee shall make an annual report at the annual meeting of members of the credit union. [PL 2003, c. 322, §33 (AMD).]

1-A. Duties of independent public accountant. If the board of directors employs an independent public accountant, the annual audits must be conducted pursuant to section 453 . Verification of share, deposit and loan accounts must be conducted pursuant to this section. [PL 2003, c. 322, §33 (NEW).]

2. Verification of share, deposit and loan accounts. A. At least once in every 2 years, the supervisory committee or the independent public accountant shall verify or cause to be verified the share, deposit and loan accounts of members of the credit union and a report of the verification must be kept on file and available to be reviewed at the time of the next examination or upon request by the superintendent. (1) If the verification is performed by the supervisory committee, a controlled verification of 100% of the members' share, deposit and loan accounts must be made. (2) If the verification is performed by a certified public accountant, the auditor may choose the verification method set forth in subsection 1 or a sampling method sufficient in both number and scope on which to base conclusions concerning the validity of such records. [PL 2003, c. 322, §33 (AMD).] B. If the superintendent determines such verification inadequate, the superintendent may cause the bureau to verify such accounts; and the bureau must have full access to every aspect of the credit union's activities and to all books, papers, vouchers, resources and all other records and property belonging to said credit union, whether in its immediate possession or otherwise, for the purpose of facilitating such verification. [PL 2001, c. 211, §19 (AMD).] C. Expenses incurred by the superintendent in any such verification must be paid by the credit union, to be credited and used as provided in section 214 . [PL 2001, c. 211, §19 (AMD).] [PL 2003, c. 322, §33 (AMD).]

3. Meetings. [PL 2003, c. 322, §33 (RP).]

4. Annual report. [PL 2003, c. 322, §33 (RP).]

5. Exception. Notwithstanding the provisions of subsections 1 and 1‑A , any credit union that has total assets in excess of $100,000,000 must employ an independent public accountant to conduct an annual audit of the credit union in accordance with section 453 . [PL 2009, c. 228, §8 (AMD).]

6. Rulemaking. The superintendent may adopt rules to further define the duties of the supervisory committee. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2003, c. 322, §33 (NEW).]
9-A M.R.S. § 10-307-A — ME Code / Title 9-A / Chapter 10 / Section 10-307-A
9-A §10-307-A. Application of truth in lending limits
Status: in_force

A loan broker and its mortgage loan originators shall comply with the provisions of the Federal Truth in Lending provisions of Article 8‑A and any rules adopted in accordance with that Article. [PL 2011, c. 427, Pt. A, §16 (NEW).]
9-B M.R.S. § 164 — ME Code / Title 9-B / Part 1 / Chapter 16 / Section 164
9-B §164. Penalties
Status: in_force

1. Violation. Any officer or employee of a financial institution authorized to do business in this State, credit union authorized to do business in this State, affiliate or consumer reporting agency who intentionally or knowingly furnishes financial records in violation of this chapter commits a civil violation for which the superintendent may assess a civil penalty of not more than $5,000 per violation. Any financial institution authorized to do business in this State or credit union authorized to do business in this State that intentionally or knowingly furnishes financial records in violation of this chapter or intentionally or knowingly allows an affiliate to furnish financial records in violation of this chapter commits a civil violation for which the superintendent may assess a civil penalty of not more than $10,000 per violation. Any financial institution authorized to do business in this State or credit union authorized to do business in this State or any agent or employee of a financial institution or credit union making a disclosure of financial records in good-faith reliance upon the certificate of agency or person requesting the disclosure, that the provisions of section 163 requiring prior notice to the customer have been complied with, is not liable to the customer for the disclosures and is not liable for any civil penalties under this section. [PL 2001, c. 262, Pt. B, §6 (AMD).]

2. Inducing violation. Any person who intentionally or knowingly induces or attempts to induce any officer or employee of a financial institution authorized to do business in this State, credit union authorized to do business in this State or consumer reporting agency to disclose financial records in violation of this chapter commits a civil violation for which the superintendent may assess a civil penalty of not more than $10,000 per violation. [PL 2001, c. 262, Pt. B, §6 (AMD).]

3. Immunity. A financial institution authorized to do business in the State or its affiliate or a credit union authorized to do business in the State or its affiliate that in good faith discloses financial records to the Department of Health and Human Services pursuant to section 162, subsection 5 or the Department of Administrative and Financial Services, Bureau of Revenue Services pursuant to section 162, subsection 6 is immune from civil or criminal liability that might otherwise arise from the disclosure. In a proceeding regarding immunity from liability, there is a rebuttable presumption of good faith. [PL 2009, c. 213, Pt. AAAA, §6 (AMD).]
9-A M.R.S. § 3-404 — ME Code / Title 9-A / Chapter 3 / Section 3-404
9-A §3-404. Interlocking loans
Status: in_force

1. A lender who makes a consumer loan for the purpose of enabling a consumer to buy from a seller goods or services, is subject to all claims and defenses of the consumer against the seller arising from the sale of the goods and services if: A. The cash price of the item with respect to which a dispute exists is in excess of $50 and is made in this State by a seller who allows the consumer to purchase the goods or services pursuant to a lender credit card or similar arrangement involving third parties and the residence of the consumer is in this State and the consumer has made a good faith effort to communicate to the seller the existence of the dispute; [PL 1975, c. 284, §1 (AMD).] B. The lender was a person having a legal relationship with the seller and the relationship was not remote or was a factor in making the sale or loan; [PL 1973, c. 762, §1 (NEW).] C. The seller guaranteed the loan or otherwise assumed the risk of loss by the lender upon the loan; or [PL 1973, c. 762, §1 (NEW).] D. The lender directly supplied the seller with a form used by the debtor to evidence or secure the loan. [PL 1973, c. 762, §1 (NEW).] [PL 1981, c. 243, §§22, 26 (AMD).]

2. The lender's liability under this section may not exceed the amount owing to the lender with respect to the cash price of the disputed item at the time the lender has notice of a claim or defense of the buyer against the seller. If 2 or more consumer loans, other than pursuant to a revolving loan account, are consolidated, payments received after the consolidation are deemed, for the purpose of determining the amount owing the lender with respect to the sale, to have been first applied to the payment of the loans first made; if the loans consolidated arose from sales made on the same day, payments are deemed to have been first applied to the smallest loan. Payments received upon open-end credit are deemed, for the purpose of determining the amount owing the lender with respect to the sale, to have been first applied to the payment of finance charges in the order of their entry to the account and then to the payment of loans in the order in which the entries to the account showing the loans were made. [PL 1975, c. 284, §2 (AMD).]
9-A M.R.S. § 1-201 — ME Code / Title 9-A / Chapter 1 / Section 1-201
9-A §1-201. Territorial application
Status: in_force

1. Except as otherwise provided in this section, this Act applies to consumer credit transactions and open-end credit plans made or entered into in this State. For purposes of this Act, a consumer credit transaction or open-end credit plan is made or entered into in this State if the creditor, wherever located, enters into a consumer credit transaction or open-end credit plan with a consumer who is located in this State. A. [PL 2021, c. 245, Pt. A, §1 (RP).] B. [PL 2021, c. 245, Pt. A, §1 (RP).] C. [PL 2021, c. 245, Pt. A, §1 (RP).] [PL 2021, c. 245, Pt. A, §1 (AMD).]

2. [PL 1987, c. 129, §5 (RP).]

3. The Part on Limitations on Creditors' Remedies, Part 1 , of the Article on Remedies and Penalties, Article 5, applies to actions, other proceedings and nonjudicial collection activity conducted in this State to enforce rights arising from consumer credit sales, consumer leases, or consumer loans, or extortionate extensions of credit, wherever made. [PL 1987, c. 129, §6 (AMD).]

4. A consumer credit transaction made in another state to a person who is a resident of this State at the time of the transaction is valid and enforceable in this State to the extent that it is valid and enforceable under the laws of the state applicable to the transaction, but the following provisions apply as though the transaction occurred in this State: A. A creditor may not collect charges through actions or other proceedings in excess of those permitted by the Article on Finance Charges and Related Provisions ( Article 2 ) and by the Article on Insurance ( Article 4 ); and [PL 1973, c. 762, §1 (NEW).] B. A creditor may not enforce rights against the consumer with respect to the provisions of agreements which violate the provisions on Limitations on Agreements and Practices (Part 3) and Limitations on Consumer's Liability (Part 4) of the Article on Regulation of Agreements and Practices ( Article 3 ). [PL 1973, c. 762, §1 (NEW).] [PL 1973, c. 762, §1 (NEW).]

5. Except as provided in subsection 3 , a consumer credit transaction made in another state to a person who was not a resident of this State when the sale, lease, loan, or modification was made is valid and enforceable in this State according to its terms to the extent that it is valid and enforceable under the laws of the state applicable to the transaction. [PL 1973, c. 762, §1 (NEW).]

6. For the purposes of this Act, the residence of a consumer is the address given by the consumer as the consumer's residence in any writing signed by the consumer in connection with a credit transaction or open-end credit plan. Until the consumer notifies the creditor of a new or different address in a writing for that purpose, the given address is presumed to be unchanged. [RR 2025, c. 1, Pt. C, §3 (COR).]

7. Notwithstanding other provisions of this section: A. Except as provided in subsection 3 , this Act does not apply if the consumer is not a resident of this State at the time of a credit transaction and the parties have agreed that the law of the consumer's residence applies; and [RR 2025, c. 1, Pt. C, §4 (COR).] B. This Act applies if the consumer is a resident of this State at the time of a credit transaction and the parties have agreed that the law of the consumer's residence applies. [RR 2025, c. 1, Pt. C, §4 (COR).] [RR 2025, c. 1, Pt. C, §4 (COR).]

8. Except as provided in subsection 7 , the following agreements by a buyer, lessee, or debtor are invalid with respect to consumer credit transactions to which this Act applies: A. That the law of another state shall apply; [PL 1973, c. 762, §1 (NEW).] B. That the consumer consents to the jurisdiction of another state; and [PL 1973, c. 762, §1 (NEW).] C. That fixes venue. [PL 1973, c. 762, §1 (NEW).] [PL 1973, c. 762, §1 (NEW).]

9. The following provisions of this Act specify the applicable law governing certain cases: A. Applicability, section 6‑102 , of the Part on Powers and Functions of Administrator, Part 1 , of the Article on Administration, Article 6 ; and [PL 1973, c. 762, §1 (NEW).] B. Applicability, section 6‑201 , of the Part on Notification and Fees, Part 2 , of the Article on Administration, Article 6. [PL 1973, c. 762, §1 (NEW).] [PL 1973, c. 762, §1 (NEW).]

10. Notwithstanding any other provision of law, this Act applies to any person offering, arranging or purporting to offer or arrange a consumer credit transaction if that person, in advertising or soliciting or otherwise communicating with a consumer, asserts to be located in this State or to possess a license or registration issued pursuant to this Act. [PL 2005, c. 206, §1 (NEW).]
9-B M.R.S. § 221 — ME Code / Title 9-B / Part 2 / Chapter 22 / Section 221
9-B §221. Examinations
Status: in_force

1. Requirements. The superintendent shall examine each financial institution organized under the laws of this State at least once every 36 months or more frequently as the superintendent determines. The superintendent may examine an out-of-state financial institution operating branches in this State in order to determine compliance with the laws of this State and to ensure that the activities of each branch are conducted in a safe and sound manner. The superintendent must have full access to the vaults, books and papers of the financial institution or branch of the out-of-state financial institution being examined. The superintendent may make any inquiries necessary to determine the condition of the financial institution or the branch of the out-of-state financial institution and its compliance with the laws of this State. The directors, corporators, officers, employees and agents of a financial institution and the officers, employees and agents of the out-of-state financial institution, the branch of which is being examined, shall furnish statements and full information to the superintendent or the superintendent's examiners related to the condition and standing of the institution or branch being examined and all matters pertaining to its business and management. [PL 1995, c. 628, §11 (RPR).]

2. Exception. In satisfaction of the examination requirements of this section, the superintendent may accept the examination reports of other state, federal or foreign regulatory agencies as a method of satisfying such requirements in whole or in part. [PL 2001, c. 211, §5 (AMD).]

3. Joint examinations with other state, federal or foreign regulatory agencies. In satisfaction of the examination requirements of this section, the superintendent may conduct joint examinations of financial institutions organized under the laws of this State or branches of out-of-state financial institutions operating branches in this State with other state, federal or foreign regulatory agencies. For purposes of this section, "joint examination" means an examination conducted simultaneously by 2 or more regulatory agencies in which one examination report is issued. [PL 1995, c. 628, §11 (NEW).]

4. Affiliates. The superintendent may examine the affairs of the affiliates of a financial institution, other than a federally chartered financial institution, as necessary to fully disclose the relationship between the financial institution and its affiliates and the effect of those relationships on the affairs of the financial institution. [PL 2001, c. 211, §6 (NEW).]

5. Service corporations. The superintendent may examine any service corporation established pursuant to section 445 or 864 or any bank service company established under the federal Bank Service Company Act that provides services to a financial institution. Whenever a financial institution or any affiliate other than a financial institution causes to be performed for itself by contract or otherwise any services authorized for service corporations under section 131 , whether on or off premises, such performance is subject to regulation and examination of the superintendent as if such services were being performed by the financial institution or affiliate itself on its own premises. [PL 2001, c. 211, §6 (NEW).]
9-A M.R.S. § 9-304 — ME Code / Title 9-A / Chapter 9 / Section 9-304
9-A §9-304. Servicing requirements of assigned consumer credit transactions
Status: in_force

No consumer credit transaction secured by a mortgage on real estate may be assigned under this article unless: [PL 1987, c. 396, §12 (NEW).]

1. The creditor entering into the agreement retains servicing of the account and either maintains a place of business in this State or maintains a toll-free telephone number or other free means of oral communication that is disclosed to mortgagors and staffed in the manner described in subsection 2 ; or [PL 1987, c. 396, §12 (NEW).]

2. The assignee or servicing agent retained to collect the account maintains a toll-free telephone number, or other free means of oral communication, that is disclosed to mortgagors in each coupon book or on each periodic billing notice or statement of account and that is staffed during normal business hours for mortgagors to use to communicate with the assignee or servicing agent concerning the consumer credit transaction. [PL 1987, c. 396, §12 (NEW).]
9-B M.R.S. § 342 — ME Code / Title 9-B / Part 3 / Chapter 34 / Section 342
9-B §342. Conversion to new charter: federal to State; State to federal; out of state to State
Status: in_force

1. Federal savings bank or savings and loan to state financial institution. Any federal association or federal savings bank may convert to a financial institution organized under the laws of this State in the following manner. A federal savings bank or savings and loan association converting to a financial institution organized under the laws of this State may continue to use the designation "Federal" or "FSB" or derivatives of "Federal" or "FSB" in its corporate title, as long as the converted federal savings bank or savings and loan association also uses the designation "state association" or "S.A." in its corporate title. A. At an annual meeting or a special meeting called for that purpose, a majority, or more if required by the institution's organizational documents, of the members or investors casting votes in person or by proxy must approve of the conversion. Notice of the meeting must be mailed to each member or investor at least 30 and not more than 60 days prior to the date of the meeting at the member's or investor's last known address as shown on the books of the institution. [PL 1997, c. 398, Pt. F, §2 (AMD).] B. At the meeting required in paragraph A , the members or investors shall vote upon directors who will be the directors of the state-chartered institution after conversion becomes effective and the members shall also vote upon corporators if a board of corporators is to be established for the resulting state-chartered institution. [PL 1997, c. 398, Pt. F, §2 (AMD).] C. Within 10 days after the meeting, a copy of the minutes of the meeting, verified by affidavit of the clerk or secretary, together with such additional information as the superintendent may require, must be submitted to the superintendent for the superintendent's approval or disapproval in writing of the proposed conversion pursuant to the procedures and requirements of section 252 . The verified copies of the minutes of the meeting when filed are presumptive evidence of the holding and action of the meeting. [PL 1991, c. 34, §2 (AMD).] D. Copies of the minutes of the meeting of members or investors, verified by affidavit of the clerk or secretary, and copies of the superintendent's written approval must be mailed to the Office of Thrift Supervision or its successor within 10 days after approval. [PL 1997, c. 398, Pt. F, §2 (AMD).] E. Following compliance with all applicable requirements of federal law, if any, the directors elected pursuant to paragraph B shall execute 3 copies of the organizational documents upon which the superintendent shall endorse approval and those documents must be filed in accordance with the provisions of chapter 31 or 32 . Each director shall sign and acknowledge the documents as a subscriber to the documents. [PL 1997, c. 398, Pt. F, §2 (AMD).] F. So far as applicable, the provisions of this Title apply to the resulting institution. [PL 1991, c. 34, §2 (AMD).] G. The rights of dissenting investors of a converting federal savings bank or federal savings and loan are governed by federal law. [PL 1997, c. 398, Pt. F, §2 (NEW).] H. Upon approval of the superintendent and evidence that the converting institution has complied with all applicable state and federal laws, rules and regulations, the superintendent shall issue to the resulting institution a certificate specifying the name of the converting institution and shall file a copy of the certificate with the Secretary of State. This certificate, once filed, is conclusive evidence of the conversion and of the correctness of all proceedings relating to the conversion in all courts and places. Unless a later date is specified in the certificate, the conversion is effective upon issuance of the certificate. [PL 2005, c. 82, §6 (NEW).] [PL 2005, c. 82, §6 (AMD).]

2. National bank to financial institution. A national bank may convert to a financial institution organized under the laws of this State in the following manner. A national bank converting to a financial institution organized under the laws of this State may continue to use the designation "National" or "NA" or derivatives of "National" or "NA" in its corporate title, as long as the converted national bank also uses the designation "state association" or "S.A." in its corporate title. A. The national bank must comply with the conditions and limitations imposed by the laws of the United States governing the conversion. [PL 1997, c. 398, Pt. F, §2 (AMD).] B. The converting national bank may apply for a State charter by filing with the superintendent an application signed by its president and by a majority of its governing body setting forth the corporate action taken in compliance with the laws of the United States in paragraph A and affixing to the application the organizational documents governing the bank as a financial institution. [PL 1999, c. 218, §18 (AMD).] C. [PL 1997, c. 398, Pt. F, §2 (RP).] D. The rights of dissenting investors of a converting national bank are governed by federal law. [PL 1997, c. 398, Pt. F, §2 (AMD).] E. Upon approval of the superintendent and evidence that the converting institution has complied with all applicable state and federal laws, rules and regulations, the superintendent shall issue to the resulting institution a certificate specifying the name of the converting institution and shall file a copy of the certificate with the Secretary of State. This certificate, once filed, is conclusive evidence of the conversion and of the correctness of all proceedings related to the conversion in all courts and places. Unless a later date is specified in the certificate, the conversion is effective upon issuance of the certificate. [PL 2005, c. 82, §7 (NEW).] [PL 2005, c. 82, §7 (AMD).]

3. Thrift institution to federal savings and loan. [PL 1997, c. 398, Pt. F, §2 (RP).]

4. Trust company to national bank. [PL 1997, c. 398, Pt. F, §2 (RP).]

5. Other conversions. [PL 1997, c. 398, Pt. F, §2 (RP).]

6. State to federal charter. A financial institution organized under provisions of this Title may convert to a federal association or to a national bank in accordance with applicable federal laws and regulations and the following provisions. A. A majority of the institution's investors or mutual voters, or more if required by the institution's organizational documents, must approve the conversion at an annual meeting or at a special meeting. Notice of the meeting must be mailed not less than 20 nor more than 30 days prior to the meeting to each investor or mutual voter at the investor's or voter's last known address as shown on the books of the institution. [PL 1997, c. 398, Pt. F, §2 (NEW).] B. Upon completion of the conversion, the financial institution shall certify in writing that the conversion has been completed under applicable federal law. The charter of the converting financial institution terminates automatically upon issuance of the federal charter or certificate. Upon receipt of a copy of the charter or certificate showing the organization of the institution as a federal institution, the superintendent shall notify the Secretary of State that the conversion has been effected. [PL 1997, c. 398, Pt. F, §2 (NEW).] C. The rights of dissenting investors of a financial institution converting to a federal charter are those specified in section 352, subsection 5 . [PL 1997, c. 398, Pt. F, §2 (NEW).] D. The financial institution must notify and provide the superintendent with a copy of the application filed with the appropriate federal regulator within 3 days of filing with the federal regulator. [PL 2007, c. 79, §7 (NEW).] [PL 2007, c. 79, §7 (AMD).]

7. Out of state to State charter. A financial institution organized under the laws of another state may convert to a financial institution organized under the laws of this State in the manner set out in this section. A. The financial institution organized under the laws of another state must comply with the conditions and limitations imposed by the laws of that state governing the conversion. [PL 2009, c. 228, §4 (NEW).] B. The converting financial institution may apply for a state charter by filing with the superintendent an application signed by its president and by a majority of its governing body setting forth the corporate action taken in compliance with the laws of the state under which it is organized and affixing to the application the organizational documents governing the bank as a financial institution. [PL 2009, c. 228, §4 (NEW).] C. Upon approval of the superintendent and evidence that the converting institution has complied with all applicable state and federal laws, rules and regulations, the superintendent shall issue to the resulting institution a certificate specifying the name of the converting institution and shall file a copy of the certificate with the Secretary of State. This certificate, once filed, is conclusive evidence of the conversion and of the correctness of all proceedings related to the conversion in all courts and places. Unless a later date is specified in the certificate, the conversion is effective upon issuance of the certificate. [PL 2009, c. 228, §4 (NEW).] The rights of dissenting investors of a converting financial institution organized under another state are governed by the laws of that state. [PL 2009, c. 228, §4 (NEW).]
9-A M.R.S. § 2-504 — ME Code / Title 9-A / Chapter 2 / Section 2-504
9-A §2-504. Finance charge on refinancing
Status: in_force

With respect to a consumer credit transaction, except a consumer lease, the creditor by agreement with the consumer may refinance the unpaid balance and contract for and receive a finance charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by the provisions on finance charge for consumer credit sales other than open-end credit, section 2‑201 , if a consumer credit sale is refinanced, or for consumer loans, section 2‑401 , if a consumer loan is refinanced. For the purpose of determining the finance charge permitted, the amount financed resulting from the refinancing is composed of the following: [PL 1989, c. 457, §2 (RPR); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]

1. An amount equal to: A. If the transaction was not precomputed, the total of the unpaid balance and the accrued charges, with the exception of any minimum charge, on the date of the refinancing; or [PL 1987, c. 129, §48 (NEW).] B. If the transaction was precomputed, the amount which the consumer would have been required to pay upon prepayment pursuant to the provision on rebate upon prepayment, section 2‑510 , on the date of refinancing, but for the purpose of computing this amount no minimum charge is permitted; and [PL 1987, c. 129, §48 (NEW).] [PL 1987, c. 129, §48 (RPR).]

2. Appropriate additional charges, section 2‑501 , payment of which is deferred. [PL 1987, c. 129, §48 (RPR).]
9-B M.R.S. § 365 — ME Code / Title 9-B / Part 3 / Chapter 36 / Section 365
9-B §365. Insolvency liquidation
Status: in_force

1. Injunction against insolvent institution. [PL 1991, c. 34, §5 (RP).]

1-A. Appointment of receiver. If, upon examination of a financial institution, the superintendent is of the opinion that it is insolvent or that its condition renders its further proceedings hazardous to the public or to those having funds including trust assets in its custody, the superintendent may order the institution closed and appoint a receiver who shall proceed to liquidate the financial institution. [PL 2005, c. 83, §8 (AMD).]

2. Powers of receivers. Receivers have the following powers. A. The person appointed by the superintendent as a receiver may be the superintendent, a deputy, or such other person, including the corporation insuring the institution's accounts pursuant to section 422 , as the superintendent may choose; and a certified copy of the order making such appointment is evidence thereof. A receiver has the power and authority provided in this Title, and such other powers and authority as may be expressed in the order of the superintendent. [PL 1991, c. 34, §5 (AMD).] B. If the superintendent or a deputy is appointed receiver, no additional compensation need be paid, but any reasonable and necessary expenses as a receiver must be paid by the institution. If another person is so appointed, then the compensation of the receiver must be paid from the assets of that institution. [PL 1991, c. 34, §5 (AMD).] C. If the federal corporation insuring the institution's deposits or accounts pursuant to section 422 accepts an appointment as receiver, that corporation acquires both legal and equitable title to all assets, rights or claims and to all real or personal property of the institution, to the extent necessary for that corporation to perform its duties as receiver or as may be necessary under applicable federal law to effectuate that appointment. [PL 1991, c. 34, §5 (AMD).] [PL 1991, c. 34, §5 (AMD).]

3. Specific powers of receivers. Upon taking possession of the property and business of a financial institution under this section, the receiver: A. May collect money due to the institution and do all acts necessary to conserve its assets and business, and shall proceed to liquidate its affairs; [PL 1991, c. 34, §5 (AMD).] B. Shall collect all debts due and claims belonging to the institution and may sell or compound all bad or doubtful debts; [PL 1991, c. 34, §5 (AMD).] C. May sell, for cash or other consideration or as provided by law, all or any part of the real and personal property of the institution; [PL 1991, c. 34, §5 (AMD).] D. May take, in the name of the institution, a mortgage on the real property from a bona fide purchaser to secure the whole or part of the purchase price; and [PL 1991, c. 34, §5 (AMD).] E. May borrow money and issue evidence of indebtedness therefor. To secure the repayment of same, the receiver may mortgage, pledge, transfer in trust or hypothecate any or all of the property of such institution, whether real, personal or mixed, superior to any charge thereon for expenses of liquidation. [PL 1991, c. 34, §5 (AMD).] F. [PL 1991, c. 34, §5 (RP).] G. [PL 1991, c. 34, §5 (RP).] Whenever the federal corporation insuring the institution's deposits or accounts pursuant to section 422 pays or makes available for payment the insured deposit liabilities of an institution, such corporation shall become subrogated to the rights of all depositors of the institution, whether or not it has become receiver thereof, in the same manner and to the same extent as it would be subrogated in the liquidation of a financial institution operating under a federal charter and insured by such corporation. [PL 1991, c. 34, §5 (AMD).]

4. Reports of receiver; legal advice. [PL 1991, c. 34, §5 (RP).]

5. Distribution of assets: stock institution. [PL 1991, c. 34, §5 (RP).]

6. Distribution of assets: mutual institution. [PL 1991, c. 34, §5 (RP).]

7. Attachments dissolved; actions discontinued; judgment recovered added to claims. [PL 1991, c. 34, §5 (RP).]

8. Untimely claims barred. [PL 1991, c. 34, §5 (RP).]

9. Unknown depositors. When it appears upon the settlement of the account of the receiver of a financial institution pursuant to this section that there are remaining in the receiver's hands funds due depositors who can not be found and whose heirs or legal representatives are unknown, the unclaimed funds must be disposed of according to Title 33 . [PL 1991, c. 34, §5 (AMD).]

10. Procedures in liquidation. When the superintendent appoints the FDIC as receiver, federal law prescribes the procedures that the FDIC follows in liquidation of the insolvent institution. When an insolvent institution is liquidated, assets must be distributed in the following priority: A. First, the payment of the costs and expenses of the liquidation; [PL 1991, c. 386, §11 (NEW).] B. Second, the payment of claims for deposits, including, but not limited to, the claims of depositors in a mutual institution for the return of their deposits; [PL 1991, c. 386, §11 (NEW).] C. Third, the payment of all debts, claims and obligations owed by the institution and not accorded priority pursuant to paragraphs A and B ; [PL 1991, c. 386, §11 (NEW).] D. Fourth, the payment of claims otherwise proper that were not filed within the prescribed time; and [PL 1991, c. 386, §11 (NEW).] E. Fifth, the payment of any obligation expressly subordinated to deposits and to claims entitled to the priority established by paragraphs A and B . [PL 1991, c. 386, §11 (NEW).] Any funds remaining must be divided among the investors in an investor-owned institution according to their respective interests or, in the case of a mutual institution, pro rata among the depositors in proportion to the respective amount of their deposits. Interest must be given the same priority as the claim on which it is based, but interest may not be paid on any claim until the principal of all claims within the same class and all higher-priority classes has been paid or adequately provided for in full. [PL 1997, c. 398, Pt. H, §5 (AMD).]

11. Immunity from civil liability. A person serving as a receiver is immune from any civil liability, in the same manner as and to the same extent as employees of governmental entities are under the Maine Tort Claims Act, for acts performed within the scope of the receiver's duties. [PL 2005, c. 83, §9 (NEW).]

12. Directors not liable. The members of the board of directors of a financial institution may not be liable to the financial institution’s shareholders or creditors for acquiescing in or consenting in good faith to the appointment of a receiver for that financial institution or requiring the financial institution to be acquired by a financial institution holding company or to combine with another financial institution, if grounds exist for appointing a receiver for the financial institution. [PL 2009, c. 228, §6 (NEW).]
9-A M.R.S. § 9-307 — ME Code / Title 9-A / Chapter 9 / Section 9-307
9-A §9-307. Receipts; statements of account; evidence of payment
Status: in_force

1. The creditor shall give or send to a consumer, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a consumer credit transaction. Sending to the consumer a periodic statement showing a payment received by mail complies with this subsection, if it is sent to the debtor within 45 days after receipt of the payment. [PL 1987, c. 396, §12 (NEW).]

2. Upon written request of a consumer, the person to whom an obligation is owed pursuant to a consumer credit transaction, shall provide a written statement of the dates and amounts of payments made within the past 15 months and the total amount unpaid. The statement shall be provided without charge once during each year of the term of the obligation. If additional statements are requested, the creditor may charge not in excess of $1 for each additional statement. [PL 1987, c. 396, §12 (NEW).]

3. Within 30 days after the consumer has fulfilled all obligations with respect to a consumer credit transaction, the person to whom the obligation was owed shall give or send to the consumer written evidence acknowledging payment in full of all obligations with respect to the transaction. [PL 1987, c. 396, §12 (NEW).]
9-B M.R.S. § 445 — ME Code / Title 9-B / Part 4 / Chapter 44 / Section 445
9-B §445. Service corporations
Status: in_force

1. Authorization. A financial institution may establish, acquire or invest in the equity interest, obligations or other securities of a service corporation, as defined in section 131 , or otherwise participate in or utilize the service of such a corporation. A service corporation may be owned by one or more institutions engaged in the business of banking. [PL 2005, c. 82, §10 (AMD).]

2. Limitations. The stock of a service corporation formed pursuant to this section may be owned only by institutions engaged in the business of banking. The maximum amount of investment in any one such service corporation may not exceed 20% of the institution's total capital and reserves or its total surplus account. The aggregate investment of a financial institution in all service corporations may not exceed 50% of its total capital and reserves or its total surplus account. For purposes of applying the legal lending limit prescribed in this Title, a financial institution's investment in a service corporation, if majority owned, must be consolidated with the financial institution on a line-for-line basis proportionate to the financial institution's ownership interest in the service corporation. [PL 1997, c. 22, §13 (AMD).]

3. Records. The books and accounts of a service corporation involving a financial institution must be kept in such manner and form as the superintendent may prescribe; and any agreement between a financial institution and such corporation must provide that the books and accounts may be examined by the superintendent or the superintendent's designee. [RR 2025, c. 1, Pt. D, §35 (COR).]

4. Ownership. [PL 1997, c. 22, §14 (RP).]

5. Exception for debt-acquired real property. [PL 1997, c. 22, §15 (RP).]

6. Notice required. A financial institution seeking to invest in one or more service corporations shall notify the superintendent in writing at least 30 days prior to such investment. A. [PL 2017, c. 143, §3 (RP).] B. [PL 2017, c. 143, §3 (RP).] [PL 2017, c. 143, §3 (AMD).]
9-B M.R.S. § 1017 — ME Code / Title 9-B / Part 10 / Chapter 101 / Section 1017
9-B §1017. Conformity with Federal procedures
Status: in_force

To the maximum extent consistent with the effective discharge of the superintendent's responsibilities, the forms established under this chapter for registration, applications and reports must conform with those established under either the Bank Holding Company Act of 1956 or section 408 of the National Housing Act, or the federal International Banking Act of 1978 and regulations promulgated under the federal International Banking Act of 1978. [PL 1997, c. 182, Pt. A, §13 (AMD).]
9-A M.R.S. § 15-104 — ME Code / Title 9-A / Chapter 15 / Section 15-104
9-A §15-104. Rules
Status: in_force

The superintendent may adopt rules to carry out the purposes of this Article. Rules adopted under this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2021, c. 357, §1 (NEW).]
9-A M.R.S. § 13-118 — ME Code / Title 9-A / Chapter 13 / Section 13-118
9-A §13-118. Unique identifier shown
Status: in_force

The unique identifier of any person originating a residential mortgage loan must be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or publicly accessible websites and any other documents as established by rule or order of the administrator. [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-B M.R.S. § 474 — ME Code / Title 9-B / Part 4 / Chapter 47 / Section 474
9-B §474. Bond
Status: in_force

A surety is not necessary on the bond of the financial institution in its capacity as trustee, executor, administrator, conservator, guardian, assignee or receiver, or in any other capacity, unless the court or officer approving the bond requires it. [PL 1997, c. 398, Pt. I, §41 (NEW).]
9-A M.R.S. § 4-403 — ME Code / Title 9-A / Chapter 4 / Section 4-403
9-A §4-403. Definitions
Status: in_force

As used in this Part, unless the context otherwise indicates, the following terms have the following meanings. [PL 1997, c. 315, §8 (NEW).]

1. Affiliate. "Affiliate" means any of the following entities: A. A subsidiary of a supervised lender; [PL 1997, c. 315, §8 (NEW).] B. An entity of which a supervised lender is a subsidiary; [PL 1997, c. 315, §8 (NEW).] C. An employee, officer other than a director or licensed 3rd-party agent of a supervised lender or any institution listed in paragraph A or B ; [PL 1997, c. 315, §8 (NEW).] D. A person or entity possessing 5% or more of the ownership interests of a supervised lender or any institution listed in paragraph A or B ; or [PL 1997, c. 315, §8 (NEW).] E. An insurer or insurance producer or consultant utilizing space in the retail area of a supervised lender, or an institution listed in paragraph A or B in order to engage in the transaction of insurance when payments for use of such space are made to the supervised lender or other such institution pursuant to a space-sharing agreement based directly or indirectly on a percentage of the volume of business conducted by the insurer or insurance producer or consultant. [PL 2021, c. 676, Pt. C, §2 (AMD).] [PL 2021, c. 676, Pt. C, §2 (AMD).]

2. Customer. "Customer" means a person or an authorized representative who has been personally and directly offered or presently maintains an investment security, trust, credit or an insurance product with a supervised lender. [PL 1997, c. 315, §8 (NEW).]

3. Insurance agent or agency. [PL 2021, c. 676, Pt. A, §9 (RP).]

4. Insurance broker. [PL 2021, c. 676, Pt. A, §10 (RP).]

5. Insurance consultant. "Insurance consultant" means a person engaged in the business of an insurance consultant as defined in Title 24‑A, section 1402, subsection 4 , 8 or 11 . [PL 1999, c. 127, Pt. A, §18 (AMD).]

5-A. Insurance producer. "Insurance producer" means a person required to be licensed as an insurance producer as defined in Title 24‑A, section 1402, subsection 5 . [PL 2021, c. 676, Pt. C, §3 (NEW).]

6. Insurance product. "Insurance product" means a contract of insurance that is offered for sale by an insurance producer employed by or affiliated with a supervised lender. [PL 2021, c. 676, Pt. C, §4 (AMD).]

7. Licensed 3rd-party agent. "Licensed 3rd-party agent" means a licensed insurance producer or consultant who engages in authorized insurance activities related to insurance products directly on behalf of a specified licensed insurance entity through an independent contractor relationship. [PL 2021, c. 676, Pt. C, §5 (AMD).]

8. Ownership interest. "Ownership interest" includes general partnership shares, limited partnership shares and shares of stock that possess any voting rights. [PL 1997, c. 315, §8 (NEW).]

9. Subsidiary. "Subsidiary" means any corporation, partnership, association or other business entity in which either: A. One or more supervised lenders or any of their officers, employees, agents or representatives possess, directly or indirectly, singly or in the aggregate, an ownership interest of at least 25%; or [PL 1997, c. 315, §8 (NEW).] B. It is determined by the Superintendent of Consumer Credit Protection after notice and opportunity for hearing that one or more supervised lenders or any of their officers, employees, agents or representatives, singly or in the aggregate exercise a controlling influence over the management and policies of the entity. [PL 1997, c. 315, §8 (NEW); PL 2007, c. 273, Pt. B, §6 (REV); PL 2007, c. 695, Pt. A, §47 (AFF).] [PL 1997, c. 315, §8 (NEW); PL 2007, c. 273, Pt. B, §6 (REV); PL 2007, c. 695, Pt. A, §47 (AFF).]
9-A M.R.S. § 1-111 — ME Code / Title 9-A / Chapter 1 / Section 1-111
9-A §1-111. Record retention
Status: in_force

A person subject to this Act shall maintain records of all consumer credit transactions in conformity with generally accepted accounting principles and practices or in a manner that will enable the administrator to determine whether that person or that person's assignee is complying with the provisions of this Act. The records need not be kept in the place of business where the transaction was entered into, if the administrator is given free access to the records, wherever located. All records pertaining to consumer credit transactions must be retained for at least 2 years after making the final entry on the account involved, except that in the case of open-end credit, the 2 years must be measured from the date of each account entry. [RR 2025, c. 1, Pt. C, §2 (COR).]
9-B M.R.S. § 836 — ME Code / Title 9-B / Part 8 / Chapter 83 / Section 836
9-B §836. Insurance of shares
Status: in_force

1. Requirement. Every credit union authorized to do business in this State shall insure shares with the National Credit Union Administration or the successor to such federal agency. [PL 1997, c. 108, §12 (AMD).]

2. Transition period. [PL 2003, c. 322, §27 (RP).]

3. Failure to obtain insurance. [PL 2003, c. 322, §28 (RP).]

4. Applicable law. A credit union insured pursuant to subsection 1 shall have the power and duty to comply with all statutes and regulations governing insurance of shares by the National Credit Union Administration; provided that nothing contained in this section shall be construed as repealing, modifying or impairing any powers, duties, rights or responsibilities of the superintendent, or of the credit union so insured, under the provisions of this Title. [PL 1975, c. 500, §1 (NEW).]
9 M.R.S. § 5001 — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5001
9 §5001. Short title
Status: in_force

This Act shall be known and may be cited as the "Charitable Solicitations Act." [PL 1977, c. 488, §1 (NEW).]
9-A M.R.S. § 5-105 — ME Code / Title 9-A / Chapter 5 / Section 5-105
9-A §5-105. Limitation on garnishment
Status: in_force

1. For the purposes of this Part: A. "Disposable earnings" means that part of the earnings of an individual remaining after the deduction from those earnings of amounts required by law to be withheld; and [PL 1973, c. 762, §1 (NEW).] B. "Garnishment" means an installment payment order under Title 14, chapter 502 . [PL 1973, c. 762, §1 (NEW).] [PL 1973, c. 762, §1 (NEW).]

2. The maximum part of the aggregate disposable earnings of an individual for any workweek that is subjected to garnishment to enforce payment of a judgment arising from a consumer credit transaction may not exceed the lesser of: A. Twenty-five percent of the individual's disposable earnings for that week; and [PL 2007, c. 7, §1 (RPR).] B. The amount by which the individual's disposable earnings for that week exceed 40 times the federal minimum hourly wage prescribed by Section 6(a)(I) of the Fair Labor Standards Act of 1938, 29 United States Code, Section 206(a)(I), or the state minimum wage prescribed by Title 26, section 664 , whichever is higher, in effect at the time the earnings are payable. In the case of earnings for a pay period other than a week, the administrator shall prescribe by rule a multiple of the minimum hourly wage equivalent in effect to that set forth in this paragraph. [PL 2007, c. 7, §1 (RPR).] C. [PL 2007, c. 7, §1 (RP).] [PL 2007, c. 7, §1 (RPR).]

3. No court may make, execute or enforce an order or process in violation of this section. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 9-311-A — ME Code / Title 9-A / Chapter 9 / Section 9-311-A
9-A §9-311-A. Real estate settlement procedures
Status: in_force

A creditor and its mortgage loan originators shall comply with the provisions of the federal Real Estate Settlement Procedures Act of 1974, 12 United States Code, Section 2601 et seq. and its implementing regulation, Regulation X, 12 Code of Federal Regulations, Section 1024.1 et seq. [PL 2013, c. 464, §11 (AMD).]
9-B M.R.S. § 856 — ME Code / Title 9-B / Part 8 / Chapter 85 / Section 856
9-B §856. Loans to other credit unions
Status: in_force

Subject to the approval of its board of directors, a credit union may make loans to other credit unions and to credit unions organized pursuant to provisions of federal law or credit unions organized under the laws of another state as long as the aggregate loans outstanding at any one time to any one credit union do not exceed 10% of the share capital and surplus of the lending credit union. [PL 2023, c. 539, §5 (AMD).]
9-A M.R.S. § 3-313 — ME Code / Title 9-A / Chapter 3 / Section 3-313
9-A §3-313. Real estate appraisals; copies
Status: in_force

A creditor that imposes a fee on a person for the cost of an appraisal of any real estate shall furnish to the person, at no cost, one copy of the appraisal upon request, if the request is made within 90 days after the creditor has provided notice of action taken on the application for credit or the date of the closing, whichever is later, or 90 days after the application is withdrawn. [PL 1999, c. 150, §4 (AMD).]
9-A M.R.S. § 9-310 — ME Code / Title 9-A / Chapter 9 / Section 9-310
9-A §9-310. Privacy of consumer financial information
Status: in_force

A creditor shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999) and the applicable implementing federal Privacy of Consumer Information regulations as adopted by the Office of the Comptroller of the Currency, 12 Code of Federal Regulations, Part 40 (2001); the Board of Governors of the Federal Reserve System, 12 Code of Federal Regulations, Part 216 (2001); the Federal Deposit Insurance Corporation, 12 Code of Federal Regulations, Part 332 (2001); the Office of Thrift Supervision, 12 Code of Federal Regulations, Part 573 (2001); the National Credit Union Administration, 12 Code of Federal Regulations, Part 716 (2001); the Federal Trade Commission, 16 Code of Federal Regulations, Part 313 (2001); or the Securities and Exchange Commission, 17 Code of Federal Regulations, Part 248 (2001), if the creditor is a financial institution as defined in those regulations. This section is not intended to permit the release of health care information except as permitted by Title 22, section 1711‑C or Title 24‑A, chapter 24 . [RR 2001, c. 1, §14 (COR).]
9-A M.R.S. § 9-305 — ME Code / Title 9-A / Chapter 9 / Section 9-305
9-A §9-305. Interest to be paid on funds held in escrow
Status: in_force

A creditor, including any of its assignees, that enters into consumer credit transactions secured by a mortgage on real estate and which holds funds of a mortgagor in an escrow account for the payment of taxes or insurance premiums, either on its own behalf or on behalf of another mortgagee, shall pay interest on those funds in accordance with Title 9‑B, section 429 . [PL 1987, c. 396, §12 (NEW).]
9-A M.R.S. § 2-702 — ME Code / Title 9-A / Chapter 2 / Section 2-702
9-A §2-702. Purporting to act as agent or service provider for another entity exempt from this Article
Status: in_force

A person is a lender subject to the requirements of this Article notwithstanding the fact that the person purports to act as an agent or service provider or in another capacity for another entity that is exempt from this Article, if, among other things: [PL 2021, c. 297, §1 (NEW).]

1. The person holds, acquires or maintains, directly or indirectly, the predominant economic interest in the loan; [PL 2021, c. 297, §1 (NEW).]

2. The person markets, brokers, arranges or facilitates the loan and holds the right, requirement or first right of refusal to purchase the loan or a receivable or interest in the loan; or [PL 2021, c. 297, §1 (NEW).]

3. The totality of the circumstances indicate that the person is the lender and the transaction is structured to evade the requirements of this Article. Circumstances that weigh in favor of a person being a lender include, without limitation, when the person: A. Indemnifies, insures or protects an exempt entity for any costs or risks related to the loan; [PL 2021, c. 297, §1 (NEW).] B. Predominantly designs, controls or operates the loan program; or [PL 2021, c. 297, §1 (NEW).] C. Purports to act as an agent or service provider or in another capacity for an exempt entity while acting directly as a lender in other states. [PL 2021, c. 297, §1 (NEW).] [PL 2021, c. 297, §1 (NEW).]
9-B M.R.S. § 419 — ME Code / Title 9-B / Part 4 / Chapter 41 / Section 419
9-B §419. Investment powers
Status: in_force

1. Investment and equity securities. A financial institution is authorized to purchase, sell, underwrite and hold investment securities and equity securities, consistent with safe and sound banking practices. For purposes of this section, the term "investment securities" includes credit instruments such as commercial paper, banker's acceptances, certificates of deposit, repurchase agreements and overnight federal funds, in addition to marketable obligations in the form of bonds, notes, debentures or other similar instruments that are commonly regarded as investment securities. A financial institution's holding of equity securities is limited to 100% of its total capital unless a higher limit is authorized by the superintendent. The purchase of speculative securities or equities is prohibited, except that a financial institution may make venture capital investments up to 20% of the institution's total capital unless a higher limit is authorized by the superintendent. [PL 1997, c. 398, Pt. I, §10 (NEW).]

2. Written investment policy. A financial institution's governing body shall establish a written investment policy, which it shall review and ratify at least annually, that addresses, at a minimum, the following: A. Investment quality parameters; [PL 1997, c. 398, Pt. I, §10 (NEW).] B. Investment mix and diversification; [PL 1997, c. 398, Pt. I, §10 (NEW).] C. Investment maturities; and [PL 1997, c. 398, Pt. I, §10 (NEW).] D. Delegation of authority to officers and committees responsible for administering the portfolio. [PL 1997, c. 398, Pt. I, §10 (NEW).] [PL 1997, c. 398, Pt. I, §10 (NEW).]
9-B M.R.S. § 817 — ME Code / Title 9-B / Part 8 / Chapter 81 / Section 817
9-B §817. Community development credit unions
Status: in_force

1. Designation. A credit union may apply to the superintendent in writing for designation as a community development credit union for the purposes of promoting economic revitalization and community development by providing financial services primarily to low-income individuals. [PL 1997, c. 108, §6 (NEW).]

2. Shares and deposit accounts of nonmembers. A community development credit union may accept payments representing shares from nonmembers if the shares are of a type approved by the National Credit Union Administration and deposit accounts from nonmembers if the deposit accounts are of a type approved by the superintendent; however, nonmember shares and deposit accounts may not exceed the greater of $1,500,000 or 20% of total shares without the prior approval of the superintendent. [PL 1997, c. 108, §6 (NEW).]

3. Assistance from Community Development Credit Union Revolving Loan Fund. Upon prior notice to the superintendent, a community development credit union may apply for and receive assistance from the Community Development Credit Union Revolving Loan Fund administered by the National Credit Union Administration. Assistance from the fund may take the form of: A. Financial assistance through equity investments, credit union shares, loans or grants; or [PL 1997, c. 108, §6 (NEW).] B. Technical assistance directly or through grants. [PL 1997, c. 108, §6 (NEW).] [PL 1997, c. 108, §6 (NEW).]

4. Application of other provisions. Except as otherwise provided in this section, a community development credit union is subject to the provisions of this Title and all rules issued under this Title that are applicable to credit unions. [PL 1997, c. 108, §6 (NEW).]

5. Removal of community development credit union designation. If a majority of a community development credit union's field of membership no longer meets the definition of low-income set forth in section 131, subsection 24‑A , the community development credit union designation is removed. The superintendent shall notify a community development credit union when the community development credit union designation is removed. [PL 1997, c. 108, §6 (NEW).]
9-B M.R.S. § 369 — ME Code / Title 9-B / Part 3 / Chapter 36 / Section 369
9-B §369. Judicial review
Status: in_force

1. Action by financial institution. A financial institution closed by action of the superintendent pursuant to this chapter may bring an action challenging the superintendent's appointment of a receiver in the Superior Court of Kennebec County within 10 days after the superintendent appoints a receiver. The court must uphold the superintendent's finding that a financial institution is insolvent or that its condition is such as to render its further proceedings hazardous to the public or to those having funds in its custody and must uphold the appointment of a receiver unless the court finds that the superintendent's action was arbitrary and capricious. [PL 2009, c. 228, §7 (NEW).]

2. Action by person adversely affected. Except when the Federal Deposit Insurance Corporation is appointed receiver and conducts a receivership under federal law, a person affected adversely by an act or omission of the superintendent or receiver under this section and sections 365 , 367‑A and 368 may bring an action in the Superior Court of Kennebec County seeking an order to annul, alter or modify the act or to enjoin the performance of the act or to require that action be taken under any provision of this section. A. Any proceedings under this section may be advanced on the docket and receive priority over other cases when the court determines that the interests of justice so require. The person bringing the action has the burden of proof to show that the act or omission is unlawful or arbitrary and capricious. [PL 2011, c. 559, Pt. A, §8 (AMD).] B. The person must bring the action under this subsection within 10 business days after receiving notice of the act or omission in person, by registered mail or by publication of a certificate signed by the superintendent or receiver in a newspaper of general circulation in the county where the financial institution has its principal office. [PL 2009, c. 228, §7 (NEW).] C. Notwithstanding paragraph B , action may not be brought more than 30 days after the order of the superintendent determining that the business affairs of the receivership are substantially complete and that the receivership is terminated. Upon termination of the receivership, the superintendent is under no obligation to reopen the receivership. [PL 2009, c. 228, §7 (NEW).] D. The court may issue injunctions to prevent multiplicity of proceedings seeking to annul, alter or modify the actions of the superintendent or receiver made under the provisions of this chapter or to prevent undue interference with the regulation and liquidation of the financial institution. [PL 2009, c. 228, §7 (NEW).] E. The court, upon application by the superintendent or receiver, has jurisdiction to enforce orders relating to the receivership and the financial institution in receivership. [PL 2009, c. 228, §7 (NEW).] F. Notwithstanding Title 5, section 8003 , the Maine Administrative Procedure Act does not apply to the procedures described in this subsection. [PL 2009, c. 228, §7 (NEW).] [PL 2011, c. 559, Pt. A, §8 (AMD).]
9-A M.R.S. § 2-202 — ME Code / Title 9-A / Chapter 2 / Section 2-202
9-A §2-202. Finance charge for consumer credit sales pursuant to open-end credit
Status: in_force

1. With respect to a consumer credit sale made pursuant to open-end credit, a creditor may contract for and receive a finance charge not exceeding that permitted in this section. [PL 1973, c. 762, §1 (NEW).]

2. A charge may be made in each billing cycle which is a percentage of an amount not exceeding the greater of: A. The average daily balance in the billing cycle for which the charge is made, which is the sum of the amount unpaid each day during that cycle, divided by the number of days in that cycle. The amount unpaid on a day is determined by adding to the balance, if any, unpaid as of the beginning of that day all debits, but excluding purchases or leases of goods and services made on that day if a finance charge on these amounts is prohibited under subsection 5 and deducting all payments and other credits made or received as of that day; or [PL 1995, c. 614, Pt. A, §1 (AMD).] B. The unpaid balance at the beginning of the first day of the billing cycle after all payments on account, returns and other credits made or given during the first 25 days of the billing cycle, if the billing cycle is monthly, shall have been first deducted; provided that returns and other credits may be deducted only to the extent that the purchase to which the credit or return relates has been reflected in the previous balance. If the billing cycle is not monthly, such deduction shall be made for payments on account, returns and other credits made or given during that part of the billing cycle that bears the same relation to the billing cycle that 25 does to 30. [PL 1973, c. 762, §1 (RPR).] [PL 1995, c. 614, Pt. A, §1 (AMD).]

3. Except with respect to sales made pursuant to a credit card: A. If the billing cycle is monthly, the charge may not exceed 1 1/2% of the amount pursuant to subsection 2 ; or [PL 1995, c. 84, §2 (NEW).] B. If the billing cycle is not monthly, the maximum charge is that percentage that bears the same relation to the applicable monthly percentage as the number of days in the billing cycle bears to 30. [PL 1995, c. 84, §2 (NEW).] A billing cycle is monthly if the closing date of the cycle is the same date each month or does not vary by more than 4 days from that date. [PL 1995, c. 84, §2 (RPR).]

4. Notwithstanding subsection 3 , if there is an unpaid balance on the date as of which the credit service charge is applied, the seller may contract for and receive a charge not exceeding 50¢ if the billing cycle is monthly or longer, or the pro rata part of 50¢ which bears the same relation to 50¢ as the number of days in the billing cycle bears to 30 if the billing cycle is shorter than monthly. [PL 1973, c. 762, §1 (NEW).]

5. Except when there is an outstanding balance from the prior billing cycle, a finance charge may not be imposed on purchases or leases of goods or services purchased during the billing cycle, provided that they are paid for not later than 25 days after the closing date of the billing cycle in which the purchase or lease occurred. [PL 1995, c. 84, §3 (AMD).]

6. For purposes of this section, the term of a sale made pursuant to an open-end agreement commences with the date credit is granted or, if goods are delivered or services performed 10 days or more after that date, with the date of commencement of performance or with the date of completion of delivery. Delivery and performance include delivery or performance by a subcontractor or agent of the seller. [PL 1981, c. 323 (NEW).]

7. Unless otherwise provided for in Article 8‑A , with respect to consumer credit sales made pursuant to a credit card, other than a lender credit card, a creditor may not impose a finance charge if it is in excess of that set forth in the agreement between the consumer and the creditor. [PL 2011, c. 427, Pt. A, §5 (AMD).]
9-B M.R.S. § 1313 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1313
9-B §1313. Federal branches and agencies
Status: in_force

1. Permissibility of federal branches and agencies. Nothing in this Title may be construed to prohibit the operation of a federal branch or a federal agency in this State. [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. No concurrent maintenance of federal branches or agencies. No foreign bank authorized to operate a Maine branch or Maine agency pursuant to section 1312 may maintain concurrently a federal branch or federal agency in this State. [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-B M.R.S. § 816 — ME Code / Title 9-B / Part 8 / Chapter 81 / Section 816
9-B §816. Out-of-state credit unions
Status: in_force

1. Approval and findings of superintendent. A credit union organized in another state may establish a branch office as a credit union in this State with the approval of the superintendent. The superintendent shall find that the out-of-state credit union: A. Is a credit union organized under laws similar to this Part; [PL 1983, c. 373, §1 (NEW).] B. Has received prior approval from its state of organization to establish a branch office in this State; [PL 1983, c. 373, §1 (NEW).] C. Has adequate financial resources; [PL 1983, c. 373, §1 (NEW).] D. Has share insurance comparable to that required for credit unions incorporated under this Part; [PL 1983, c. 373, §1 (NEW).] E. Is effectively examined and supervised by the supervisory authority of the state in which it is organized; and [PL 1983, c. 373, §1 (NEW).] F. Has a field of membership in Maine that would meet the requirements of section 814 if the credit union were organized under this chapter and needs to conduct business in this State to adequately serve its members in this State. [PL 2017, c. 143, §4 (AMD).] The superintendent shall further determine that Maine credit unions are allowed to do business in the other state under conditions similar to these provisions. [PL 2017, c. 143, §4 (AMD).]

2. Conditions. The out-of-state credit union shall agree to: A. Grant loans at rates not in excess of the rates permitted for credit unions incorporated under this Part; [PL 1983, c. 373, §1 (NEW).] B. Comply with the same consumer protection provisions that credit unions incorporated under this Part must obey; [PL 1983, c. 373, §1 (NEW).] C. Be subject to examination by regulatory authorities in this State; and [PL 1983, c. 373, §1 (NEW).] D. Designate and maintain an agent for the service of process in this State. [PL 1983, c. 373, §1 (NEW).] [PL 1983, c. 373, §1 (NEW).]

3. Other actions. The superintendent may take such reasonable steps as are necessary to insure that the supervisory authority of the state in which the credit union is organized adequately examines and otherwise regulates the credit union. The superintendent may request the other state supervising authority to disclose the findings of any such examination. [PL 1983, c. 373, §1 (NEW).]