9-A M.R.S. § 9-315 — ME Code / Title 9-A / Chapter 9 / Section 9-315
9-A §9-315. Notice of rights under federal Homeowners Protection Act of 1998
Status: in_force

1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. "Private mortgage insurance" has the same meaning as in the federal Homeowners Protection Act of 1998, as in effect on January 1, 2023, 12 United States Code, Section 4901(13). [PL 2023, c. 258, §1 (NEW); PL 2023, c. 258, §2 (AFF).] B. "Residential mortgage transaction" means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment contract or equivalent consensual security interest is created or retained against a single-family dwelling or a dwelling that consists of no more than 4 units that is the principal residence of the mortgagor to finance the acquisition, initial construction or refinancing of that dwelling. [PL 2023, c. 258, §1 (NEW); PL 2023, c. 258, §2 (AFF).] [PL 2023, c. 258, §1 (NEW); PL 2023, c. 258, §2 (AFF).]

2. Annual notice. A supervised lender, or a mortgage loan servicer acting on behalf of a supervised lender, in a residential mortgage transaction shall disclose in an annual written statement to the mortgagor: A. The rights of the mortgagor under the federal Homeowners Protection Act of 1998 to cancellation or termination of the private mortgage insurance requirement; and [PL 2023, c. 258, §1 (NEW); PL 2023, c. 258, §2 (AFF).] B. The address and telephone number that the mortgagor may use to contact the supervised lender or mortgage loan servicer to determine whether the mortgagor may cancel the private mortgage insurance. [PL 2023, c. 258, §1 (NEW); PL 2023, c. 258, §2 (AFF).] [PL 2023, c. 258, §1 (NEW); PL 2023, c. 258, §2 (AFF).]
9-A M.R.S. § 6-104 — ME Code / Title 9-A / Chapter 6 / Section 6-104
9-A §6-104. Powers of administrator; reliance on rules; duty to report
Status: repealed

1. In addition to other powers granted by this Act, the administrator within the limitations provided by law may: A. Receive and act on complaints, take action designed to obtain voluntary compliance with this Act, or refer cases to the Attorney General who shall appear for and represent the administrator in court; [PL 1973, c. 762, §1 (NEW).] B. Counsel persons and groups on their rights and duties under this Act; [PL 1973, c. 762, §1 (NEW).] C. Establish programs for the education of consumers with respect to credit practices and problems; [PL 1973, c. 762, §1 (NEW).] D. Make studies appropriate to effectuate the purposes and policies of this Act and make the results available to the public; [PL 1973, c. 762, §1 (NEW).] E. Adopt, amend, and repeal rules to carry out the specific provisions of this Act; [PL 1973, c. 762, §1 (NEW).] F. Maintain offices within this State; [PL 1973, c. 762, §1 (NEW).] G. With the approval of the Commissioner of Professional and Financial Regulation, appoint any necessary hearing examiners, clerks and other employees and agents and fix their compensation, subject to the Civil Service Law; [PL 1995, c. 309, §7 (AMD); PL 1995, c. 309, §29 (AFF).] H. Maintain a public file of all enforcement proceedings instituted and of their disposition, including all assurances of voluntary compliance accepted and their terms and the pleadings and briefs in all actions in which the administrator is a party; [PL 2011, c. 427, Pt. A, §11 (AMD).] I. Convene meetings of individuals representing various segments of the public and the consumer credit industry to advise and consult with the administrator concerning the exercise of powers under this Act and to make recommendations to the administrator. The administrator may authorize reimbursement of reasonable expenses incurred in attending the meetings; [PL 2021, c. 538, §1 (AMD).] J. To the extent permitted in Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, Section 1042, enforce the provisions of Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203 or regulations issued under those provisions with respect to entities that are state-chartered, incorporated, licensed or otherwise authorized to do business under the laws of this State and secure remedies under provisions of Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203 or remedies otherwise provided under other provisions of law with respect to entities that are state-chartered, incorporated, licensed or otherwise authorized to do business under the laws of this State; and [PL 2021, c. 538, §2 (AMD).] K. Enforce the provisions of Title 20‑A, section 10015 . [PL 2021, c. 538, §3 (NEW).] [PL 2021, c. 538, §§1-3 (AMD).]

2. Except for refund of an excess charge, no liability is imposed under this Act for an act done or omitted in conformity with a rule or advisory ruling of the administrator notwithstanding that after the act or omission the rule or advisory ruling may be amended or repealed or be determined by judicial or other authority to be invalid for any reason. [PL 1983, c. 212, §9 (AMD).]

3. On or before August 1st each year, the administrator shall report to the Commissioner of Professional and Financial Regulation for the preceding fiscal year ending June 30th on the operation of the administrator's office, on the use of consumer credit in the State and on the problems of persons of small means obtaining credit from persons regularly engaged in extending sales or loan credit. For the purpose of making the report, the administrator is authorized to conduct research and make appropriate studies. The report must include a description of the examination and investigation procedures and policies of the administrator's office, a statement of policies followed in deciding whether to investigate or examine the offices of credit suppliers subject to this Act, a statement of the number and percentages of offices that are periodically investigated or examined, a statement of the types of consumer credit problems of both creditors and consumers that have come to the administrator's attention through the administrator's examinations and investigations and the disposing of them under existing law, and a general statement of the activities of the administrator's office and of others to promote the purposes of this Act. [RR 1993, c. 1, §21 (COR).]

4. In addition to other rule-making requirements imposed by law, the administrator shall: A. Adopt as a rule a description of the organization of the administrator's office, stating the general course and method of the operations of the administrator's office and the methods whereby the public may obtain information or make submissions or requests; [RR 2025, c. 1, Pt. C, §44 (COR).] B. Adopt rules of practice setting forth the nature and requirements of all formal and informal procedures available, including a description of all forms and instructions used by the administrator or the administrator's office; [RR 2025, c. 1, Pt. C, §44 (COR).] C. Make available for public inspection all rules and all other written statements of policy or interpretations formulated, adopted or used by the administrator in the discharge of the administrator's functions; and [RR 2025, c. 1, Pt. C, §44 (COR).] D. Make available for public inspection all final orders, decisions and opinions. [PL 1985, c. 763, Pt. A, §49 (NEW).] [RR 2025, c. 1, Pt. C, §44 (COR).]

5. No rule, order or decision of the administrator is valid or effective against any person or party, nor may it be invoked by the administrator or any party, for any purpose, until it has been made available for public inspection as herein required. This provision is not applicable in favor of any person or party who has actual knowledge thereof. [PL 1985, c. 763, Pt. A, §49 (NEW).]

6. Any rule, license, opinion, bulletin or advisory ruling issued by the Superintendent of Consumer Credit Protection remains applicable to supervised financial organizations after December 31, 1995 unless subsequently modified by the Superintendent of Financial Institutions. In addition, any rule, license, opinion, bulletin or advisory ruling issued by the Superintendent of Consumer Credit Protection with respect to all regulated entities other than supervised financial organizations remains in effect after December 31, 1995 as if issued by the Director of Consumer Credit Regulation. [PL 1995, c. 309, §10 (NEW); PL 1995, c. 309, §29 (AFF); PL 2001, c. 44, §11 (AMD); PL 2001, c. 44, §14 (AFF).]
9-B M.R.S. § 873 — ME Code / Title 9-B / Part 8 / Chapter 87 / Section 873
9-B §873. Conversion: federal to State charter; out of state to State charter
Status: in_force

1. Eligibility. A credit union organized pursuant to provisions of federal law or organized under the laws of another state may become subject to this Part and receive a charter as a state-chartered credit union by making application in writing to the superintendent for such conversion. The superintendent may approve or disapprove such conversion in accordance with the criteria set forth in section 253 as long as, as a condition precedent to such approval, the credit union shows compliance with all applicable federal laws and regulations and laws and regulations of the state under which it is organized relating to such conversion. [PL 2009, c. 228, §9 (AMD).]

2. Issuance of charter. Upon receiving approval from the superintendent, the credit union must be issued a charter under this Part, which fact must be certified by the superintendent to the Secretary of State; and, from and after the issuance of such charter, the credit union must be subject to the provisions of this Part and all rules issued under this Part. [PL 2009, c. 228, §9 (AMD).]

3. Applicability of other sections. A credit union converting to a state charter pursuant to this section is subject to the provisions contained in sections 357 and 358 governing resulting institutions. [PL 1997, c. 398, Pt. L, §13 (AMD).]
9-A M.R.S. § 4-202 — ME Code / Title 9-A / Chapter 4 / Section 4-202
9-A §4-202. Amount of insurance
Status: in_force

The provisions of Title 24‑A, section 2855 , shall apply to insurance provided or to be provided in relation to a consumer credit transaction. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 5-301 — ME Code / Title 9-A / Chapter 5 / Section 5-301
9-A §5-301. Violations
Status: in_force

Any creditor, any officer or employee of a creditor, or any other person who wilfully and knowingly violates any of the provisions of this Act, or directly or indirectly counsels, aids or abets such violation, shall be punished by a fine of not more than $2,500 for each offense, or by imprisonment for not more than 6 months, or by both. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 1224 — ME Code / Title 9-B / Part 12 / Chapter 122 / Section 1224
9-B §1224. Business of merchant banks; power; limitations
Status: in_force

1. Business of merchant banks. Except as provided in this chapter, a merchant bank has all the powers of and is entitled to engage in the business of a financial institution, including, without limitation, powers with respect to investments, loans, fiduciary and trust functions and transactions. [PL 1997, c. 398, Pt. J, §2 (NEW).]

2. Deposit activities. A merchant bank may not solicit, receive or accept money or its equivalent on deposit as a regular business within the meaning of section 131, subsection 5 or engage in deposit-like activities as determined by the superintendent. A merchant bank may deposit cash, whether constituting principal or income, in any financial institution, whether within or without this State, if the account is held either in the name of the trust to which the cash belongs or in the name of the merchant bank and is composed entirely of cash belonging to trust accounts, the respective contributions of which are reflected in the books and records of the merchant bank. [PL 1997, c. 398, Pt. J, §2 (NEW).]

3. Treasurer's checks. A merchant bank may issue drafts drawn on itself in the form of treasurer's or cashier's checks. [PL 1997, c. 398, Pt. J, §2 (NEW).]

4. Name. Notwithstanding section 241, subsection 9 , a merchant bank may use as a part of its name the word or words "bank," "banker" or "banking" or the plural of or any abbreviations of those words. [PL 1997, c. 398, Pt. J, §2 (NEW).]

5. Offices. At least 30 days prior to the establishment of any office or branch office for the transaction of its business, a merchant bank shall notify the superintendent. [PL 1997, c. 398, Pt. J, §2 (NEW).]

6. Provisions inapplicable. The following provisions of this Title are inapplicable to merchant banks: sections 223 , 316‑A , 439‑A , 445 , 446‑A and 465‑A and chapters 33 , 37 and 42 . The limitations on the holding of equity securities and the purchase of speculative securities, equities and venture capital investments contained in section 419, subsection 1 are also inapplicable to merchant banks. [PL 1997, c. 660, Pt. A, §8 (AMD).]
9-A M.R.S. § 11-104 — ME Code / Title 9-A / Chapter 11 / Section 11-104
9-A §11-104. Application
Status: in_force

This Article applies to rental-purchase agreements or acts, practices or conduct related to a rental-purchase agreement if: [PL 1991, c. 787 (NEW).]

1. The rental-purchase agreement is entered into in this State; or [PL 1991, c. 787 (NEW).]

2. The consumer is a resident of this State at the time the merchant, wherever located, offering the rental-purchase agreement solicits the rental-purchase agreement or modification of the rental-purchase agreement in this State, whether the solicitation is made personally, by mail or by telephone. For the purposes of this Article, the residence of the consumer is the address given by the consumer as the consumer's residence in any writing signed by the consumer in connection with the rental-purchase agreement. Unless the consumer notifies the merchant of a new or different residence address, the given residence address is presumed to be unchanged. [PL 2001, c. 287, §1 (AMD).]
9-B M.R.S. § 432 — ME Code / Title 9-B / Part 4 / Chapter 43 / Section 432
9-B §432. Interest on loans
Status: in_force

1. Interest absent in writing. The maximum legal rate of interest on a loan made by a financial institution, in the absence of an agreement in writing establishing a different rate, shall be 6 percent per year. [PL 1975, c. 500, §1 (NEW).]

2. Interest: noncommercial or consumer loans. A. The legal rate of interest, whether set forth in writing or not, on a noncommercial or consumer loan, shall be established in accordance with and subject to the limitations set forth in Title 9-A . A loan made by a financial institution which is secured by a first mortgage on real estate shall not be within the interest limitations set forth in Title 9-A ; provided that the security interest in real estate is not given for purpose of evading said Title 9-A . [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 823 — ME Code / Title 9-B / Part 8 / Chapter 82 / Section 823
9-B §823. Services for members
Status: in_force

1. Sale of negotiable instruments. A credit union may engage directly in the business of selling, issuing or registering negotiable instruments to its members. [PL 2023, c. 539, §1 (AMD).]

2. Safe deposit boxes. A credit union may own and maintain safe deposit vaults, with boxes, safes and other facilities therein, for the use of its members and for the safekeeping or storage of personal property susceptible of being deposited therein, subject to the general laws and regulations applicable to safe deposit boxes. [PL 1975, c. 500, §1 (NEW).]

3. Safekeeping. A credit union may receive on deposit from its members property for safekeeping. [PL 1975, c. 500, §1 (NEW).]

4. Financial counseling. A credit union may render, or participate in the rendering of, financial counseling services, including budget planning, debt management and related services, to its members. [PL 1975, c. 500, §1 (NEW).]

5. Trustee, self-employment retirement plans. A credit union shall have the power to act as trustee for a member under a retirement plan subject to the conditions and limitations set forth in section 442 . [PL 1985, c. 588, §3 (AMD).]
9-B M.R.S. § 368-A — ME Code / Title 9-B / Part 3 / Chapter 36 / Section 368-A
9-B §368-A. FDIC; acquisition of stock
Status: in_force

The superintendent may waive the provisions of section 1013 and section 1015 when an equity interest is issued to or acquired by the FDIC in settlement of any liability, fixed or contingent, of a financial institution to the FDIC or in connection with the insolvency or liquidation of the financial institution. [PL 1997, c. 398, Pt. H, §7 (AMD).]
9-B M.R.S. § 852 — ME Code / Title 9-B / Part 8 / Chapter 85 / Section 852
9-B §852. Loan applications
Status: in_force

1. General procedures. All applications for loans shall be made in writing, and shall state the purpose for which the loan is desired and the security, if any, offered. [PL 1975, c. 500, §1 (NEW).]

2. Real estate mortgage loans. [PL 2003, c. 322, §37 (RP).]
9-B M.R.S. § 1221 — ME Code / Title 9-B / Part 12 / Chapter 122 / Section 1221
9-B §1221. General purpose and authority
Status: in_force

A merchant bank is a financial institution organized under the provisions of this Title whose activities are generally limited to lending and investing as well as trust or fiduciary matters. Deposit activity is prohibited. Unless otherwise indicated in this chapter, a merchant bank has all the powers, duties and obligations of a financial institution under this Title. As one of the purposes of merchant banks is to provide needed capital or investments to businesses that may be impermissible or imprudent for depository financial institutions, its lending and investment activities are less restricted. [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-B M.R.S. § 1013 — ME Code / Title 9-B / Part 10 / Chapter 101 / Section 1013
9-B §1013. Acquisition of interests in financial institutions
Status: in_force

1. Superintendent's approval. The prior approval of the superintendent is required for any of the following transactions: A. Acquisition of control of a Maine financial institution or any financial institution or financial institution holding company controlling, directly or indirectly, a Maine financial institution, by any person or company; [PL 1989, c. 16, §1 (RPR).] B. Acquisition of more than 5% of the voting shares of a Maine financial institution or any financial institution or financial institution holding company controlling, directly or indirectly, a Maine financial institution, by a financial institution, financial institution holding company, foreign bank or foreign bank holding company; or [PL 1997, c. 182, Pt. A, §7 (AMD).] C. Acquisition of more than 5% of the voting shares of a financial institution, or a foreign bank by a Maine financial institution or a Maine financial institution holding company. [PL 2007, c. 79, §14 (AMD).] [PL 2007, c. 79, §14 (AMD).]

1-A. Notification. Notwithstanding subsection 1 , any person or company that acquires directly or indirectly more than 5% of the voting shares of a Maine financial institution or Maine financial institution holding company shall within 5 days of the acquisition file with the superintendent a statement containing the following information and any additional information as the superintendent prescribes as necessary or appropriate in the public interest: A. The background and identity of the person or company acquiring the voting shares; [PL 1985, c. 642, §6 (NEW).] B. The source and amount of the funds or other consideration used in making the purchase; and [PL 1985, c. 642, §6 (NEW).] C. Any plans or proposals that any acquiring person or company making the acquisition may have to liquidate the Maine financial institution or Maine financial institution holding company, to sell its assets or merge it with any company or to make any other major change in its business, corporate structure or management. [PL 2007, c. 79, §15 (AMD).] The superintendent shall promptly notify the Maine financial institution or Maine financial institution holding company when a notice has been filed pursuant to this section. The notice must identify the fact of the acquisition and the identity of the person or company acquiring the voting shares. Any person or company must also file notice under this section when there is material change in ownership. The acquisition of an aggregate of more than another 5% of the voting shares is a material change. [PL 2007, c. 79, §15 (AMD).]

2. Acquisition by out-of-state company. [PL 1995, c. 628, §31 (RP).]

3. Requirements for acquisition or establishment. A financial institution holding company, foreign bank or foreign bank holding company may establish, acquire or maintain control of a Maine financial institution or Maine financial institution holding company with prior approval of the superintendent, subject to the following conditions. A. The Maine financial institution or Maine financial institution holding company to be established or acquired shall enter into an agreement with the superintendent to provide reports and permit examination of its records to the extent considered necessary by the superintendent to ensure compliance with this section and other relevant provisions of this Title and any rules adopted under this Title. [PL 2007, c. 79, §16 (AMD).] B. A Maine financial institution or Maine financial institution holding company, control of which is to be acquired or held, must have, on the date of acquisition or establishment, and shall maintain a minimum equity capital that the superintendent determines acceptable given the market area to be served and the general plan of business of the Maine financial institution or Maine financial institution holding company. Equity capital must be maintained consistent with sound banking practices. [PL 1995, c. 628, §32 (AMD).] C. [PL 2007, c. 79, §17 (RP).] [PL 2007, c. 79, §16 (AMD); PL 2007, c. 79, §17 (AMD).]

4. Application; information on "net new funds" to be brought to Maine. [PL 1995, c. 628, §33 (RP).]

5. Regulations. The superintendent may adopt rules to supplement the requirements of this section. [PL 2007, c. 79, §18 (AMD).]

Notwithstanding the foregoing, a Maine financial institution holding company is not required to obtain the approval of the superintendent for the acquisition of additional shares in a financial institution that the Maine financial institution holding company owned or controlled by a majority of the voting shares prior to the acquisition of additional shares. [PL 2007, c. 79, §19 (AMD).]
9-B M.R.S. § 833 — ME Code / Title 9-B / Part 8 / Chapter 83 / Section 833
9-B §833. Dividends and interest
Status: in_force

1. Time for payment; method. [PL 2003, c. 322, §22 (RP).]

1-A. Time for payment of dividends; method. At such intervals as the board of directors may authorize and after the credit union establishes and maintains adequate levels of net worth pursuant to section 831 , the board of directors may declare a dividend to be paid at different rates on different types of shares, at different rates and maturity dates in the case of share certificates and at different rates on different types of share draft accounts. Dividends credited may be accrued on various types of shares, share certificates and share draft accounts as authorized by the board of directors. [PL 2017, c. 143, §8 (AMD).]

2. Rates on different accounts. [PL 2003, c. 322, §24 (RP).]

3. Maximum dividend rate. [PL 1981, c. 501, §35 (RP).]

3-A. Dividend rate. [PL 2003, c. 322, §25 (RP).]

4. Tax exemption. Shares in a credit union organized pursuant to this Part shall be exempt from taxes; and no taxes or charges, except as otherwise provided, shall be levied against them. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 9-302 — ME Code / Title 9-A / Chapter 9 / Section 9-302
9-A §9-302. Terms and conditions of consumer credit transactions; rulemaking
Status: in_force

1. In addition to other rule-making authority that the administrator may have, the administrator may adopt reasonable rules in accordance with this section governing agreements that are alternative mortgage transactions as defined in the Alternative Mortgage Transaction Parity Act of 1982, the United States Code, Title 12, Section 3802, subsection 1. In adopting any rule, the administrator shall take into consideration the terms of any similar rules adopted by the Superintendent of Financial Institutions for supervised financial organizations chartered under the laws of this State. [RR 2025, c. 1, Pt. C, §55 (COR).]

2. In any rule governing alternative mortgage transactions, the administrator may specify: A. The maximum amount by which the annual percentage rate may change during a period of time and over the entire term of the agreement; [PL 1987, c. 396, §12 (NEW).] B. The minimum notice that may be required to be given to the mortgagor prior to a change in the annual percentage rate; [PL 1987, c. 396, §12 (NEW).] C. Acceptable indices that may be used by creditors for the purpose of determining when, and the amount by which changes in the annual percentage rate may occur and what effects, if any, the choice of index may have on the rate movement allowances specified in paragraph A ; [PL 1987, c. 396, §12 (NEW).] D. Appropriate hypothetical examples to illustrate the effects of changes in the annual percentage rate; [PL 1987, c. 396, §12 (NEW).] E. Permissible variations in payment schedules, payment amounts, loan amortization and loan term resulting from rate variations or other contract terms; and [PL 1987, c. 396, §12 (NEW).] F. Permissible limitations on refunds of prepaid finance charges and notice requirements for prepayment. [PL 1987, c. 396, §12 (NEW).] [PL 1987, c. 396, §12 (NEW).]
9-B M.R.S. § 865 — ME Code / Title 9-B / Part 8 / Chapter 86 / Section 865
9-B §865. Additional authority
Status: in_force

Credit unions organized under private or special laws shall have the authority granted by this chapter, in addition to such other investment authority as they now possess. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 3-204 — ME Code / Title 9-A / Chapter 3 / Section 3-204
9-A §3-204. Change in terms of open-end credit accounts
Status: in_force

1. If a creditor makes a change in the terms of an open-end credit account without complying with this section, any additional cost or charge to the consumer resulting from the change is an excess charge and subject to the remedies available to consumers, section 5‑201 , and to the administrator, section 6‑113 . [PL 1973, c. 762, §1 (NEW).]

2. Unless otherwise provided for in Article 8‑A , a creditor may change the terms of an open-end credit account. Except as provided in subsections 3 and 3‑A , the creditor shall give to the consumer written notice of any change of terms relating to penalties, interest or other charges at least 30 days before the effective date of the change. A change of terms that would increase any penalty, interest or other charges may not affect outstanding balances incurred prior to the effective date of any such change unless: A. The creditor includes in the notice of change an offer to finance by a separate loan arrangement the outstanding unpaid balance as of the effective date of the change at the same rate of interest with the same repayment schedule as applies to that open-end credit account; [PL 1983, c. 212, §6 (AMD).] B. The consumer may accept the offer of a separate loan arrangement with respect to the then existing unpaid balance anytime prior to 7 days before the change is to become effective; [PL 1983, c. 212, §6 (AMD).] C. The creditor has legal authority to make such a loan; and [PL 1983, c. 212, §6 (AMD).] D. No minimum finance charge is assessed nor prepayment penalty charged on the loan. [PL 1983, c. 212, §6 (AMD).] [PL 2011, c. 427, Pt. A, §9 (AMD).]

3. The notice procedure specified in subsection 2 does not have to be followed if: A. The consumer, after receiving the notice of the change and the consumer's rights specified in subsection 2 , agrees in writing to the change; or [RR 2025, c. 1, Pt. C, §15 (COR).] B. [PL 1983, c. 720, §12 (RP).] C. The change applies only to debts incurred after a date specified in a notice of the change given 15 days prior to the effective date of the change. [PL 1983, c. 212, §7 (AMD).] [RR 2025, c. 1, Pt. C, §15 (COR).]

3-A. No notice of a change in terms is required if the change involves no significant cost to the consumer. [PL 1983, c. 720, §13 (NEW).]

4. The notice provided for in this section is given to the consumer when mailed to the consumer at the address used by the creditor for sending periodic billing statements. [RR 2025, c. 1, Pt. C, §16 (COR).]
9-B M.R.S. § 344 — ME Code / Title 9-B / Part 3 / Chapter 34 / Section 344
9-B §344. Conversion: mutual ownership change
Status: in_force

With the superintendent's approval, and in accordance with the provisions of this section and regulations adopted under this section, a mutual financial institution may convert to a cooperative financial institution, a cooperative financial institution may convert to a mutual financial institution and either a cooperative or mutual financial institution may convert to a financial institution organized under chapter 31 or 81 if the conversion is conducted in a manner equitable to all parties to the conversion, in the following manner. [PL 1997, c. 398, Pt. F, §4 (AMD).]

1. Adoption of plan. The financial institution's governing body shall adopt, by a 2/3 vote of all members of the governing body, a conversion plan, the provisions of which must comply with the requirements set forth in regulations adopted by the superintendent and that ensure that the interests of depositors and account holders in the net worth of the institution are equitably provided for. [PL 1997, c. 398, Pt. F, §4 (AMD).]

2. Public hearing. The following provisions govern a public hearing. A. [PL 1997, c. 398, Pt. F, §4 (RP).] B. Public hearings on the conversion plan may be conducted by the superintendent in the community where the financial institution has its principal office. Such hearings may be held to determine whether the plan provides fair and equitable treatment to the depositors and to the institution. Hearings pursuant to this paragraph may be combined with any hearing on the application that may be scheduled pursuant to section 252 . [PL 1997, c. 398, Pt. F, §4 (AMD).] C. [PL 1997, c. 398, Pt. F, §4 (RP).] [PL 1997, c. 398, Pt. F, §4 (AMD).]

3. Account holders; informational meetings and approval. The conversion plan must be presented to the members who are eligible account holders at special informational meetings held in each county where a branch office of the financial institution is located. The superintendent shall monitor these meetings. The conversion plan, as approved by the superintendent, must be submitted to the members who are eligible account holders of the financial institution for their approval at an annual meeting or at a special meeting called for that purpose, pursuant to the requirements of section 353, subsection 3 , with such information in the notice as the superintendent may prescribe. A 2/3 vote of the members or eligible account holders is necessary to approve the conversion plan. Voting on the conversion plan may be in person or by written ballot. Any members or eligible account holders not present at the meeting in person or any member or eligible account holder not returning a written ballot must be regarded as having affirmatively voted for the conversion and must be counted among the required 2/3 vote if notice of this fact has been contained in the published and mailed notices and if the notice, along with a ballot, was mailed to the member or eligible account holder as required in section 351, subsection 4, paragraph A . The voting rights of account holders in a mutual financial institution organized under chapter 32 are the same as granted to members of cooperative financial institution organized under chapter 32 pursuant to section 325 . The superintendent may waive, upon written request by the applicants and for good cause shown, the requirement for informational meetings for a mutual financial institution converting to a cooperative financial institution or a cooperative financial institution converting to a mutual financial institution. [PL 1997, c. 398, Pt. F, §4 (AMD).]

4. Executed plan, certificate and effective date. Upon approval of the plan of conversion by the members or eligible account holders, the institution shall comply with section 343, subsection 4 for the conversion to become effective, provided that the superintendent shall determine as a condition precedent to issuing a certificate that all applicable requirements of federal law, if any, have been complied with by the converting institution. [PL 1997, c. 398, Pt. F, §4 (AMD).]

5. Effect of disapproval. [PL 1997, c. 398, Pt. F, §4 (RP).]

6. Superintendent's authority. In implementing this section, the superintendent may issue any and all rules, regulations and orders necessary to ensure that conversion to an equity institution or to another form of mutual organization is conducted in a fair and equitable manner, so as to ensure the safety and soundness of the institution and the protection of the institution's net worth including, but not limited to, restrictions on the transfer or disposition of shares in the resulting institution, or mergers or consolidations by the resulting institution. [PL 1997, c. 398, Pt. F, §4 (AMD).]
9-B M.R.S. § 1311 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1311
9-B §1311. Definitions
Status: in_force

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1997, c. 182, Pt. B, §3 (NEW).]

1. Agency. "Agency" means any office or any place of business of a foreign bank located in any state of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent, but at which deposits may not be accepted from persons who are citizens or residents of the United States. [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Branch. "Branch" means any office or any place of business of a foreign bank located in any state of the United States at which deposits are received. [PL 1997, c. 182, Pt. B, §3 (NEW).]

3. Federal agency. "Federal agency" means an agency of a foreign bank established and operating pursuant to Section 4 of the federal International Banking Act of 1978. [PL 1997, c. 182, Pt. B, §3 (NEW).]

4. Federal branch. "Federal branch" means a branch of a foreign bank established and operating pursuant to Section 4 of the federal International Banking Act of 1978. [PL 1997, c. 182, Pt. B, §3 (NEW).]

5. Maine agency. "Maine agency" means an agency of a foreign bank located in this State and established and operating pursuant to the provisions of this chapter. [PL 1997, c. 182, Pt. B, §3 (NEW).]

6. Maine branch. "Maine branch" means a branch of a foreign bank located in this State and established and operating pursuant to the provisions of this chapter. [PL 1997, c. 182, Pt. B, §3 (NEW).]

7. Maine foreign bank. "Maine foreign bank" means a foreign bank that operates a Maine branch or Maine agency and for which Maine is the home state, in accordance with Section 5 of the federal International Banking Act of 1978. [PL 1997, c. 182, Pt. B, §3 (NEW).]

8. Maine representative office. "Maine representative office" means a representative office located in this State and established and operating pursuant to the provisions of this chapter. [PL 1997, c. 182, Pt. B, §3 (NEW).]

9. Out-of-state foreign bank. "Out-of-state foreign bank" means a foreign bank for which a state other than Maine is the home state, in accordance with Section 5 of the federal International Banking Act of 1978. [PL 1997, c. 182, Pt. B, §3 (NEW).]

10. Representative office. "Representative office" means any office of a foreign bank that is located in any state and is not a federal branch, federal agency, state branch, state agency or subsidiary of a foreign bank. [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-B M.R.S. § 1316 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1316
9-B §1316. Trust activities
Status: in_force

1. Authority. A foreign bank that has established a Maine branch or Maine agency in accordance with section 1312 may engage in trust activities at that Maine branch or Maine agency upon 30 days' prior notification to the superintendent. [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Territorial application. All trust activities entered into between a foreign bank that has established a Maine branch or Maine agency and persons residing or domiciled in this State or that involve property located in this State are governed by the laws of this State. [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-A M.R.S. § 13-101 — ME Code / Title 9-A / Chapter 13 / Section 13-101
9-A §13-101. Short title
Status: in_force

This Article may be known and cited as "the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009." [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-B M.R.S. § 916 — ME Code / Title 9-B / Part 9 / Chapter 91 / Section 916
9-B §916. Liquidations and conservation of assets
Status: in_force

Industrial banks shall be subject to the provisions of chapter 36 relating to voluntary and involuntary liquidations, and the provisions of said chapter relating to conservation and segregation of assets. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 863 — ME Code / Title 9-B / Part 8 / Chapter 86 / Section 863
9-B §863. Real property
Status: in_force

1. Authorizing. Except as provided by subsection 3 , a credit union may invest in real property by the purchase of improved or unimproved real property, and in the erection or improvement of buildings on the real property together with fixtures and equipment, for the purpose of providing offices for the transaction of its business. Such buildings may include space for rental purposes. [PL 2023, c. 260, §2 (AMD).]

2. Limitation. The cost to the credit union of lands, buildings, fixtures and equipment described in subsection 1 may not exceed 60% of the credit union's total surplus at the time the investment is made; except that the superintendent may, for good cause shown, upon application by the credit union in writing, approve an amount in excess of 60% of total surplus, subject to such conditions as the superintendent considers necessary. [PL 2017, c. 143, §10 (AMD).]

3. Exception. Unless prohibited by federal law, a credit union may invest in real property to facilitate a member's acquisition, financing or refinancing of owner-occupied residential property consisting of not more than 4 dwelling units located in this State. Without the prior written consent of the superintendent, the duration of an investment under this subsection may not exceed 180 days and the aggregate amount of all such outstanding investments may not exceed 10% of a credit union's total surplus. [PL 2023, c. 260, §3 (NEW).]
9-A M.R.S. § 5-116-A — ME Code / Title 9-A / Chapter 5 / Section 5-116-A
9-A §5-116-A. Debts owed to health care providers
Status: in_force

1. Definition of "health care provider." For purposes of this section, "health care provider" means a physician, health care practitioner, hospital, clinic, clinical laboratory, health care facility or other person or facility that provides health care services and is licensed or registered by the State. [PL 2009, c. 526, §1 (NEW).]

2. Agreement by or on behalf of health care provider. An agreement by a health care provider, or by a debt collector on behalf of a health care provider, to accept partial payments over time without assessment of interest from a consumer on a debt for health care services is not a consumer credit transaction as defined by section 1‑301, subsection 12 . [PL 2009, c. 526, §1 (NEW).]

3. Disclosure of available payment arrangements. A health care provider shall notify a consumer of the availability of any payment arrangements offered by the health care provider to satisfy a debt for health care services. [PL 2009, c. 526, §1 (NEW).]

4. Rehabilitation of defaulted medical debt. A payment arrangement offered by a health care provider must provide a consumer the opportunity to reasonably rehabilitate, cure or remedy a defaulted status of a debt for health care services under terms and conditions established by the health care provider, including, but not limited to, making payment in full or making 6 consecutive monthly payments in a timely manner. [PL 2009, c. 526, §1 (NEW).]
9-A M.R.S. § 16-111 — ME Code / Title 9-A / Chapter 16 / Section 16-111
9-A §16-111. 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, §2 (NEW).]
9-B M.R.S. § 1322 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1322
9-B §1322. Change of control of foreign bank
Status: in_force

A foreign bank that is licensed to establish and maintain a Maine branch, Maine agency or Maine representative office shall file with the superintendent a notice, in such form and containing such information as the superintendent may prescribe, no later than 14 calendar days after that foreign bank becomes aware of any acquisition of control of that foreign bank or merges with another foreign bank. [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-A M.R.S. § 1-101 — ME Code / Title 9-A / Chapter 1 / Section 1-101
9-A §1-101. Short title
Status: in_force

This Act shall be known and may be cited as the "Maine Consumer Credit Code." [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 875 — ME Code / Title 9-B / Part 8 / Chapter 87 / Section 875
9-B §875. Conversion: change in type of state charter
Status: in_force

A credit union subject to the laws of this State may convert its charter to do business as a credit union into a charter to do business as a financial institution organized under chapter 32 if any plan of conversion authorized by this section is adopted and approved in accordance with the requirements of section 343 . [PL 1997, c. 398, Pt. K, §8 (AMD).]
9-B M.R.S. § 825 — ME Code / Title 9-B / Part 8 / Chapter 82 / Section 825
9-B §825. Participation in public lotteries
Status: in_force

A credit union may participate in public lotteries authorized pursuant to the laws of this State in the manner outlined in guidelines and regulations promulgated pursuant to such laws; provided that the superintendent may promulgate additional rules and regulations governing such participation. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 6-116 — ME Code / Title 9-A / Chapter 6 / Section 6-116
9-A §6-116. Confidentiality of records
Status: in_force

The following records of the Bureau of Consumer Credit Protection shall be confidential, unless those records become part of the record of a judicial proceeding or administrative hearing: [PL 1995, c. 309, §26 (AMD); PL 1995, c. 309, §29 (AFF); PL 2007, c. 273, Pt. B, §5 (REV); PL 2007, c. 695, Pt. A, §47 (AFF).]

1. Records that identify consumers by name or identify accounts with information from which consumers can be identified by name, provided that, if the names and other information identifying consumers has been deleted, copies of any such records shall be public records; [PL 1985, c. 763, Pt. A, §51 (NEW).]

2. Financial information not normally available to the public that is submitted in confidence by an individual or organization to comply with the licensing, registration or other regulatory functions of the administrator, including information derived from a credit or background investigation conducted pursuant to section 6‑105‑A, subsection 2 ; [PL 2021, c. 245, Pt. A, §4 (AMD).]

3. Proposed loan documents and other commercial paper submitted to be approved for use and not yet available to the general public or customers of the submitting institution or firm; and [PL 2009, c. 402, §5 (AMD).]

4. Any contact information or financial information relating to a mortgagor submitted pursuant to Title 14, section 6111, subsection 3‑A and any written notice sent to a mortgagor pursuant to Title 14, section 6111, subsection 4‑A that includes a mortgagor's contact information. [PL 2009, c. 402, §6 (NEW).]
9-A M.R.S. § 5-117 — ME Code / Title 9-A / Chapter 5 / Section 5-117
9-A §5-117. Prohibited practices
Status: in_force

A seller may not: [PL 1991, c. 524, §1 (NEW).]

1. Misrepresentations. Misrepresent any material fact relating to the terms or conditions of sale; [PL 1991, c. 524, §1 (NEW).]

2. False impressions. Create an impression that is false or the seller does not believe to be true; and [PL 1991, c. 524, §1 (NEW).]

3. False promises. Promise performance that the seller does not intend to perform or knows will not be performed. [PL 1991, c. 524, §1 (NEW).]
9-B M.R.S. § 858 — ME Code / Title 9-B / Part 8 / Chapter 85 / Section 858
9-B §858. Federal funds loans or sales
Status: in_force

A credit union may lend or sell to any member bank of the Federal Reserve System, or to any bank, savings bank or savings and loan association whose deposits are insured by the Federal Deposit Insurance Corporation. [PL 1997, c. 398, Pt. L, §10 (AMD).]
9-B M.R.S. § 226-A — ME Code / Title 9-B / Part 2 / Chapter 22 / Section 226-A
9-B §226-A. Cooperative agreements
Status: in_force

The superintendent may enter into cooperative agreements with other state, federal or foreign regulatory agencies to facilitate the regulatory functions of the bureau, including, but not limited to, information sharing, coordination of examinations and joint examinations. [PL 1999, c. 184, §8 (AMD).]
9-B M.R.S. § 1223 — ME Code / Title 9-B / Part 12 / Chapter 122 / Section 1223
9-B §1223. Capital
Status: in_force

1. Initial capital. [PL 1999, c. 539, §2 (RP).]

2. Capital. A merchant bank must have initial paid-in capital in accordance with chapter 31 and shall maintain minimum capital in accordance with section 412-A or any rules adopted under section 412-A . The superintendent may establish different capital maintenance standards for merchant banks than for other financial institutions organized under this Title. The minimum capital maintenance standards for a merchant bank may not be less than a level equal to 150% of the tier 1 risk-based capital and 150% of total risk-based capital established from time to time by the Board of Governors of the Federal Reserve System for a well-capitalized bank. [PL 1999, c. 539, §3 (AMD).]
9-B M.R.S. § 872 — ME Code / Title 9-B / Part 8 / Chapter 87 / Section 872
9-B §872. Mergers and consolidations
Status: in_force

1. Eligibility. A. A credit union organized under provisions of the laws of this State, another state or federal laws may merge or consolidate into a credit union organized under the laws of the State with the approval of the superintendent obtained pursuant to section 252 , and in accordance with such procedures as the superintendent may require. [PL 2001, c. 211, §21 (AMD).] B. If any credit union involved in the proposed merger is a federal credit union, such merger is subject to all applicable laws, rules and regulations of the United States. A credit union involved in the proposed merger that is organized under provisions of law of another state is subject to all applicable laws, rules and regulations of that state. [PL 2001, c. 211, §21 (AMD).] [PL 2001, c. 211, §21 (AMD).]

2. Plan and adoption. The merger must be pursuant to a plan agreed upon by a majority of the board of directors of each credit union joining in the merger; and approved by the affirmative vote of a majority of the members voting at meetings, or by proxy at meetings of each credit union called for that purpose or by written consent of the majority of the members of each credit union. If permitted in the credit union's bylaws, members may vote for the merger by means of remote communication, or by mail ballot received by the credit union no later than the date and time announced for the meeting. [PL 2021, c. 188, §4 (AMD).]

3. Compliance. The superintendent shall not approve said merger unless the surviving credit union would be in compliance with all other laws of the State regulating the organization of credit unions. [PL 1975, c. 500, §1 (NEW).]

4. Effective date; certificate. A. When the requirements as to approval have been met, including the approval of the superintendent and any Federal agency whose approval may be required under federal law for such merger or consolidation, the superintendent shall, issue an appropriate certificate which must be filed in all places where original organization certificates are required to be filed in this State. In all cases, the superintendent shall cancel the charters of those credit unions organized under the laws of this State which will cease to exist under the terms of the merger and file notice of such action in all places where organization certificates are required to be filed in this State. [PL 1975, c. 500, §1 (NEW).] B. The merger shall become effective upon filing of the certificates pursuant to paragraph A , unless a later effective date was set forth in the certificate. [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]

5. Effect of merger. Upon the issuance by the superintendent of a certificate to the surviving credit union, all property rights and interests of the merged credit union vest in the surviving credit union, without deed, endorsement or other instruments of transfer; and all debts, obligations and liabilities of the merged credit unions are assumed by the surviving credit union. Thereafter, the charter of any merged credit union is void, and existence of the merged credit union as a legal entity separate from the surviving credit union terminate. Sections 357 and 358 apply to such mergers. [PL 1997, c. 398, Pt. L, §12 (AMD).]
9-B M.R.S. § 475 — ME Code / Title 9-B / Part 4 / Chapter 47 / Section 475
9-B §475. Rulemaking
Status: in_force

The superintendent may adopt rules governing the trust activities of financial institutions. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1997, c. 398, Pt. I, §41 (NEW).]
9-B M.R.S. § 854 — ME Code / Title 9-B / Part 8 / Chapter 85 / Section 854
9-B §854. Loans
Status: in_force

1. Authorization; limitations. It is the duty of the board of directors to establish the policies of the credit union with respect to the granting of loans and the extending of lines of credit, including the maximum amount that may be loaned to any one member. A loan may not be made to any member in an aggregate amount in excess of 10% of the credit union's total assets. Any loan made in violation of this subsection is subject to the remedies prescribed in section 465‑A . [PL 1991, c. 681, §4 (AMD).]

2. Exception. Loans fully secured by a pledge of shares of a credit union may be made without limitation as to amount. [PL 1983, c. 51, §8 (RPR).]

3. Rulemaking. The superintendent may adopt rules to administer and carry out this section, including rules to define or further define terms used in this section and to establish limits or requirements other than those specified in this section. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2003, c. 322, §38 (NEW).]
9-B M.R.S. § 215 — ME Code / Title 9-B / Part 2 / Chapter 21 / Section 215
9-B §215. Rules
Status: in_force

The superintendent shall have the power to implement by rule any provision of law relating to the supervision of financial institutions or their subsidiaries or financial institution holding companies or their subsidiaries or to amend or repeal such rules, subject to section 251 . [PL 1985, c. 328, §2 (AMD).]
9-B M.R.S. § 331 — ME Code / Title 9-B / Part 3 / Chapter 33 / Section 331
9-B §331. Applicability of chapter; statewide branching
Status: in_force

1. Applicability. The provisions of this chapter govern the establishment of a branch office or agency by a financial institution subject to the laws of this State. [PL 1997, c. 398, Pt. E, §1 (AMD).]

2. Statewide branching. Subject to the conditions and limitations contained in this chapter, a financial institution may establish a branch anywhere within this State, except that a financial institution may not establish a branch within 1.5 miles of any location of an affiliate where the affiliate engages in commercial activity and may not conduct any commercial activity at any branch. [PL 2007, c. 69, §2 (AMD).]
9-B M.R.S. § 419-A — ME Code / Title 9-B / Part 4 / Chapter 41 / Section 419-A
9-B §419-A. Property ownership
Status: in_force

In addition to real estate owned for offices and facilities pursuant to chapter 33 , a financial institution may acquire all property, real, personal and mixed, by mortgage foreclosure, purchase or by any other means and may hold the property for investment purposes and may improve, develop, lease, contract, convey and otherwise exercise control over the property. [PL 1997, c. 398, Pt. I, §10 (NEW).]
9-B M.R.S. § 251 — ME Code / Title 9-B / Part 2 / Chapter 25 / Section 251
9-B §251. Rule-making
Status: in_force

Promulgation of rules of the bureau, and amendments thereto, shall conform to the requirements of the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter II . [PL 1983, c. 182 (AMD).]
9-A M.R.S. § 4-111 — ME Code / Title 9-A / Chapter 4 / Section 4-111
9-A §4-111. Cooperation between administrator and Superintendent of Insurance
Status: in_force

The administrator and the Superintendent of Insurance are authorized and directed to consult and assist one another in maintaining compliance with Parts 1 , 2 and 3 of this Article. They may jointly pursue investigations, prosecute suits and take other official action as may seem to them appropriate, if either of them is otherwise empowered to take the action. If the administrator is informed of a violation or suspected violation by an insurer of Parts 1 , 2 and 3 of this Article, or of the insurance laws, rules and regulations of this State, the administrator shall advise the Superintendent of Insurance of the circumstances. [PL 1997, c. 315, §4 (AMD).]
9-B M.R.S. § 462 — ME Code / Title 9-B / Part 4 / Chapter 46 / Section 462
9-B §462. Interlocks of directors, corporators and officers
Status: in_force

1. Prohibited interlocks. Except as provided in subsections 2 and 3 , no person who is a director, corporator, officer or employee of a financial institution, credit union or financial institution holding company authorized to do business in this State shall serve as a director, corporator, officer or employee of any other such financial institution, credit union or financial institution holding company authorized to do business in this State. [PL 1975, c. 500, §1 (NEW).]

2. Exceptions. The prohibitions contained in subsection 1 shall not apply to the situation where directors, officers or employees of subsidiaries of financial institutions and subsidiaries of financial institution holding companies who may also be directors, officers or employees of the parent financial institution holding company, or of other subsidiaries of such holding company. [PL 1975, c. 500, §1 (NEW).]

3. Grandfather provision. The prohibitions contained in subsection 1 shall not apply to any person who is presently serving in such multiple offices until October 3, 1976. [PL 1975, c. 500, §1 (NEW).]

4. Waiver. The superintendent may grant a waiver of the prohibition contained in subsection 1 upon request by an affected party. A waiver may be granted only in situations involving a financial institution, credit union or financial institution holding company and a limited purpose bank and for good cause shown when there is no conflict resulting from competition between institutions. The superintendent may withdraw a waiver granted under this subsection upon reasonable written notice to the affected party. [PL 1999, c. 546, §2 (NEW).]
9-A M.R.S. § 6-106 — ME Code / Title 9-A / Chapter 6 / Section 6-106
9-A §6-106. Examinations and investigations
Status: in_force

1. The administrator may, at any time, but not more frequently than once every 3 months, conduct an examination or make an investigation of any person the administrator believes has engaged in conduct governed by this Act. For these purposes, the administrator must have free and reasonable access to the offices, places of business and records of the person and may make and procure copies of those records, books, documents or other tangible things without employing the subpoena powers provided by subsection 2 . [RR 2025, c. 1, Pt. C, §45 (COR).]

2. For the purposes of this section, the administrator may administer oaths or affirmations and, upon the administrator's own motion or upon request of any party, may subpoena witnesses, compel their attendance, adduce evidence and require the production of any matter that is relevant to an examination or investigation, including the existence, description, nature, custody, condition and location of any books, documents or other tangible things and the identity and location of persons having knowledge of relevant facts, or any other matter reasonably calculated to lead to the discovery of admissible evidence. [RR 2025, c. 1, Pt. C, §46 (COR).]

3. If the person's records are located outside this State, that person, at the administrator's option, either shall make the records available to the administrator at a convenient location within the State or allow the administrator or the administrator's representatives to examine them at the place where they are maintained. The administrator may designate representatives, including comparable officials of the state in which the records are located, to inspect them on the administrator's behalf. [RR 2025, c. 1, Pt. C, §47 (COR).]

4. If the administrator finds a violation of this Act, the administrator may notify any party to the transaction involved. [RR 2025, c. 1, Pt. C, §48 (COR).]

5. If an individual without lawful excuse fails to obey a subpoena or to give testimony when directed to do so by the administrator or obstructs the proceedings by any means, whether or not in the presence of the administrator, that individual is guilty of contempt. The administrator, through the Attorney General, may file a complaint in the Superior Court setting forth the facts constituting the contempt and requesting an order returnable in not less than 2 days nor more than 5 days, directing the alleged contemner to show cause before the court why the alleged contemner should not be punished for contempt. If the court determines that the respondent has committed any alleged contempt, the court shall punish the offender for contempt. [RR 2025, c. 1, Pt. C, §49 (COR).]

6. The expenses of the administrator necessarily incurred in the examination or investigation of any person engaged in conduct governed by this Act must be chargeable to that person. The expenses of the administrator incurred in the examination of supervised financial organizations must be assessed in accordance with the provisions of Title 9‑B, section 214, subsection 1 . With respect to any other person, that person must be assessed for the actual expenses incurred by the administrator, including, but not necessarily limited to, travel expenses and the proportionate part of the salaries and expenses of examiners engaged in the examination or investigation. Notwithstanding this subsection, for a person other than a supervised financial organization, the administrator may adjust the examination assessments to make more equitable travel-related costs that result from a creditor's location in this State. Notice of the assessment of those costs must be given to the person by the administrator as soon as feasible after the close of the examination or investigation and the person must have the time specified by the administrator to pay the assessment, which may not be less than 30 days. [PL 1997, c. 727, Pt. B, §19 (AMD).]
9-A M.R.S. § 16-101 — ME Code / Title 9-A / Chapter 16 / Section 16-101
9-A §16-101. Definitions
Status: in_force

As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2021, c. 357, §2 (NEW).]

1. Cosigner. "Cosigner" means an individual who is liable for the loan obligation of another, regardless of how the individual is designated in the loan contract or instrument with respect to that obligation, including an obligation under a private education loan extended to consolidate a borrower's preexisting private education loan. "Cosigner" includes an individual whose signature is requested as a condition to grant credit or forbear a collection. "Cosigner" does not include a spouse of a borrower or cosigner whose signature is needed solely to perfect the security interest in the loan. [PL 2021, c. 357, §2 (NEW).]

2. Cosigner release. "Cosigner release" means the release of the obligations of a cosigner on a private education loan. [PL 2021, c. 357, §2 (NEW).]

3. Creditor. "Creditor" means: A. The original creditor of a private education loan if ownership of the loan has not been sold, assigned or transferred; [PL 2021, c. 357, §2 (NEW).] B. A person that owns a private education loan at the time the private education loan is defaulted if the loan has not been subsequently sold, transferred or assigned, regardless of whether the person is the original creditor; or [PL 2021, c. 357, §2 (NEW).] C. A person that purchases a defaulted private education loan for collection purposes, regardless of whether the person collects on the loan itself, hires a 3rd party for collection or hires an attorney for collection litigation. [PL 2021, c. 357, §2 (NEW).] [PL 2021, c. 357, §2 (NEW).]

4. Original creditor. "Original creditor" means the private education lender identified in a promissory note, loan agreement or loan contract entered into with a private education loan borrower or cosigner. [PL 2021, c. 357, §2 (NEW).]

5. Private education lender. "Private education lender" or "lender" means any person engaged in the business of securing, making or extending private education loans or any holder of a private education loan. "Private education lender" does not include a supervised financial organization; a financial institution holding company as defined in Title 9‑B, section 1011, subsection 1 ; a mutual holding company as defined in Title 9‑B, section 1052, subsection 2 ; a wholly owned subsidiary of a supervised financial organization, financial institution holding company or mutual holding company; or the Finance Authority of Maine. Only to the extent that state regulation is preempted by federal law, "private education lender" does not include the following persons: A. Any federally chartered bank, savings bank, savings and loan association or credit union; [PL 2021, c. 357, §2 (NEW).] B. Any wholly owned subsidiary of a federally chartered bank or credit union; and [PL 2021, c. 357, §2 (NEW).] C. An operating subsidiary of a wholly owned subsidiary of a federally chartered bank or credit union in which each owner of the operating subsidiary is wholly owned by the same federally chartered bank or credit union. [PL 2021, c. 357, §2 (NEW).] [PL 2021, c. 357, §2 (NEW).]

6. Private education loan. "Private education loan" means an extension of credit that is extended to a consumer expressly, in whole or in part, for postsecondary education expenses, regardless of whether the loan is provided by the education institution that the student attends, and that is not made, insured or guaranteed under the federal Higher Education Act of 1965, 20 United States Code, Chapter 28, Subchapter IV. "Private education loan" does not include: A. An open-ended credit or any loan that is secured by real property or a dwelling; or [PL 2021, c. 357, §2 (NEW).] B. An extension of credit in which the covered education institution is the creditor if: (1) The term of the extension of credit is 90 days or less; or (2) An interest rate is not applied to the credit balance and the term of the extension of credit is one year or less, regardless of whether the credit is payable in more than 4 installments. [PL 2021, c. 357, §2 (NEW).] [PL 2021, c. 357, §2 (NEW).]

7. Private education loan borrower. "Private education loan borrower" or "borrower" means any resident of this State who has received or agreed to pay a private education loan for the borrower's own education expenses. [PL 2021, c. 357, §2 (NEW).]

8. Private education loan collector. "Private education loan collector" means a person collecting or attempting to collect on a defaulted private education loan. [PL 2021, c. 357, §2 (NEW).]

9. Private education loan collection action. "Private education loan collection action" means any judicial action in which a claim is asserted to collect on a defaulted private education loan. [PL 2021, c. 357, §2 (NEW).]

10. Total and permanent disability. "Total and permanent disability" means the condition of an individual who: A. Has been determined by the United States Secretary of Veterans Affairs to be unemployable due to a service-connected disability; or [PL 2021, c. 357, §2 (NEW).] B. Is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, has lasted for a continuous period of not less than 12 months or can be expected to last for a continuous period of not less than 12 months. [PL 2021, c. 357, §2 (NEW).] [PL 2021, c. 357, §2 (NEW).]
9-A M.R.S. § 3-102 — ME Code / Title 9-A / Chapter 3 / Section 3-102
9-A §3-102. Scope
Status: in_force

Parts 2 , 3 and 4 of this Article apply, respectively, to disclosure, limitations on agreements and practices, and limitations on consumer's liability with respect to consumer credit transactions. Part 5 applies to home solicitation sales. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 919 — ME Code / Title 9-B / Part 9 / Chapter 91 / Section 919
9-B §919. Use of name "industrial bank"
Status: in_force

No person, firm or corporation shall use, hold itself out as being, or advertise with the name "industrial bank", except that industrial banks which were properly authorized and doing business on or before June 1, 1967, may use such name at and in connection with their principal office and any branches which were so authorized and doing business on or before said date, and may continue to sell certificates of investment, either fixed or uncertain, and to receive payments in installments or otherwise, with or without an allowance of interest upon such installments, if doing business in such certificates on or before said date. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 466 — ME Code / Title 9-B / Part 4 / Chapter 46 / Section 466
9-B §466. Unlawful acts
Status: in_force

The acts set forth in this section are unlawful and are criminal offenses unless otherwise provided. [PL 2003, c. 452, Pt. D, §1 (AMD); PL 2003, c. 452, Pt. X, §2 (AFF).]

1. Copying records of financial institutions. A director, corporator, officer, agent or employee of a financial institution who copies any of the books, papers, records or documents belonging to or in the custody of such institution, either for that person's own use or for the use of any other person other than in the ordinary and regular course of that person's duties, commits a Class E crime. [PL 2003, c. 452, Pt. D, §1 (AMD); PL 2003, c. 452, Pt. X, §2 (AFF).]

2. Disclosures by service corporation employees. Any information derived from financial institution records or sources by personnel of a service corporation formed pursuant to section 445 may not be disclosed except in the regular course of business. A person who violates this subsection commits a Class E crime. [PL 2003, c. 452, Pt. D, §1 (AMD); PL 2003, c. 452, Pt. X, §2 (AFF).]

3. Violation of orders. A person may not violate an order of the superintendent lawfully served upon that person. [PL 2003, c. 452, Pt. D, §1 (AMD); PL 2003, c. 452, Pt. X, §2 (AFF).]

4. Unauthorized business. A person may not engage in the business of banking unless the person is properly authorized, nor may a person represent that that person is acting as a financial institution, nor use an artificial or corporate name that purports to be or suggests that the person is a financial institution unless the financial institution is properly authorized to do business in this State and except as provided in section 241, subsection 12 . [PL 2001, c. 211, §15 (AMD).]

5. Procuring loans. A director, corporator, officer, agent, employee or attorney of a financial institution may not stipulate for or receive or consent or agree to receive any fee, commission, gift or thing of value, from a person, firm or corporation for procuring or endeavoring to procure for the person, firm or corporation, or for any other person, firm or corporation, from any such financial institution, a loan or extension or renewal of loan or substitution of security, or the purchase or discount or acceptance of a paper, note, draft, check or bill of exchange by any such financial institution. This subsection may not be construed to refer to the expenses of examining titles, drafting conveyances and mortgages and the performance of other purely legal services. [PL 2003, c. 452, Pt. D, §1 (AMD); PL 2003, c. 452, Pt. X, §2 (AFF).]

6. Concealment. A director, corporator, officer, agent or employee of a financial institution may not conceal or endeavor to conceal a transaction of the financial institution from a director, corporator, officer, agent or employee of the institution or an official or employee of the Bureau of Financial Institutions to whom it should be properly disclosed. [PL 2003, c. 452, Pt. D, §1 (AMD); PL 2003, c. 452, Pt. X, §2 (AFF).]

7. Deception; false statements. A director, corporator, officer, agent or employee of a financial institution may not maintain or authorize the maintenance of an account of the financial institution in a manner that, to that person's knowledge, does not conform to the requirements prescribed by statutes applicable to the supervision of financial institutions or rules issued under those statutes; and that person may not, with intent to deceive, make a false or misleading statement or entry or omit a statement or entry that should be made in a book, account, report or statement of the institution or obstruct or endeavor to obstruct a lawful examination or investigation of the institution or any of its affairs by an official or employee of the Bureau of Financial Institutions. [PL 2003, c. 452, Pt. D, §1 (AMD); PL 2003, c. 452, Pt. X, §2 (AFF).]

8. Violation of Title or rules. If, in the opinion of the superintendent, a financial institution or its officers or directors have persistently violated a provision of this Title, the superintendent shall immediately report the same with such remarks as the superintendent determines expedient to the Attorney General, who may immediately institute a prosecution on behalf of the State. [PL 2003, c. 452, Pt. D, §1 (AMD); PL 2003, c. 452, Pt. X, §2 (AFF).]

9. False returns. A director, corporator, officer, agent or employee of a financial institution may not intentionally or knowingly make a false return to the superintendent in response to a call for information issued by the superintendent or by a deputy superintendent or upon the making or filing of a regular or special report required by this Title. [PL 2003, c. 452, Pt. D, §1 (AMD); PL 2003, c. 452, Pt. X, §2 (AFF).]

10. Failure to make returns. A financial institution that fails to furnish reports and information to the superintendent, as required by this Title within the time specified, is subject to a penalty of not more than $100 per day for each day it is in violation of this section, which penalty may be recovered in a civil action in the name of the State. [PL 2003, c. 452, Pt. D, §1 (AMD); PL 2003, c. 452, Pt. X, §2 (AFF).]

11. General penalties. The follow penalties apply. A. A person responsible for an act or omission expressly declared to be a criminal offense by statutes pertaining to the supervision of financial institutions and for which no other penalty has been provided by statute commits a Class E crime, except notwithstanding Title 17‑A, section 1704 , a fine of not more than $5,000 may be imposed upon an individual. [PL 2019, c. 113, Pt. C, §3 (AMD).] A-1. A person who violates paragraph A with the intent to defraud commits a Class C crime. [PL 2003, c. 452, Pt. D, §1 (NEW); PL 2003, c. 452, Pt. X, §2 (AFF).] B. A director, corporator, officer, agent or employee of a financial institution is responsible for an act or omission of the institution declared to be a criminal offense against statutes pertaining to the supervision of financial institutions whenever, knowing that such act or omission is unlawful, the person participates in authorizing, executing, ratifying or concealing such act or in authorizing or ratifying such omission or, having a duty to take the required action, omits to do so. [PL 2003, c. 452, Pt. D, §1 (AMD); PL 2003, c. 452, Pt. X, §2 (AFF).] [PL 2019, c. 113, Pt. C, §3 (AMD).]

12. Strict liability. Except as otherwise specifically provided, violation of this section is a strict liability crime as defined in Title 17‑A, section 34, subsection 4‑A . [PL 2003, c. 452, Pt. D, §1 (NEW); PL 2003, c. 452, Pt. X, §2 (AFF).]
9-B M.R.S. § 321 — ME Code / Title 9-B / Part 3 / Chapter 32 / Section 321
9-B §321. Applicability of chapter
Status: in_force

The provisions of this chapter govern the organization and management of financial institutions operating as mutual or cooperative financial institutions. [PL 1997, c. 398, Pt. D, §2 (AMD).]
9-B M.R.S. § 352 — ME Code / Title 9-B / Part 3 / Chapter 35 / Section 352
9-B §352. Mergers and consolidations; investor-owned institutions
Status: in_force

Any 2 or more investor-owned institutions authorized to do business in this State may merge or consolidate into one investor-owned institution organized under the laws of this State in accordance with the procedures, and subject to the conditions and limitations, set forth in this section. [PL 1997, c. 398, Pt. G, §2 (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 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, §2 (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 investors; the name and address of each officer; the amount of capital, the number and the par value of each class of equity interest; and the amendments required to be made to the institution's organizational documents; [PL 1997, c. 398, Pt. G, §2 (AMD).] D. Provisions governing the manner and basis of converting the equity interests of the participating institutions into equity interests or other securities of the resulting institution and, if any equity interests of any of the participating institutions are not to be converted solely into equity interests or other securities of the resulting institution, provisions governing the amount of cash, property, rights or securities of any other institution or corporation that is to be paid or delivered to the holders of the equity interests in exchange for or upon surrender of the equity interests. The cash, property, rights or securities of any other institution or corporation may be in addition to or in lieu of the equity interests or securities of the resulting institution; [PL 1997, c. 398, Pt. G, §2 (AMD).] E. A statement that the agreement is subject to approval of the superintendent and of the investors of each participating institution; [PL 1997, c. 398, Pt. G, §2 (AMD).] F. Provisions, if applicable, governing the manner of disposing of equity interests of the resulting institution not taken by dissenting investors of the participating institutions; and [PL 1997, c. 398, Pt. G, §2 (AMD).] G. The anticipated effective date of such merger or consolidation; and 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, §2 (AMD).] [PL 1997, c. 398, Pt. G, §2 (AMD).]

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

3. Vote of investors. The plan of merger or consolidation, as approved by the superintendent, must be submitted to the investors 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 the following provisions. Notice required pursuant to section 351, subsection 4 must state that dissenting investors will be entitled to payment only for the value of those equity interests that are voted against approval of the plan. Published notice may be waived if written waivers are received from the holders of 2/3 of the outstanding voting equity interests of each class stock of each participating institution. Notice and meeting are not required under this subsection if investors unanimously approve the plan. A. [PL 1997, c. 398, Pt. G, §2 (RP).] B. [PL 1997, c. 398, Pt. G, §2 (RP).] [PL 2021, c. 508, §7 (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, §2 (RP).] B. [PL 1997, c. 398, Pt. G, §2 (RP).] C. [PL 1997, c. 398, Pt. G, §2 (RP).] [PL 1997, c. 398, Pt. G, §2 (AMD).]

5. Rights of dissenting investors. The rights of investors dissenting to the merger or consolidation are those specified in Title 13‑C or Title 31, chapter 15 , 19 or 21 , depending upon the organizational form of the institution. To the extent that dissenters' rights are not addressed in Title 31 or these rights are less beneficial to the dissenting investors than those rights listed in the institution's organizational documents, the organizational documents govern. A. [PL 1997, c. 398, Pt. G, §2 (RP).] B. [PL 1997, c. 398, Pt. G, §2 (RP).] C. [PL 1997, c. 398, Pt. G, §2 (RP).] D. [PL 1997, c. 398, Pt. G, §2 (RP).] [PL 2009, c. 629, Pt. A, §3 (AFF); PL 2009, c. 629, Pt. B, §4 (AMD).]

6. Federally chartered institution as participant. If one of the parties to a merger or consolidation is a federally chartered investor-owned institution, the participants shall comply with all requirements imposed by federal law for such merger or consolidation in addition to the requirements contained in this Title and shall 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. The rights of dissenting investors in such federally chartered institutions are governed by federal law. [PL 1997, c. 398, Pt. G, §2 (AMD).]

7. Merger of investor-owned institution with national bank. A. Nothing contained in the law of this State restricts the right of a financial institution organized under chapter 31 to merge or consolidate into a resulting national bank. The action to be taken by the investor-owned institution and its rights and liabilities and those of its investors are the same as those prescribed for national banks at the time of the action by the law of the United States and not by the law of this State, except that a vote of the holders of 2/3 of each class of equity interest of an investor-owned institution is required for the merger or consolidation and that, on merger or consolidation into a national bank, the rights of dissenting investors are those specified in federal law for national banks. [PL 1997, c. 398, Pt. G, §2 (AMD).] B. Upon the completion of the merger or consolidation, the franchise of the participating investor-owned institution terminates automatically. [PL 1997, c. 398, Pt. G, §2 (AMD).] [PL 1997, c. 398, Pt. G, §2 (AMD).]
9-A M.R.S. § 3-505 — ME Code / Title 9-A / Chapter 3 / Section 3-505
9-A §3-505. Duty of buyer; no compensation for services prior to cancellation
Status: in_force

1. Except as provided by the provisions on retention of goods by the buyer, subsection 3 of section 3‑504 , within a reasonable time after a home solicitation sale has been cancelled or an offer to purchase revoked, the buyer upon demand must tender to the seller any goods delivered by the seller pursuant to the sale but the buyer is not obligated to tender at any place other than the buyer's residence. If the seller fails to demand possession of goods within a reasonable time after cancellation or revocation, the goods become the property of the buyer without obligation to pay for them. For the purpose of this section, 40 days is presumed to be a reasonable time. [RR 2025, c. 1, Pt. C, §31 (COR).]

2. The buyer has a duty to take reasonable care of the goods in the buyer's possession before cancellation or revocation and for a reasonable time thereafter, during which time the goods are otherwise at the seller's risk. [RR 2025, c. 1, Pt. C, §31 (COR).]

3. If the seller has performed any services pursuant to a home solicitation sale prior to its cancellation, the seller is not entitled to compensation. [RR 2025, c. 1, Pt. C, §31 (COR).]
9-A M.R.S. § 5-110 — ME Code / Title 9-A / Chapter 5 / Section 5-110
9-A §5-110. Notice of consumer's right to cure
Status: in_force

1. With respect to a consumer credit transaction, after a consumer has been in default for 10 days for failure to make a required payment and has not voluntarily surrendered possession of goods that are collateral, a creditor may give the consumer the notice described in this section. For purposes of this section, goods that are collateral shall include any right of setoff that the creditor may have. A creditor gives notice to the consumer under this section by mailing the notice to the consumer's last known address: A. By certified mail, return receipt requested. For purposes of this paragraph, the time when notice is given shall be the date the consumer signs the receipt or, if the notice is undeliverable, the date the post office last attempts to deliver it; or [PL 1979, c. 417, §2 (NEW).] B. By ordinary mail. For purposes of this paragraph, the time when notice is given shall be the date the consumer receives it. A post office department certificate of mailing to the consumer shall be conclusive proof of receipt on the 3rd calendar day after mailing. [PL 1979, c. 417, §2 (NEW).] [PL 1985, c. 336, §8 (AMD).]

2. Except as provided in subsection 3 , the notice shall be in writing and shall conspicuously state the name, address and telephone number of the creditor to whom payment is to be made, a brief identification of the credit transaction, the consumer's right to cure the default and the amount of payment and date by which payment must be made to cure the default. A notice in substantially the following form complies with this subsection: (Name, address and telephone number of creditor) (Account number, if any) (Brief identification of credit transaction) (Date) is the LAST DAY FOR PAYMENT (Amount) is the AMOUNT NOW DUE You are late in making your payment(s). If you pay the AMOUNT NOW DUE (above) by the LAST DAY FOR PAYMENT (above), you may continue with the contract as though you were not late. If you do not pay by that date, we may exercise our rights under the law. If you are late again within the next 12 months in making your payments, we may exercise our rights without sending you another notice like this one. If you have questions, write or telephone the creditor promptly. [PL 1985, c. 336, §9 (AMD).]

2-A. If a consumer credit transaction is secured by a motor vehicle, the notice must conform to the requirements of subsection 2 , except that the following paragraph must be included between the penultimate paragraph and the final paragraph: The rights we may exercise under law include repossession of the motor vehicle securing this debt. If the motor vehicle is repossessed, either involuntarily or voluntarily, it may be sold and you may owe the difference between the net proceeds from the sale and the remaining balance due under the contract. This subsection applies only to notices sent on or after January 1, 2004. [PL 2003, c. 98, §1 (NEW).]

3. If the consumer credit transaction is an insurance premium loan, the notice shall conform to the requirements of subsection 2 and a notice in substantially the form specified in that subsection complies with this subsection, except for the following: A. In lieu of a brief identification of the credit transaction, the notice shall identify the transaction as an insurance premium loan and each insurance policy or contract that may be cancelled; [PL 1985, c. 763, Pt. A, §42 (AMD).] B. In lieu of the statement in the form of notice specified in subsection 2 that the creditor may exercise the creditor's rights under the law, the statement that each policy or contract identified in the notice may be cancelled; and [RR 2025, c. 1, Pt. C, §37 (COR).] C. The last paragraph of the form of notice specified in subsection 2 shall be omitted. [PL 1975, c. 429, §2 (RPR).] [RR 2025, c. 1, Pt. C, §37 (COR).]

4. If the goods that are collateral in a consumer credit transaction include a right of setoff, the notice shall conform to the requirements of subsection 2 and a notice in substantially the form specified in that subsection complies with this subsection, except for the following: A. The 3rd sentence in the next to the last paragraph of the form of notice specified in subsection 2 shall read: If you do not pay by that date, we may exercise our rights under the law, including the right to set off funds in your checking or savings accounts with us against the balance on this delinquent account; and [PL 1979, c. 402 (NEW).] B. The first sentence in the last paragraph of the form of notice shall read: If you are late again within the next 12 months in making your payments, we may exercise our rights, including the right of setoff, without sending you another notice like this one. [PL 1985, c. 336, §10 (AMD).] [PL 1985, c. 336, §10 (AMD).]

5. [PL 1981, c. 618, §8 (RP).]
9-A M.R.S. § 6-103 — ME Code / Title 9-A / Chapter 6 / Section 6-103
9-A §6-103. Administration
Status: in_force

There is created and established the Bureau of Consumer Credit Protection within the Department of Professional and Financial Regulation. The Superintendent of Consumer Credit Protection is the head of the Bureau of Consumer Credit Protection. As used in this Act, and except as provided in section 1‑301, subsection 2 , "administrator" means the Superintendent of Consumer Credit Protection. The administrator is appointed by the Governor and subject to review by the joint standing committee of the Legislature having jurisdiction over insurance and financial services matters and to confirmation by the Legislature. The administrator is appointed for a 5-year term, or until a successor is appointed and qualified. Any vacancy occurring must be filled by appointment for the unexpired portion of the term. The administrator may be removed from office for cause by the Governor and Title 5, section 931, subsection 2 does not apply. [PL 2007, c. 273, Pt. B, §3 (RPR); PL 2007, c. 695, Pt. A, §47 (AFF).]
9-B M.R.S. § 163 — ME Code / Title 9-B / Part 1 / Chapter 16 / Section 163
9-B §163. Subpoena, summons, warrant or court order
Status: in_force

1. Service. A financial institution authorized to do business in this State or credit union authorized to do business in this State shall disclose financial records under section 162 pursuant to a subpoena, summons, warrant or court order that on its face appears to have been issued upon lawful authority only if the subpoena, summons, warrant or court order is served upon the customer prior to disclosure by the financial institution or credit union. The agency or person requesting the disclosure of financial records shall certify in writing to the financial institution or credit union the fact that the subpoena, summons, warrant or court order has been served upon the customer. The court for good cause shown may delay or dispense with service of the subpoena, summons, warrant or court order upon the customer. The court shall delay or dispense with service of the subpoena, summons, warrant or court order upon the customer upon notice by the Attorney General, the Attorney General's designee or the District Attorney that service upon the customer would not be in the public interest. A subpoena, summons or warrant issued in connection with a criminal proceeding or state or federal grand jury proceeding, a request for information by the Department of Health and Human Services for purposes related to establishing, modifying or enforcing a child support order, 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 liabilities or a trustee process lawfully issued need not be served upon the customer. [PL 2009, c. 213, Pt. AAAA, §5 (AMD).]
9-B M.R.S. § 341 — ME Code / Title 9-B / Part 3 / Chapter 34 / Section 341
9-B §341. Applicability of chapter; fees
Status: in_force

1. Applicability. The provisions of this chapter apply whenever a financial institution subject to the laws of this State seeks to convert or amend its charter in order to change its chartering authority, change to a different form of ownership or adopt a new corporate name for the institution. [PL 1997, c. 398, Pt. F, §1 (AMD).]

2. Fees. An application made pursuant to section 342, subsection 1 or 2 or section 342‑A , 343 , 344 , 345 or 345‑A may not be considered complete by the superintendent unless accompanied by an application fee payable to the Treasurer of State to be credited and used as provided in section 214 . The amount of the fee must be established by the superintendent according to different application requirements, but in no instance may it exceed $2,000. [PL 1999, c. 218, §15 (AMD).]

3. Superintendent's approval. Following approval by the governing body for changes under section 342, subsection 1 or 2 or section 342‑A , 343 , 344 or 345 , the financial institution shall forward to the superintendent for approval or disapproval, pursuant to the procedures and requirements of section 252 , a certified copy of the authorizing resolution adopted by the governing body and such other information as considered necessary by the superintendent. If the superintendent disapproves the conversion plan, the superintendent shall state the reasons for the disapproval in writing and furnish them to the institution. The institution must be given an opportunity to amend the conversion plan to obviate the reasons for disapproval. [PL 1999, c. 218, §16 (AMD).]
9-A M.R.S. § 11-102 — ME Code / Title 9-A / Chapter 11 / Section 11-102
9-A §11-102. Purpose; rules of construction
Status: in_force

1. This Article must be liberally construed and applied to promote its underlying purposes and policies. [PL 1991, c. 787 (NEW).]

2. The underlying purposes and policies of this Article are to: A. Simplify, clarify and modernize the law governing rental-purchase agreements; [PL 1991, c. 787 (NEW).] B. Provide certain disclosures to consumers who enter into rental-purchase agreements and to promote consumer understanding of the terms of rental-purchase agreements; [PL 1991, c. 787 (NEW).] C. Protect consumers against unfair practices by some rental-purchase dealers, having due regard for the interests of legitimate and scrupulous rental-purchase dealers; and [PL 1991, c. 787 (NEW).] D. Permit and encourage the development of fair and economically sound rental-purchase practices. [PL 1991, c. 787 (NEW).] [PL 1991, c. 787 (NEW).]
9-A M.R.S. § 6-204 — ME Code / Title 9-A / Chapter 6 / Section 6-204
9-A §6-204. Penalty
Status: in_force

1. The administrator may impose a penalty of $5 per day on any person failing to comply with the requirements of sections 6‑106, subsection 6 ; 6‑202 and 6‑203 . [PL 1987, c. 129, §69 (AMD).]

2. No penalty may be imposed if the fees required by section 6‑203, subsections 1 to 3 , are paid not more than 30 days after the date established in section 6‑202, subsection 1 , or if the expenses of examination or investigation incurred by the administrator pursuant to section 6‑106, subsection 6 , are paid within the time period prescribed by the administrator which shall not be less than 30 days of receipt of notice by the examinee of their assessment. [PL 1987, c. 129, §70 (AMD).]

3. If a licensee fails to pay the fees required by section 6‑203, subsections 1 to 3 on or before February 20th of any year, or if the licensee fails to pay the expenses of examination or investigation of the administrator within the time period prescribed by the administrator which shall not be less than 30 days of receipt of the notice of assessment, the failure may be treated by the administrator as grounds for revocation of the license. [PL 1987, c. 129, §70 (AMD).]

4. The administrator shall comply with the provisions of the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter IV , in seeking compliance with this section. The administrator may seek enforcement of any order issued under this section in a court of competent jurisdiction. [PL 1979, c. 660, §11 (NEW).]
9-B M.R.S. § 324 — ME Code / Title 9-B / Part 3 / Chapter 32 / Section 324
9-B §324. Corporate finance
Status: in_force

1. Initial capital deposits. A. The initial capital deposits required under section 323, subsection 4 , for commencing business shall be paid into an account of the institution known as the "capital reserve" account. [PL 1975, c. 500, §1 (NEW).] B. The institution shall record on its books the amount which each capital depositor has contributed to such capital reserve and such amounts shall be evidenced by a certificate issued to the contributor thereof. [PL 1975, c. 500, §1 (NEW).] C. Dividends or interest may be paid upon the amounts standing to the credit of each owner of a proportionate interest in the capital reserve, in accordance with the terms of the deposit agreement, but in no event shall such dividends or interest be in excess of the maximum rate paid on shares or accounts of the institution for the same period. [PL 1975, c. 500, §1 (NEW).] D. The capital reserve established pursuant to this section shall be used as a guarantee against losses, contingencies and impairments of capital, and all losses and expenses not otherwise absorbed shall be charged against it until such time as the conditions in subsection 2 are met; provided that the amount credited to each contributor shall be reduced only by its proportionate share of such losses or expenses. [PL 1975, c. 500, §1 (NEW).] E. The capital reserve shall be subordinate to all other deposits or share accounts of the institution. [PL 1975, c. 500, §1 (NEW).] F. The capital contribution standing to the credit of each capital depositor in the capital reserve of the institution shall be transferable, together with any interest or dividends credited thereon, subject to the conditions and restrictions of this section. [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]

2. Return of initial capital deposit. The initial capital deposits, together with any dividends or interest credited thereon, may be returned, pro rata, to the contributors, or their heirs, executors, administrators or assigns, subject to the following conditions and limitations: A. Prior to return of all or part of the initial capital reserve, the institution shall obtain the superintendent's approval for such return; [PL 1975, c. 500, §1 (NEW).] B. A return of all or part of the capital reserve may not reduce the institution's capital below the greater of the total initial capital contributions or the minimum amount prescribed by the superintendent in accordance with section 412‑A ; [PL 1997, c. 398, Pt. D, §9 (AMD).] C. Upon release and return, the contributor's proportionate share of the amount to be returned must be credited in the contributor's name to a share account or deposit in the institution, and the contributor is then entitled to all rights and privileges, and is subject to all duties and liabilities, connected with that share account or deposit; [RR 2025, c. 1, Pt. D, §21 (COR).] D. In the event of the liquidation of an institution before such contributions have been repaid in full, any portion of such contributions not required for the repayment of the expenses and the payment of creditors and other depositors in full, pursuant to section 365 , may be repaid pro rata to the initial capital depositors. [PL 1975, c. 500, §1 (NEW).] [RR 2025, c. 1, Pt. D, §21 (COR).]

3. Capital debentures as capital reserve. Subject to prior approval of the superintendent, a financial institution may issue capital notes or debentures, the proceeds from the sale of which may be used in lieu of capital deposits to establish part of the capital reserve required in subsection 1 , provided that: A. Such capital notes or debentures are issued pursuant to section 413 ; [PL 1975, c. 500, §1 (NEW).] B. Such notes or debentures are subject to conditions governing the repayment of principal and interest which are comparable to the requirements governing return of initial capital deposits as set forth in subsection 2 ; and [PL 1975, c. 500, §1 (NEW).] C. Repayment of the principal amount of such capital notes or debentures issued pursuant to this section shall have priority over the return of any initial capital deposits in the capital reserve account pursuant to subsection 2 . [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 161 — ME Code / Title 9-B / Part 1 / Chapter 16 / Section 161
9-B §161. Definitions; exemptions
Status: in_force

1. Definitions. [PL 2001, c. 667, Pt. A, §5 (RP).]

1-A. Definitions. As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. A. "Affiliate" has the same meaning as in section 131, subsection 1‑A . [PL 2001, c. 262, Pt. B, §2 (NEW).] B. "Credit union authorized to do business in this State" has the same meaning as in section 131, subsection 12‑A . [PL 2001, c. 262, Pt. B, §2 (NEW).] C. "Customer" means any person as that term "person" is defined in section 131, subsection 30 who utilized or is utilizing any service of a financial institution authorized to do business in this State or a credit union authorized to do business in this State or for whom a financial institution authorized to do business in this State or a credit union authorized to do business in this State is acting or has acted as a fiduciary in relation to an account maintained in the person's name. In addition, "customer" means any person who provides information to a financial institution authorized to do business in this State or a credit union authorized to do business in this State in an attempt to utilize any service of that financial institution or credit union. [PL 2001, c. 262, Pt. B, §2 (NEW).] D. "Financial institution authorized to do business in this State" has the same meaning as in section 131, subsection 17‑A . [PL 2001, c. 262, Pt. B, §2 (NEW).] E. "Financial records" means the originals or copies of records held by a financial institution authorized to do business in this State or a credit union authorized to do business in this State or their agents or affiliates pertaining to a customer's relationship with the financial institution or credit union and includes information derived from such records. [PL 2001, c. 262, Pt. B, §2 (NEW).] F. "Supervisory agency" means: (1) The Federal Deposit Insurance Corporation; (2) The Office of Thrift Supervision; (3) The Federal Home Loan Bank Board; (4) The National Credit Union Administration; (5) The Federal Reserve Board; (6) The Office of the Comptroller of the Currency; (7) The Bureau of Financial Institutions within the Department of Professional and Financial Regulation; (8) The Bureau of Consumer Credit Protection within the Department of Professional and Financial Regulation; (9) The Bureau of Insurance within the Department of Professional and Financial Regulation; (10) The Office of Securities within the Department of Professional and Financial Regulation; and (11) The United States Securities and Exchange Commission. [PL 2001, c. 44, §11 (AMD); PL 2001, c. 44, §14 (AFF); PL 2001, c. 262, Pt. B, §2 (NEW); PL 2007, c. 273, Pt. B, §5 (REV); PL 2007, c. 695, Pt. A, §47 (AFF).] [PL 2001, c. 44, §11 (AMD); PL 2001, c. 44, §14 (AFF); PL 2001, c. 182, §16 (AMD); PL 2001, c. 262, Pt. B, §2 (NEW); PL 2007, c. 273, Pt. B, §5 (REV); PL 2007, c. 695, Pt. A, §47 (AFF).]

2. Exemptions. This chapter does not prohibit: A. The preparation, examination, handling or maintenance of any financial records by any officer, employee or agent of a financial institution authorized to do business in this State or credit union authorized to do business in this State having custody of such records or the examination of such records by a certified public accountant engaged by the financial institution or credit union to perform an independent audit; [PL 2001, c. 262, Pt. B, §3 (AMD).] B. The examination of any financial records by, or the furnishing of financial records by a financial institution authorized to do business in this State or credit union authorized to do business in this State to, any officer, employee or agent of a supervisory agency for use solely in the exercise of the duties of the officer, employee or agent; [PL 2001, c. 262, Pt. B, §3 (AMD).] C. The publication of data furnished from financial records relating to customers when the data can not be identified to any particular customer or account; [PL 2001, c. 262, Pt. B, §3 (AMD).] D. The making of reports or returns required under the United States Internal Revenue Code, Chapter 61, including the submission of information concerning interest earned on accounts, investigatory activity authorized by the United States Internal Revenue Code and any use to which the reports or returns would be subjected once submitted; [PL 2001, c. 262, Pt. B, §3 (AMD).] E. Furnishing information permitted to be disclosed under the Uniform Commercial Code concerning the dishonor of any negotiable instrument; [PL 1977, c. 416 (NEW).] F. The exchange in the regular course of business of credit information between a financial institution authorized to do business in this State or credit union authorized to do business in this State and other financial institutions or credit unions or commercial enterprises, directly or through a consumer reporting agency; [PL 2001, c. 262, Pt. B, §3 (AMD).] G. Any disclosure of financial records made pursuant to section 226 ; [PL 2001, c. 262, Pt. B, §3 (AMD).] H. The examination of the financial records authorized by Title 36, section 112 , section 176‑A, subsection 4 or section 176‑B ; [PL 2009, c. 213, Pt. AAAA, §1 (AMD).] I. Any disclosure of financial records made pursuant to Title 22, section 16 , 17 or 4314 ; [PL 2001, c. 262, Pt. B, §3 (AMD).] J. Any disclosure of financial records made under the Federal Currency and Foreign Transactions Reporting Act, Public Law 91-508, 31 United States Code, Section 5311, et seq., as amended; [PL 2001, c. 262, Pt. B, §3 (AMD).] K. The examination or furnishing of any financial records by a financial institution authorized to do business in this State or credit union authorized to do business in this State to any officer, employee or agent of the Treasurer of State for use solely in the exercise of that officer's, employee's or agent's duties under Title 33, chapter 45 ; [PL 2019, c. 498, §3 (AMD).] L. The exchange of financial records between a financial institution authorized to do business in this State or credit union authorized to do business in this State and a consumer reporting agency or between or among a financial institution authorized to do business in this State or credit union authorized to do business in this State and its subsidiaries, employees, agents or affiliates, including those permitted under Title 10, chapter 209‑B or 15 United States Code, Chapter 41; [PL 2013, c. 588, Pt. C, §5 (AMD).] M. The sharing of information to the extent permitted by 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). This paragraph 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 ; [PL 2011, c. 518, §1 (AMD).] N. The sharing of financial records with affiliates other than as permitted under paragraphs L and M ; or [PL 2011, c. 518, §2 (AMD).] O. The disclosure of the financial records of a customer for the same reasons that such disclosure is permitted for nonpublic personal information under paragraph M and the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6802(e) (2010). [PL 2011, c. 518, §3 (NEW).] [PL 2019, c. 498, §3 (AMD).]
9-A M.R.S. § 5-112 — ME Code / Title 9-A / Chapter 5 / Section 5-112
9-A §5-112. Creditor's right to take possession after default
Status: in_force

Upon default by a consumer, unless the consumer voluntarily surrenders possession of the collateral to the creditor, the creditor may take possession of the collateral without judicial process only if possession can be taken without entry into a dwelling, unless such entry has been authorized after default, and without the use of force or other breach of the peace. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 443 — ME Code / Title 9-B / Part 4 / Chapter 44 / Section 443
9-B §443. Services for customers
Status: in_force

In addition to all customer services financial in nature or incidental to, reasonably related to or convenient and useful to the powers granted in its organizational documents, a financial institution authorized to do business in this State may offer the services set forth below to its customers, depositors or members. [PL 1997, c. 398, Pt. I, §30 (AMD).]

1. Checks, money orders and travelers' checks. [PL 1997, c. 398, Pt. I, §31 (RP).]

2. Safe deposit boxes. [PL 1997, c. 398, Pt. I, §31 (RP).]

3. Safekeeping. [PL 1997, c. 398, Pt. I, §31 (RP).]

4. Consumer financial counseling. [PL 1997, c. 398, Pt. I, §31 (RP).]

5. Public collection agency. [PL 1997, c. 398, Pt. I, §31 (RP).]

6. Participation in public lotteries. [PL 1997, c. 398, Pt. I, §31 (RP).]

7. Authorized insurance. A financial institution, while acting as a creditor may make insurance available to the extent authorized by Titles 9‑A and 24‑A . In so doing, a financial institution which makes life insurance available pursuant to Title 24‑A, section 2604‑A , where the indebtedness is secured to the creditor by a mortgage on real estate and where a separate charge is made to the debtor for that insurance, shall make the insurance available jointly to the debtor and not more than one comaker of the indebtedness, provided that both are individually and jointly liable to repay the indebtedness. The foregoing shall not be deemed to restrict the insurer's right to require all debtors to meet the requirements of the applicable policy in order to become insured. Nothing in this subsection shall prohibit the insurance on the life of one debtor only, if desired by the debtor. [PL 1981, c. 175, §1 (AMD).]

8. Clearing corporation. [PL 1997, c. 398, Pt. I, §32 (RP); PL 1997, c. 683, Pt. B, §2 (RP).]

9. Acting as agent. [PL 1997, c. 398, Pt. I, §32 (RP).]

10. Bills or drafts. [PL 1997, c. 398, Pt. I, §32 (RP).]

11. Annuities. A financial institution, credit union or financial institution holding company, or a subsidiary or employee of such an entity, authorized to do business in the State may sell, or arrange for the sale of, through a licensed 3rd party, annuities purchased from a licensed insurance company and may share commissions in connection with the sale of annuities pursuant to the provisions of Title 24‑A . A financial institution, a credit union or a financial institution holding company, or an employee or subsidiary of such an entity, must be licensed in accordance with Title 24‑A, section 1411 or 1416 before engaging in any of the activities concerning the sale of annuities authorized by this subsection. A financial institution, credit union or financial institution holding company that sells or arranges for the sale of annuities on the premises of that entity: A. Shall post conspicuously a notice that is clearly visible to all customers that may purchase annuities. The notice must state in clearly understandable language that the annuities are not insured by the Federal Deposit Insurance Corporation; [PL 1997, c. 683, Pt. B, §3 (RPR).] B. Shall orally inform a prospective purchaser of annuities that the annuities are not insured by the Federal Deposit Insurance Corporation; and [PL 1997, c. 683, Pt. B, §3 (RPR).] C. Before a sale of annuities is completed, shall obtain a written statement signed by the purchaser of the annuities stating that the purchaser received the oral notice required by paragraph B . [PL 1997, c. 683, Pt. B, §3 (RPR).] [PL 1997, c. 683, Pt. B, §3 (RPR).]
9 M.R.S. § 5005-B — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5005-B
9 §5005-B. Annual fund-raising activity reports to be filed by charitable organizations
Status: in_force

1. Content of report. A charitable organization shall submit to the director an annual fund-raising activity report that reflects data from the organization's preceding fiscal year, on a form prescribed by the director, as part of its application for license renewal. The report must state, at a minimum, the following: A. The name, mailing address, telephone number and license number of the charitable organization making the report; [PL 2013, c. 313, §11 (AMD).] B. The name, mailing address, telephone number and license number of each professional solicitor with which the charitable organization contracted to solicit contributions in this State or to plan, manage, advise or provide consultation services with respect to the solicitation of contributions in this State; [PL 2013, c. 539, §7 (AMD).] C. [PL 2013, c. 313, §11 (RP).] D. The total dollar amount of contributions raised in this State during each fund-raising campaign and for the year; [PL 2013, c. 313, §11 (AMD).] E. The total dollar amount of contributions raised in this State that was actually received and retained by the charitable organization from each fund-raising campaign and for the year; and [PL 2013, c. 313, §11 (AMD).] F. The total dollar amount attributable to contributions raised in this State that was retained by or paid to any professional solicitor from each fund-raising campaign and for the year. [PL 2013, c. 539, §8 (AMD).] G. [PL 2013, c. 313, §11 (RP).] H. [PL 2013, c. 313, §11 (RP).] [PL 2013, c. 539, §§7, 8 (AMD).]

2. Failure to file; discrepancies. Failure to file the annual fund-raising activity report required under this section or disagreement between the report filed by the charitable organization and that submitted by the professional solicitor with which the charitable organization has contracted may result in disciplinary action as provided under Title 10, section 8003, subsection 5‑A . To resolve a disagreement between reports, the director may require the charitable organization to submit an annual fund-raising activity report according to a fiscal year other than the organization's fiscal year. [PL 2013, c. 539, §9 (AMD).]

3. Contracting with unlicensed professional solicitor prohibited. A charitable organization may not contract with an unlicensed professional solicitor. A violation of this subsection may result in disciplinary action as provided under Title 10, section 8003, subsection 5‑A . [PL 2013, c. 539, §9 (AMD).]

4. Application subsequent to lapse of licensure. [PL 2013, c. 313, §11 (RP).]
9-A M.R.S. § 4-405 — ME Code / Title 9-A / Chapter 4 / Section 4-405
9-A §4-405. Tie-in arrangements
Status: in_force

A supervised lender, a subsidiary of a supervised lender or an entity of which a supervised lender is a subsidiary may not sell in any manner an insurance product as authorized under section 4‑402 or fix or vary the consideration for that product on the condition, agreement, requirement or understanding that the purchaser or borrower obtain additional or other credit, property or other service from the supervised lender, a subsidiary of a supervised lender or an entity of which a supervised lender is a subsidiary. This section does not prohibit a tie-in involving insurance products that is permitted under Title 24‑A . [PL 1997, c. 315, §8 (NEW).]
9-A M.R.S. § 13-116 — ME Code / Title 9-A / Chapter 13 / Section 13-116
9-A §13-116. Prohibited acts and practices
Status: in_force

It is a violation of this Article for an individual or a person subject to this Article to: [PL 2009, c. 362, Pt. B, §1 (NEW).]

1. Defraud; mislead. Directly or indirectly employ any scheme, device or artifice to defraud or mislead borrowers or lenders or to defraud a person; [PL 2009, c. 362, Pt. B, §1 (NEW).]

2. Unfair or deceptive practice. Engage in any unfair or deceptive practice toward a person; [PL 2009, c. 362, Pt. B, §1 (NEW).]

3. Fraud; misrepresentation. Obtain property by fraud or misrepresentation; [PL 2009, c. 362, Pt. B, §1 (NEW).]

4. Fee despite absence of loan obtained. Solicit or enter into a contract with a borrower that provides in substance that the person or individual subject to this Article may earn a fee or commission through best efforts to obtain a loan even though a loan is not actually obtained for the borrower; [PL 2009, c. 362, Pt. B, §1 (NEW).]

5. Terms available. Solicit, advertise or enter into a contract for specific interest rates, points or other financing terms unless the terms are actually available at the time of soliciting, advertising or contracting; [PL 2009, c. 362, Pt. B, §1 (NEW).]

6. Valid license. Conduct any business covered by this Article without holding a valid license as required under this Article or assist or aide and abet any person in the conduct of business under this Article without a valid license required under this Article; [PL 2009, c. 362, Pt. B, §1 (NEW).]

7. Disclosures. Fail to make disclosures required by this Article and any other applicable state laws or rules or federal laws or regulations; [PL 2009, c. 362, Pt. B, §1 (NEW).]

8. Compliance. Fail to comply with this Article or rules adopted under this Article or fail to comply with any other state or federal law, including the rules and regulations applicable to any business authorized or conducted under this Article; [PL 2009, c. 362, Pt. B, §1 (NEW).]

9. False or deceptive statement. Make any false or deceptive statement or representation, including with regard to the rates, points or other financing terms or conditions for a residential mortgage loan, or engage in bait and switch advertising; [PL 2009, c. 362, Pt. B, §1 (NEW).]

10. False statement; material omission. Negligently make any false statement or knowingly and willfully make any omission of material fact in connection with any information or reports filed with a government agency or the nationwide mortgage licensing system and registry or in connection with any investigation conducted by the administrator or another government agency; [PL 2009, c. 362, Pt. B, §1 (NEW).]

11. Improper influence. Make any payment, threat or promise directly or indirectly to any person for the purposes of influencing the independent judgment of the person in connection with a residential mortgage loan, or make any payment threat or promise directly or indirectly to any appraiser of a property, for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property; [PL 2009, c. 362, Pt. B, §1 (NEW).]

12. Prohibited fee. Collect, charge, attempt to collect or charge or use or propose any agreement purporting to collect or charge any fee prohibited by this Article; [PL 2009, c. 362, Pt. B, §1 (NEW).]

13. Excessive insurance. Cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer; [PL 2009, c. 362, Pt. B, §1 (NEW).]

14. Account. Fail to truthfully account for money belonging to a party to a residential mortgage loan transaction; or [PL 2009, c. 362, Pt. B, §1 (NEW).]

15. Good faith and fair dealing. Fail to comply with the duties of good faith and fair dealing as required in section 10‑303‑A . [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-A M.R.S. § 11-111 — ME Code / Title 9-A / Chapter 11 / Section 11-111
9-A §11-111. Allowable charges
Status: in_force

In addition to rental payments, a merchant may contract for and receive the following charges or fees. [PL 2001, c. 287, §12 (AMD).]

1. An initial administrative fee not to exceed $15 may be assessed but the fee must be refunded to the consumer if the rental agreement is not consummated. If a consumer enters into more than one rental-purchase agreement with a merchant on the same day, only one initial administrative fee may be assessed. [PL 2001, c. 287, §12 (AMD).]

2. An optional delivery charge may not exceed $30 for 3 or fewer items actually delivered or $60 for 4 or more items actually delivered. [PL 2001, c. 287, §12 (AMD).]

3. An optional payment pick-up fee may not exceed $7.50 and may be assessed only once per payment. [PL 2001, c. 287, §12 (AMD).]

4. A liability damage waiver fee may be contracted for and received pursuant to section 11‑115 . [PL 1991, c. 787 (NEW).]
9-B M.R.S. § 1319 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1319
9-B §1319. Record keeping and reporting
Status: in_force

1. General. A Maine branch, Maine agency or Maine representative office shall comply with applicable record-keeping and reporting requirements that apply to financial institutions organized under this Title and with any additional requirements that may be prescribed by the superintendent. A Maine branch, Maine agency, Maine representative office and the parent foreign bank shall furnish information relating to the affairs of the parent foreign bank and its affiliates that the superintendent may from time to time request. The superintendent may modify record-keeping and reporting requirements if the superintendent determines that circumstances warrant a modification. [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Reports filed with other agencies. The reporting requirements imposed by this section may be complied with by submitting to the superintendent copies of reports prepared for federal regulatory agencies by the institution, which contain the information requested, unless the superintendent requires otherwise. [PL 1997, c. 182, Pt. B, §3 (NEW).]

3. Maintenance of accounts, books and records. A Maine branch, Maine agency or Maine representative office shall maintain a set of accounts and records reflecting its transactions that are separate from those of the foreign bank and any other branch, agency or representative office. The Maine branch, Maine agency or Maine representative office shall keep a set of accounts and records in English sufficient to permit the superintendent to examine the condition of the branch, agency or representative office and the branch's, agency's or representative office's compliance with applicable laws and rules. The Maine branch, Maine agency or Maine representative office shall promptly provide any additional records requested by the superintendent for examination or supervisory purposes. [PL 1997, c. 182, Pt. B, §3 (NEW).]

4. More than one Maine branch or Maine agency. A foreign bank with more than one Maine branch or Maine agency shall designate one of those branches or agencies to maintain consolidated asset, liability and capital equivalency accounts for all Maine branches or Maine agencies. [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-B M.R.S. § 1320 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1320
9-B §1320. Disclosure of lack of deposit insurance
Status: in_force

Each foreign bank operating a Maine branch or Maine agency shall, in a manner established by the superintendent, give notice that deposits and credit balances in that branch or agency are not insured by the Federal Deposit Insurance Corporation. [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-A M.R.S. § 10-101 — ME Code / Title 9-A / Chapter 10 / Section 10-101
9-A §10-101. Short title
Status: in_force

This article may be known and cited as the "Maine Consumer Credit Code - Loan Brokers." [PL 2005, c. 274, §3 (AMD).]
9-A M.R.S. § 10-305 — ME Code / Title 9-A / Chapter 10 / Section 10-305
9-A §10-305. Rulemaking
Status: in_force

The administrator may adopt reasonable rules pursuant to the Maine Administrative Procedure Act, Title 5, chapter 375 , and in accordance with this article governing loan brokers. [PL 2005, c. 274, §12 (AMD).]
9-A M.R.S. § 3-502 — ME Code / Title 9-A / Chapter 3 / Section 3-502
9-A §3-502. Buyer's right to cancel
Status: in_force

1. In addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to purchase which complies with this Part. [PL 1973, c. 762, §1 (NEW).]

1-A. In addition to any other right to avoid a contract or sale, the first-time buyer of a home solicitation sale of a home food service plan has the right prior to delivery of the food or nonfood items to cancel the sale until midnight of the 10th day after the date on which the buyer signs an agreement or offer to purchase that complies with this Part. [PL 1991, c. 750, §1 (NEW).]

2. Cancellation occurs when the buyer gives written notice of cancellation to the seller at the address stated in the agreement or offer to purchase. [PL 1973, c. 762, §1 (NEW).]

3. Notice of cancellation, if given by mail, is given when it is deposited in a mailbox properly addressed and postage prepaid. [PL 1973, c. 762, §1 (NEW).]

4. Notice of cancellation given by the buyer need not take a particular form and is sufficient if it indicates by any form of written expression the intention of the buyer not to be bound by the home solicitation sale. [PL 1973, c. 762, §1 (NEW).]

5. If the agreement or offer to purchase requires the seller to affix goods permanently to real estate or its appurtenances, then the seller may not begin performance as long as the buyer has the right to cancel. [PL 1981, c. 187, §1 (NEW).]

6. If the agreement or offer to purchase requires the seller to deliver a home food service plan, the seller shall allow the first-time buyer of a home food service plan to cancel the plan, without charge, at the time of delivery of the food or nonfood items. [PL 1991, c. 750, §1 (NEW).]
9-A M.R.S. § 6-111 — ME Code / Title 9-A / Chapter 6 / Section 6-111
9-A §6-111. Injunctions against unconscionable agreements and fraudulent or unconscionable conduct
Status: in_force

1. The administrator, through the Attorney General, may bring a civil action to restrain a creditor or a person acting on a creditor's behalf from engaging in a course of: A. Making or enforcing unconscionable terms or provisions of consumer credit transactions; [PL 1973, c. 762, §1 (NEW).] B. Fraudulent or unconscionable conduct in inducing consumers to enter into consumer credit transactions; or [PL 1973, c. 762, §1 (NEW).] C. Fraudulent or unconscionable conduct in the collection of debts arising from consumer credit transactions. [PL 1973, c. 762, §1 (NEW).] [RR 2025, c. 1, Pt. C, §51 (COR).]

2. In an action brought pursuant to this section, the court may grant relief only if it finds: A. That the respondent has made unconscionable agreements or has engaged or is likely to engage in a course of fraudulent or unconscionable conduct; [PL 1973, c. 762, §1 (NEW).] B. That the agreements or conduct of the respondent has caused or is likely to cause injury to consumers; and [PL 1973, c. 762, §1 (NEW).] C. That the respondent has been able to cause or will be able to cause the injury primarily because the transactions involved are credit transactions. [PL 1973, c. 762, §1 (NEW).] [PL 1973, c. 762, §1 (NEW).]

3. In applying this section, consideration shall be given to each of the following factors, among others: A. Belief by the creditor at the time consumer credit transactions are entered into that there was no reasonable probability of payment in full of the obligation by the consumer; [PL 1973, c. 762, §1 (NEW).] B. In the case of consumer credit sales or consumer leases, knowledge by the seller or lessor at the time of the sale or lease of the inability of the buyer or lessee to receive substantial benefits from the property or services sold or leased; [PL 1973, c. 762, §1 (NEW).] C. In the case of consumer credit sales or consumer leases, gross disparity between the price of the property or services sold or leased and the value of the property or services measured by the price at which similar property or services are readily obtainable in credit transactions by like buyers or lessees; [PL 1973, c. 762, §1 (NEW).] D. The fact that the creditor contracted for or received separate charges for insurance with respect to consumer credit sales or consumer loans with the effect of making the sales or loans, considered as a whole, unconscionable; and [PL 1973, c. 762, §1 (NEW).] E. The fact that the respondent has knowingly taken advantage of the inability of the consumer reasonably to protect the consumer's interests by reason of physical or mental infirmities, ignorance, illiteracy or inability to understand the language of the agreement, or similar factors. [RR 2025, c. 1, Pt. C, §52 (COR).] [RR 2025, c. 1, Pt. C, §52 (COR).]

4. In an action brought pursuant to this section, a charge or practice expressly permitted by this Act is not in and of itself unconscionable in the absence of other practices or circumstances. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 4-203 — ME Code / Title 9-A / Chapter 4 / Section 4-203
9-A §4-203. Filing and approval of rates and forms
Status: in_force

The provisions of Title 24‑A, section 2858 , 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. § 211 — ME Code / Title 9-B / Part 2 / Chapter 21 / Section 211
9-B §211. Superintendent
Status: in_force

1. Appointment; term; qualifications. The activities of the bureau are directed by a superintendent who is appointed by the Governor and subject to review by the joint standing committee of the Legislature having jurisdiction over financial institutions and to confirmation by the Legislature. The superintendent shall hold office for a term of 5 years, or until the superintendent's successor is appointed and qualified. The superintendent may be removed from office for cause by impeachment or by the Governor on the address of both branches of the Legislature, and Title 5, section 931, subsection 2 does not apply. A person appointed as superintendent must have the knowledge of, or experience in, the theory and practice of financial institutions. [PL 2001, c. 44, §7 (AMD); PL 2001, c. 44, §14 (AFF).]

2. Salary. The superintendent is entitled to receive a salary commensurate with the superintendent's responsibilities in accordance with Title 5 and is entitled to receive all actual travel expenses incurred in the performance of official duties. [PL 1989, c. 702, Pt. E, §6 (AMD).]

3. Powers and duties. With the approval of the commissioner, the superintendent shall organize the bureau in such a manner as the superintendent considers necessary to carry out the superintendent's responsibilities under this Title and, in cases in which a financial institution is the creditor, the superintendent's responsibilities under the Maine Consumer Credit Code pursuant to Title 9‑A, section 1‑301, subsection 2 . The organization must take into account the need for examination and surveillance of individual institutions to ensure that each is financially sound and complies with state and applicable federal law and regulations; the need to protect consumers against unfair practices by financial institutions that provide consumer credit; the need for consumer education; the need to encourage the development of economically sound credit practices; and the need for promotion of reasonable and orderly competition among financial institutions and for promoting the provision of financial services consistent with the public interest. [PL 1995, c. 502, Pt. H, §3 (AMD).]

4. Vacancy. If the office of superintendent is vacant for any reason except the superintendent's illness or temporary absence from the State, appointment of a successor shall be made, as provided for in subsection 1 , within 6 months of the creation of such vacancy. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 12-102 — ME Code / Title 9-A / Chapter 12 / Section 12-102
9-A §12-102. Definitions
Status: in_force

As used in this article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

1. "Consumer" means a person or entity residing or domiciled in this State with a pending civil claim or action and represented by an attorney. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

2. "Legal funding" means a transaction in which a company makes a cash payment to a consumer in exchange for the right to receive an amount out of the potential proceeds of any realized settlement, judgment, award or verdict the consumer may receive in a civil claim or action. If no proceeds in the civil claim or action are received, the consumer is not required to pay the company. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

3. "Litigation funding provider" means a person or entity, wherever located, that provides legal funding to a consumer. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
9-A M.R.S. § 2-507 — ME Code / Title 9-A / Chapter 2 / Section 2-507
9-A §2-507. Attorney's fees and collection costs
Status: in_force

1. With respect to a consumer credit sale or lease, or a supervised loan, the agreement may not provide for the payment by the consumer of attorney's fees or any other collection cost. A provision in violation of this section is unenforceable. [PL 1973, c. 762, §1 (NEW).]

2. With respect to any other consumer credit transaction, the agreement may provide for the payment by the debtor of reasonable attorney's fees not in excess of 15% of the unpaid debt after default and referral to an attorney not a salaried employee of the creditor, but the agreement may not provide for the payment by the consumer of any other collection costs. A provision in violation of this subsection is unenforceable. [PL 1973, c. 762, §1 (NEW).]

3. [PL 1981, c. 618, §6 (RP).]
9-B M.R.S. § 213 — ME Code / Title 9-B / Part 2 / Chapter 21 / Section 213
9-B §213. Prohibited relationships with supervised institutions
Status: in_force

1. Stockholder; payment from. A. The superintendent or an employee of the bureau may not, during the superintendent's term of office or while employed by the bureau, be an officer, director, corporator, employee, attorney or stockholder in any financial institution or financial institution holding company subject to supervision or regulation by the bureau. [RR 2025, c. 1, Pt. D, §6 (COR).] B. The superintendent and employees of the bureau shall not, during their terms of office, receive directly or indirectly any payment or gratuity from any financial institution subject to supervision or regulation by the bureau. The prohibitions contained in this paragraph shall not be construed as prohibiting such person from being a depositor or member in any such financial institution on the same terms as are available to the public generally. [PL 1975, c. 500, §1 (NEW).] [RR 2025, c. 1, Pt. D, §6 (COR).]

2. Loans from supervised institutions. A. If the superintendent, a deputy superintendent, an examiner or other professional personnel of the bureau or such person's spouse or such person's child residing at such person's home obtains a loan from any financial institution subject to supervision or regulation by the bureau, the fact of the loan, together with the terms and conditions of the loan, must be disclosed immediately to the superintendent in writing by the person obtaining the loan and by the institution making the loan. If the superintendent is the borrower, the written disclosure must be made to the commissioner. [RR 2025, c. 1, Pt. D, §7 (COR).] B. A record of any indebtedness described in paragraph A shall be kept on file in the bureau so long as such indebtedness is outstanding. [PL 1975, c. 500, §1 (NEW).] C. The superintendent, or the commissioner if the superintendent is the borrower, may make an investigation of such loan to insure that its terms, conditions and amount are reasonable and proper under the circumstances, and that no preferential treatment has been given in the process of granting such loan. [PL 1975, c. 500, §1 (NEW).] [RR 2025, c. 1, Pt. D, §7 (COR).]

3. Additional limitations. The provisions of this section shall be in addition to the limitations of Title 5, section 18 . [PL 1979, c. 734, §7 (NEW).]
9-B M.R.S. § 1321 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1321
9-B §1321. Notice of changes in name and location
Status: in_force

1. Notice. A foreign bank maintaining a Maine branch, Maine agency or Maine representative office shall provide the superintendent with prior notice of the following events: A. A change in corporate name; [PL 1997, c. 182, Pt. B, §3 (NEW).] B. A change of mailing address; [PL 1997, c. 182, Pt. B, §3 (NEW).] C. A relocation of office in Maine; [PL 1997, c. 182, Pt. B, §3 (NEW).] D. A conversion of a Maine branch or Maine agency to a federal branch or agency; and [PL 1997, c. 182, Pt. B, §3 (NEW).] E. Any changes in the designation of home state. [PL 1997, c. 182, Pt. B, §3 (NEW).] [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Timing and form of notice. The superintendent shall determine the form and timing of notice of these events. [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-B M.R.S. § 327 — ME Code / Title 9-B / Part 3 / Chapter 32 / Section 327
9-B §327. Officers and employees
Status: in_force

Except as provided in this section, the powers and duties of officers and directors of a financial institution organized under this chapter must be pursuant to Title 13‑C . [PL 2003, c. 344, Pt. D, §4 (AMD).]

1. Election. Unless another manner for election is provided in the bylaws, the board of directors shall elect annually from its members a chair and, from its members or otherwise, a president, one or more vice presidents, a clerk or secretary, a treasurer and such other officers as it may consider advisable. Officers so elected serve for a term of not more than one year, but continue in office until their successors are elected and qualified. If any office becomes vacant during the year, the board may immediately fill the same for the period remaining until the next annual meeting for election of officers. [PL 1997, c. 398, Pt. D, §16 (AMD).]

2. Compensation. The compensation of officers shall be fixed by the board of directors. [PL 1975, c. 500, §1 (NEW).]

3. Powers of officers. Each officer shall have such powers as the bylaws may provide or as may be delegated by the board. In addition, an officer may exercise the powers set forth below: A. The chair of the board shall preside at all meetings of the corporators or members and the board of directors, unless otherwise provided in the bylaws. [RR 2025, c. 1, Pt. D, §23 (COR).] B. The president shall preside in the absence of a chair of the board of directors at all meetings of the corporators or members and the board of directors, unless otherwise provided in the bylaws. [RR 2025, c. 1, Pt. D, §24 (COR).] C. The clerk or secretary shall exercise the following powers. (1) The clerk or secretary shall record or cause to be recorded the proceedings and actions of all meetings of the corporators, members or directors, and give or cause to be given all notices required by law or action of the directors for which no other provision is made. If no person is elected to this office, the treasurer, or in the treasurer's absence another officer of the institution designated by the directors, must be ex officio clerk of the institution and of the directors. (2) Within 30 days after the annual meeting of the board for election of officers, the clerk shall cause to be published in a local newspaper of general circulation in the county where the institution's principal office is located, or in such other newspapers as the superintendent may designate, a list of the officers and directors of the institution. The clerk shall return a copy of the list of officers and directors to the superintendent within that 30 days, which must be kept on file in the superintendent's office for public inspection. (3) The clerk or secretary, in the absence of a provision in the bylaws to the contrary, shall perform the functions of clerk in accordance with Title 13‑C . [PL 2003, c. 344, Pt. D, §5 (AMD).] D. All conveyances, leases, assignments, releases, transfers of stock certificates and registered bonds, and all other written instruments authorized or required by law or vote of the directors, may be executed by the president or treasurer, or by any other official authorized and empowered by the bylaws of the institution or duly recorded vote of the directors. [PL 1975, c. 500, §1 (NEW).] [RR 2025, c. 1, Pt. D, §§23, 24 (COR).]

4. Oath of office. [PL 1997, c. 398, Pt. D, §17 (RP).]

5. Bonds. The directors shall require security for the fidelity and faithful performance of duties by its officers, employees and agents, in such amount as the directors shall deem necessary or as the superintendent may require. Such security shall consist of a bond executed by one or more surety companies authorized to transact business in this State. The superintendent may increase such amount from time to time as circumstances may require. The expense of such bond shall be assumed by the institution. [PL 1975, c. 500, §1 (NEW).]

6. Removal of officers or employees. [PL 1979, c. 170, §2 (RP).]
9-A M.R.S. § 9-309 — ME Code / Title 9-A / Chapter 9 / Section 9-309
9-A §9-309. 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, §7 (AMD).]
9-B M.R.S. § 1236 — ME Code / Title 9-B / Part 12 / Chapter 123 / Section 1236
9-B §1236. Deposits
Status: in_force

An uninsured bank may not engage in retail deposit activities. The superintendent shall define deposit activities that do not constitute retail deposit activities by rule, taking account of the size or nature of depositors and deposit accounts. [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-B M.R.S. § 1216 — ME Code / Title 9-B / Part 12 / Chapter 121 / Section 1216
9-B §1216. Rules
Status: in_force

The superintendent may prescribe rules governing the activities of nondepository trust companies and implementing this chapter. These rules must take into account the general business purpose and nondepository nature of nondepository trust companies. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-A M.R.S. § 11-106 — ME Code / Title 9-A / Chapter 11 / Section 11-106
9-A §11-106. Inapplicability of other laws; exempt transactions
Status: in_force

1. A rental-purchase agreement that complies with this Article is not considered or governed by the laws related to: A. A "home solicitation sale" as defined in section 3‑501 ; [PL 1991, c. 787 (NEW).] B. A "consumer credit sale" as defined in section 1‑301, subsection 11 ; except that the following sections of the Maine Consumer Credit Code apply: section 1‑107 , waiver, agreement to forego rights, settlement of claims; section 1‑111 , record retention; section 1‑201 , territorial application; section 1‑202 , exclusions; section 1‑203 , jurisdiction and service of process; section 2‑507 , attorney's fees and collection costs; section 3‑202 , notice to consumer; section 3‑203 , notice of assignment; section 3‑305 , no assignment of earnings; section 3‑306 , authorization to confess judgment prohibited; section 3‑307 , certain negotiable instruments prohibited; section 3‑309 , referral sales; section 3‑403 , assignee subject to defenses; section 5‑104 , no garnishment before judgment; section 5‑105 , limitation on garnishment; section 5‑106 , no discharge from employment for garnishment; section 5‑112 , creditor's right to take possession after default; section 5‑113 , venue; section 5‑114 , stay of enforcement of judgment; section 5‑115 , misrepresentation; section 5‑116 , illegal, fraudulent or unconscionable conduct in attempted collection of debts; section 5‑117 , prohibited practices; section 5‑201 , effect of violations on rights of parties; section 5‑202 , refunds and penalties as setoff to obligation; section 5‑301 , violations; Article VI in its entirety, except that the term "original unpaid balances arising from consumer credit transactions" described in section 6‑203, subsection 2 means "gross rental receipts from rental-purchase agreements" for purposes of administration of this Article; Article 8‑A requirements related to model forms; and Federal Truth in Lending Act, 15 United States Code, Section 1666a requirements related to credit reports; [PL 2011, c. 427, Pt. D, §15 (AMD).] C. A "consumer lease" as defined in section 1‑301, subsection 13 ; [PL 1991, c. 787 (NEW).] D. A "sale of goods" as defined in section 1‑301, subsection 33 ; or [PL 1991, c. 787 (NEW).] E. A "security interest" as defined in Title 11, section 1‑1201, subsection (35) . [PL 2021, c. 676, Pt. A, §11 (AMD).] [PL 2021, c. 676, Pt. A, §11 (AMD).]

2. This Article does not apply to: A. A rental-purchase agreement made primarily for business, commercial or agricultural purposes or made with a governmental agency or instrumentality; [PL 1991, c. 787 (NEW).] B. A lease of a safe-deposit box; [PL 1991, c. 787 (NEW).] C. A lease or bailment of personal property that is incidental to the lease of real property and does not provide the consumer with an option to purchase the leased property; [PL 1991, c. 787 (NEW).] D. A lease of an automobile; or [PL 1991, c. 787 (NEW).] E. A lease of real estate. [PL 1991, c. 787 (NEW).] [PL 1991, c. 787 (NEW).]
9-A M.R.S. § 5-106 — ME Code / Title 9-A / Chapter 5 / Section 5-106
9-A §5-106. No discharge from employment for garnishment
Status: in_force

No employer shall discharge an employee for the reason that a creditor of the employee has subjected or attempted to subject unpaid earnings of the employee to garnishment or like proceedings directed to the employer for the purpose of paying a judgment arising from a consumer credit transaction. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 228 — ME Code / Title 9-B / Part 2 / Chapter 22 / Section 228
9-B §228. Report of violations
Status: in_force

1. Requirement. If, in the opinion of the superintendent, any financial institution authorized to do business in this State or credit union authorized to do business in this State, or the officers, corporators, directors, employees or agents of any financial institution authorized to do business in this State or credit union authorized to do business in this State, has persistently violated any provision of this Title or rule adopted under this Title, the superintendent shall report the violation, with any remarks the superintendent determines appropriate, to the Attorney General who may institute a prosecution of the violation on behalf of the State. [PL 2003, c. 322, §11 (AMD).]

2. Penalty. The penalty for such violation, unless otherwise prescribed, shall be not less than $500 nor more than $1000. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 1053 — ME Code / Title 9-B / Part 10 / Chapter 105 / Section 1053
9-B §1053. Formation of mutual holding company
Status: in_force

1. Reorganization. Notwithstanding any other provision of law, a mutual financial institution may reorganize so as to become a mutual holding company by: A. Chartering, pursuant to chapter 31 , a subsidiary universal bank; and [PL 2009, c. 228, §11 (AMD).] B. Transferring a substantial part of its assets and liabilities, including all of its insured liabilities to the subsidiary universal bank. The subsidiary universal bank must meet or exceed minimum capital requirements prescribed by federal law or regulations or state law or rules. Persons having liquidation rights with respect to the mutual financial institution pursuant to chapter 36 , at the time of the formation of the subsidiary universal bank, have those rights with respect to the mutual holding company. [PL 2009, c. 228, §11 (AMD).] [PL 2009, c. 228, §11 (AMD).]

2. Plan. A plan of reorganization authorized under this chapter must be approved by a majority of the board of directors and members of the mutual financial institution. [PL 2007, c. 79, §24 (AMD).]

3. Approval. Mutual financial institutions seeking to establish a mutual holding company pursuant to this chapter or a mutual holding company seeking to convert to a stock financial institution holding company shall do so pursuant to section 344 , except that the conversion plan of a mutual holding company to a stock financial institution holding company is subject to the approval of a 2/3 vote of all the eligible account holders of all the financial institutions that are subsidiaries of the holding company. If there is more than one subsidiary financial institution, the eligible account holders are combined and 2/3 of the combined eligible account holders must approve the conversion. Only account holders of financial institutions that are subsidiaries of the holding company are eligible to vote on the conversion plan. Shareholders of nonbank stock subsidiaries are not eligible to vote on the conversion plan. [PL 1993, c. 257, §5 (AMD).]

4. Issuance of stock and securities. A subsidiary universal bank has the power to issue to persons other than the mutual holding company of which it is a subsidiary an amount of common stock and securities convertible into common stock that in the aggregate does not exceed 49% of the issued and outstanding common stock of that subsidiary universal bank. For purposes of the 49% limitation, any issued and outstanding securities that are convertible into common stock, including warrants, options and rights to purchase common stock, are considered issued and outstanding common stock of the subsidiary. Each time common stock of the subsidiary universal bank is offered by the institution to the general public for a price payable in cash, each eligible account holder of the subsidiary universal bank of the mutual holding company must receive, without payment, nontransferable subscription rights to purchase that common stock at the same price and in accordance with guidelines or rules as may be adopted by the superintendent. For purposes of this chapter, "offer to the general public" means an offer by means of public advertising or general solicitation and does not include: A. Issuances to the mutual holding company; or [PL 1993, c. 257, §6 (NEW).] B. Offers or sales that are exempt from registration by virtue of Title 32, section 16202, subsection 16 , 19 or 26 . [PL 2009, c. 228, §12 (AMD).] [PL 2009, c. 228, §12 (AMD).]

5. Reporting. A subsidiary universal bank that issues, or has issued and outstanding, any common stock or securities convertible into common stock to persons other than the mutual holding company of which it is a subsidiary shall file consolidated financial statements, reports or proxy materials as required under federal law. If the consolidated financial statements, reports or proxy materials are not required to be filed with any federal authority or agency, copies of the consolidated financial statements, reports or proxy materials must be filed with the superintendent and must be public records. [PL 2009, c. 228, §13 (AMD).]

6. Powers of subsidiary universal banks. A subsidiary universal bank may continue to exercise its powers, rights and privileges and is subject to limitations not inconsistent with this chapter and applicable to a savings bank or savings and loan association organized under the laws of the State, including, but not limited to, the powers of a stock financial institution organized under chapter 31 . [PL 2009, c. 228, §14 (AMD).]
9-B M.R.S. § 464 — ME Code / Title 9-B / Part 4 / Chapter 46 / Section 464
9-B §464. Loans on shares of stock
Status: in_force

1. Prohibition. A financial institution shall not make loans or discounts on the security of the shares of its own capital stock or the capital stock of its parent holding company or its subsidiaries, if any, nor shall an institution be the purchaser or holder of any such shares unless necessary to prevent loss upon a debt previously contracted for in good faith, and all stock so acquired shall be disposed of at public or private sale within one year after its acquisition, in accordance with such requirements as the superintendent deems appropriate. [PL 1975, c. 500, §1 (NEW).]

2. Extension of time for disposition of shares. The time for disposition of shares acquired in subsection 1 may be extended by the superintendent for good cause shown, upon application in writing to the superintendent. [PL 1975, c. 500, §1 (NEW).]

3. Purchase of own shares. Nothing in this section shall be construed as prohibiting an institution, with the prior written approval of the superintendent, from: A. Redeeming shares of its capital stock of any type pursuant to provisions of its bylaws or articles of incorporation; [PL 1977, c. 152, §4 (NEW).] B. Purchasing shares of its capital stock of any type for the purpose of reducing its outstanding shares pursuant to provisions of its bylaws or articles of incorporation; or [PL 1977, c. 152, §4 (NEW).] C. Purchasing shares of any type of its own capital stock or the capital stock of its parent financial institution holding company pursuant to any stock option plan, stock bonus plan or other incentive plan for any or all directors, officers and employees duly adopted by the financial institution's board of directors. [PL 1975, c. 546, §48 (AMD).] [PL 1977, c. 564, §48 (AMD).]
9-B M.R.S. § 345-A — ME Code / Title 9-B / Part 3 / Chapter 34 / Section 345-A
9-B §345-A. Authority for expedited charter conversions
Status: in_force

Notwithstanding any other provision of law, or any organizational document of any participating institution, when a charter conversion is approved by the governing body of a financial institution authorized to do business in this State as a component of a plan of merger, consolidation or acquisition with another financial institution or financial institution holding company, regardless of this institution's or holding company's domicile, and following compliance with all applicable requirements of federal law, if any, the superintendent may order that the charter conversion become effective immediately. The superintendent may take such action if the superintendent believes that it is necessary for the protection of depositors or the public. Any person aggrieved by a charter conversion executed 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. F, §6 (AMD).]
9-A M.R.S. § 8-507 — ME Code / Title 9-A / Chapter 8-A / Section 8-507
9-A §8-507. Exemption from the Federal Truth in Lending Act
Status: in_force

1. Preservation of federal exemption. As required by the Federal Truth in Lending Act, 15 United States Code, Section 1633 and its implementing regulation, Regulation Z, 12 Code of Federal Regulations, Section 1026.29, the administrator may take any action necessary to apply for or to preserve a determination by the federal Consumer Financial Protection Bureau or its successor agency that under the laws of this State any class of credit transactions within this State is subject to requirements substantially similar to federal requirements and that there are adequate provisions for enforcement of such requirements. [PL 2013, c. 464, §10 (AMD).]

2. Application. This Article does not apply to any class of credit transactions within this State that is subject to the requirements of the Federal Truth in Lending Act, Title I of the federal Consumer Credit Protection Act unless any such class of transactions has first been exempted by a regulation of the federal Consumer Financial Protection Bureau and that exemption remains in effect. [PL 2013, c. 464, §10 (AMD).]
9 M.R.S. § 5006 — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5006
9 §5006. Exemptions from license requirements
Status: in_force

1. Exemption. The following charitable organizations, persons and institutions are exempt from the license requirements of section 5004 : A. Organizations that solicit primarily within their membership and do not contract with a professional solicitor. For purposes of this paragraph, the term "membership" does not include those persons who are granted a membership upon making a contribution as a result of a solicitation; [PL 2013, c. 539, §10 (AMD).] B. [PL 1983, c. 277, §3 (RP).] C. Persons soliciting contributions for the relief of any individual specified by name at the time of the solicitation, when all of the contributions collected, without any deductions whatsoever, are turned over to the named beneficiary for that individual's use; [PL 1999, c. 386, Pt. A, §15 (AMD).] D. Charitable organizations that do not intend to solicit and receive and do not actually solicit or receive contributions from the public in excess of $35,000 during a calendar year or do not receive contributions from more than 35 persons during a calendar year, if the charitable organizations do not contract with professional solicitors and if no part of the assets or income inures to the benefit of or is paid to any officer or member. If a charitable organization that does not intend to solicit or receive contributions from the public in excess of $35,000 or does not intend to receive contributions from more than 35 persons during a calendar year does actually solicit or receive contributions in excess of that amount, whether or not all such contributions are received during a calendar year, or actually receives contributions from more than 35 persons during a calendar year, the charitable organization, within 30 days after the date contributions reach $35,000 or the number of contributors reaches 35, must be licensed with the director as required by this Act; [PL 2013, c. 539, §11 (AMD).] E. Educational institutions, the curriculums of which in whole or in part are registered or approved by the Department of Education, either directly or by acceptance of accreditation by an accrediting body recognized by the Department of Education, and organizations operated by the student bodies of such institutions; [PL 2013, c. 60, §2 (AMD).] F. Hospitals that are nonprofit and charitable; and [PL 2013, c. 60, §3 (AMD).] G. Free clinics. [PL 2013, c. 60, §4 (NEW).] [PL 2013, c. 539, §§10, 11 (AMD).]

2. Exemption statement. [PL 1989, c. 55, §3 (RP).]

3. Procedures for claiming exemption from licensure. [PL 2013, c. 539, §12 (RP).]
9-B M.R.S. § 471 — ME Code / Title 9-B / Part 4 / Chapter 47 / Section 471
9-B §471. General
Status: in_force

A financial institution may act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates or in any other fiduciary capacity. Assets held in any fiduciary capacity must be segregated from the general assets of the financial institution and the financial institution shall keep a separate set of books and records showing in proper detail all transactions engaged in under this section. The trust activities of financial institutions are governed by this chapter and the Probate Code. [PL 1997, c. 398, Pt. I, §41 (NEW).]
9-B M.R.S. § 243-A — ME Code / Title 9-B / Part 2 / Chapter 24 / Section 243-A
9-B §243-A. Electronic terminals; fees for and records of transactions
Status: in_force

1. Fees for use of terminals. A financial institution authorized to do business in this State or a credit union authorized to do business in this State that operates electronic terminals may charge fees for the use of the terminals as specified in this section. A. A financial institution may charge a reasonable foreign transaction fee for the use of an electronic terminal if the fee is disclosed: (1) On a sign posted on the electronic terminal or in clear view of a customer while viewing the electronic terminal; or (2) Electronically during the course of the transaction in a manner that permits a customer to cancel the transaction without incurring the transaction fee. For the purposes of this paragraph, "foreign transaction fee" means a fee charged for the use of an electronic terminal to a noncustomer of the financial institution that owns the electronic terminal. [PL 1991, c. 680, §1 (NEW).] B. A financial institution may charge its own customers a reasonable fee for the use of an electronic terminal. [PL 1991, c. 680, §1 (NEW).] [PL 1999, c. 218, §8 (AMD).]

2. Records of terminal transactions. For each transaction processed by an electronic terminal, except for a transaction involving a negotiable instrument that is its own receipt, the electronic terminal must make available to the customer at the time of the transaction a record of each transaction. The record must include: A. The amount of the transaction. A fee for the transaction may be included in this amount if the electronic terminal is owned or operated by a financial institution other than the financial institution that holds the customer's account if the fee is disclosed on the record of the transaction and in accordance with subsection 1 ; [PL 1991, c. 680, §1 (NEW).] B. The date of the transaction; [PL 1991, c. 680, §1 (NEW).] C. The type of transaction and the type of account to which or from which money is transferred. Codes may be used for this purpose if they are explained on the record of the transaction; [PL 1991, c. 680, §1 (NEW).] D. A number or code that identifies the customer, the customer's account number or the device used to access the electronic terminal; [PL 1991, c. 680, §1 (NEW).] E. The location of the electronic terminal or a number or code identifying that location; and [PL 1991, c. 680, §1 (NEW).] F. The name of each 3rd party to whom or from whom money is transferred, if the name provided by the customer can be reproduced by the electronic terminal on the record of the transaction. A code may be used for this purpose only if it is explained on the record of the transaction. [PL 1991, c. 680, §1 (NEW).] [PL 1991, c. 680, §1 (NEW).]

3. Agreement to share electronic terminals. An agreement to share electronic terminals may not prohibit, limit or restrict the right of a financial institution authorized to do business in this State or a credit union authorized to do business in this State to charge a customer any fees allowed by state or federal law, or require a financial institution to limit or waive its rights or obligations under this section, except that a financial institution or credit union authorized to do business in this State may mutually agree with one or more other financial institutions or credit unions not to charge foreign transaction fees, as that term is defined in subsection 1 , to the customers or members of those financial institutions or credit unions that are parties to the agreement. [PL 1999, c. 218, §9 (AMD).]
9-B M.R.S. § 242 — ME Code / Title 9-B / Part 2 / Chapter 24 / Section 242
9-B §242. Deceptive advertising
Status: in_force

1. Rules. The superintendent has authority to adopt rules, pursuant to section 251 , defining, limiting or proscribing advertising by a financial institution authorized to do business in this State, a credit union authorized to do business in this State, an association of such institutions or a financial institution holding company, or representations made by those institutions, that is false, misleading or deceptive. [PL 1999, c. 218, §6 (AMD).]

2. Orders against deceptive advertising. A. The superintendent may issue an order in accordance with section 231 upon determining that any entity or entities described in subsection 1 has issued an advertisement or made a representation which is false, misleading or deceptive. [PL 1975, c. 500, §1 (NEW).] B. If an entity has already issued or published an advertisement or representation under paragraph A , the superintendent may order the entity to take such affirmative corrective action as the superintendent determines necessary and appropriate under the circumstances for the purpose of informing and protecting the public and other interested parties. [RR 2025, c. 1, Pt. D, §12 (COR).] C. The fact that rules and regulations have not been promulgated pursuant to this section shall not affect the validity of any order issued hereunder. [PL 1975, c. 500, §1 (NEW).] [RR 2025, c. 1, Pt. D, §12 (COR).]

3. Appeal. An interested party affected by the exercise of the superintendent's authority in subsection 2, paragraphs A or B shall have the right to appeal such decision or order pursuant to section 233, subsection 1 and shall also be entitled to rights specified in section 233, subsection 2 . [PL 1975, c. 500, §1 (NEW).]

4. Advertisement of insurance products. In any advertisement of an insurance product offered pursuant to section 448 , a financial institution or its affiliate shall include a statement that the product is not insured by the Federal Deposit Insurance Corporation or National Credit Union Administration, as applicable. This subsection 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 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, §14 (NEW).]
9-B M.R.S. § 421 — ME Code / Title 9-B / Part 4 / Chapter 42 / Section 421
9-B §421. Applicability of chapter; tax exemption
Status: in_force

1. Applicability. The sections of this chapter govern deposits or accounts in financial institutions subject to the provisions of this Title. [PL 1997, c. 398, Pt. I, §11 (AMD).]

2. Tax exemption. All interest-bearing deposits or accounts of whatever type in financial institutions subject to the provisions of this Title are exempt from municipal taxation to said institution, and to the depositors or members of such institution. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 337 — ME Code / Title 9-B / Part 3 / Chapter 33 / Section 337
9-B §337. Real estate for offices and facilities
Status: in_force

1. Authority. A financial institution may invest in improved or unimproved real estate, and in the erection or improvement of buildings thereon, together with, furniture, fixtures, equipment and capitalized leases on any fixed asset items for the purpose of providing offices or facilities for transaction of the institution's authorized business; and such buildings may include space for rental purposes. [PL 1979, c. 429, §7 (AMD).]

2. Limitations. Real estate, furniture, fixtures, equipment and capitalized leases, combined, invested in pursuant to subsection 1 may not exceed 60% of the total capital. The superintendent may approve in writing, upon application by an institution and for good cause shown, a greater percentage. [PL 1997, c. 398, Pt. E, §8 (AMD).]
9-A M.R.S. § 5-202 — ME Code / Title 9-A / Chapter 5 / Section 5-202
9-A §5-202. 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 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 1317 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1317
9-B §1317. Service of process
Status: in_force

A foreign bank having a Maine agency, Maine branch or Maine representative office shall maintain a registered office and is subject to service of process in the manner provided for in Title 13-C, chapter 15 . [RR 2001, c. 2, Pt. B, §21 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
9-B M.R.S. § 433 — ME Code / Title 9-B / Part 4 / Chapter 43 / Section 433
9-B §433. Fair credit extension
Status: in_force

Every financial institution authorized to do business in this State shall be subject to and shall comply with the provisions of Title 5, sections 4595 to 4598 providing for the fair extension of credit by lenders in this State. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 413 — ME Code / Title 9-B / Part 4 / Chapter 41 / Section 413
9-B §413. Borrowing
Status: in_force

A financial institution may borrow money on such terms and conditions as it may determine, issue its notes, bonds and other obligations and secure any of its obligations by mortgage, pledge or other encumbrance of all or any part of its property. [PL 1997, c. 398, Pt. I, §4 (AMD).]

1. Capital notes or debentures. [PL 1997, c. 398, Pt. I, §5 (RP).]

2. Mortgage-backed securities. [PL 1997, c. 398, Pt. I, §6 (RP).]
9-B M.R.S. § 435 — ME Code / Title 9-B / Part 4 / Chapter 43 / Section 435
9-B §435. Minority of borrower
Status: in_force

1. Limitation on disability. The disability of minority of any person otherwise eligible for a loan, or guaranty or insurance of a loan, pursuant to the Act of Congress entitled the "Servicemen's Readjustment Act", 38 U.S.C. § 1801 et seq., as amended, and of the minor spouse of any eligible veteran, in connection with any transaction entered into pursuant to said Act of Congress, shall not affect the binding effect of any obligation incurred by such eligible person or spouse as an incident to any such transaction, including incurring of indebtedness and acquiring, encumbering, selling, releasing or conveying property, or any interest therein, if all or part of any such obligation be guaranteed or insured by the Government or the Administrator of Veterans' Affairs pursuant to said Act and amendments thereto; or if the Administrator be the creditor, by reason of a loan or a sale pursuant to said Act and amendments. [PL 1975, c. 500, §1 (NEW).]

2. No additional rights. This section shall not create, or render enforceable any other or greater rights or liabilities than would exist if neither such person nor such spouse was a minor. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 222 — ME Code / Title 9-B / Part 2 / Chapter 22 / Section 222
9-B §222. Reports and other information from supervised institutions
Status: in_force

1. General requirement. In addition to the reports required pursuant to this section, the superintendent may require, from a financial institution organized under the laws of this State and from an out-of-state financial institution authorized to do business in this State, reports and other information from those institutions at those times and in such form as the superintendent considers appropriate for the proper supervision and regulation of those institutions. [PL 1995, c. 628, §12 (AMD).]

2. Designation of chief executive officer. [PL 1997, c. 398, Pt. K, §2 (RP).]

3. Condition and income reports. Every financial institution subject to this Title shall make quarterly, or at such times as the superintendent may direct, a report of condition and income to the superintendent. The report must be in such form and contain such information as the superintendent considers appropriate for the proper supervision and regulation of such financial institutions. The report must contain a declaration that the report is true and correct and must be signed by an officer authorized to do so by the board of directors of the financial institution. The financial institution shall retain a copy of the report that is filed with the bureau, including the original signed declaration, and shall make it available to the bureau upon request. A. [PL 2009, c. 228, §2 (RP).] B. [PL 2009, c. 228, §2 (RP).] [PL 2009, c. 228, §2 (RPR).]

4. Use of reports prepared for other state or federal regulatory agencies. At the discretion of the superintendent, the reporting requirements of this section may be complied with by submitting to the superintendent copies of reports prepared for other state or federal regulatory agencies by the institution that contain the information requested. [PL 1995, c. 628, §12 (AMD).]

5. Penalties. Any financial institution which shall fail to furnish reports and information required pursuant to this section, within the time specified, shall be subject to a penalty of not more than $100 for each day it is in violation of this section, which penalty may be recovered in a civil action brought in the name of the State. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 1055 — ME Code / Title 9-B / Part 10 / Chapter 105 / Section 1055
9-B §1055. Rules
Status: in_force

The superintendent shall adopt such rules as necessary to effectuate the purposes of this chapter and to ensure that the reorganization of a mutual financial institution is conducted in a fair and equitable manner to ensure the safety and soundness of the subsidiary universal bank and the protection of the subsidiary universal bank's net worth. [PL 2009, c. 228, §16 (AMD).]
9-A M.R.S. § 14-105 — ME Code / Title 9-A / Chapter 14 / Section 14-105
9-A §14-105. Annual report
Status: in_force

The superintendent shall submit a report by January 1st of each year to the joint standing committees of the Legislature having jurisdiction over education and cultural affairs and insurance and financial services matters. The report must include: [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

1. Implementation. A description of actions taken with respect to the implementation of this Article; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

2. Effectiveness. An assessment of the overall effectiveness of the student loan ombudsman, including information, in the aggregate, regarding student loan borrower complaints investigated with the assistance of an organization that is exempt from this Article pursuant to section 14‑107, subsection 1 ; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

3. Funding. An accounting of the funding for the program, including the license, examination and investigation fees collected pursuant to this Article, and whether those funds are adequate for or are in excess of the costs of carrying out the duties of this Article; and [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

4. Additional steps. Recommendations regarding additional steps for the Department of Professional and Financial Regulation to gain regulatory control over licensing and enforcement with respect to student loan servicers. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

5. Additional steps. [PL 2021, c. 293, Pt. A, §14 (RP).]
9-B M.R.S. § 454 — ME Code / Title 9-B / Part 4 / Chapter 45 / Section 454
9-B §454. Destruction of deposit records
Status: in_force

Any statement of account rendered by a financial institution to a depositor or any account book or passbook that has been written up by the financial institution to show the condition of the depositor's account and accompanied by vouchers that are the basis for debit entries to the account are deemed finally adjusted and settled and are conclusively presumed to be correct after a period of 6 years from rendition if the depositor has not questioned the correctness of the account. The depositor is thereafter barred from questioning the account. This section may not be construed to relieve the depositor from the duty now imposed by law of exercising due diligence in the examination of such account and vouchers, if any, when rendered by the financial institution and of immediate notification to the financial institution upon discovery of any error in such account, nor from the legal consequences of neglect of such duty, nor to prevent the application of Title 11 to cases governed by Title 11 . Accordingly, financial institutions are not required to preserve or keep their records or files relating to these accounts and vouchers for a longer period than 6 years. [PL 1997, c. 398, Pt. I, §39 (AMD).]
9-A M.R.S. § 10-303-A — ME Code / Title 9-A / Chapter 10 / Section 10-303-A
9-A §10-303-A. Good faith and fair dealing
Status: in_force

1. A loan broker shall, in addition to duties imposed by other statutes or at common law: A. Act in good faith and with fair dealing in any transaction, practice or course of business in connection with the brokering or making of any mortgage loan; [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).] B. Safeguard and account for any money handled for the borrower; [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).] C. Follow reasonable and lawful instructions from the borrower; [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).] D. Use reasonable skill, care and diligence; [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).] E. Timely and clearly disclose to the borrower material information that might reasonably affect the borrower's rights, interests or ability to receive the borrower's intended benefit from the residential mortgage loan, including the total compensation the broker would receive from any of the loan options the broker presents to the borrower; and [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).] F. Make reasonable efforts to secure a loan that is reasonably advantageous to the borrower considering all the circumstances, including the rates, charges and repayment terms of the loan. [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).] [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]

2. The duties and standards of care created in this section may not be waived or modified. [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
9-B M.R.S. § 316-A — ME Code / Title 9-B / Part 3 / Chapter 31 / Section 316-A
9-B §316-A. Governing body
Status: in_force

Except as provided in this section, the management and operations of a financial institution organized under this chapter are governed by Title 13‑C ; Title 31, chapter 19 ; Title 31, chapter 21 ; or Title 31, chapter 15 , as appropriate, depending upon the organizational form of the financial institution operating under this chapter. The institution's organizational documents must address the powers and duties of the governing body. [PL 2009, c. 629, Pt. A, §3 (AFF); PL 2009, c. 629, Pt. B, §2 (AMD).]

1. Number of directors. The governing body of a financial institution must consist of at least 5 directors, except that the superintendent may approve fewer directors for good cause shown. [PL 1999, c. 218, §10 (AMD).]

2. Executive committee. The governing body of a financial institution organized as a corporation may appoint by majority vote of the governing body an executive committee of no less than 5 members and may delegate to the committee the powers of the governing body in regard to the ordinary operations of the business of the institution. The superintendent may approve fewer members for good cause shown. [PL 1997, c. 398, Pt. C, §15 (NEW).]

3. Frequency of meetings. A governing body of a financial institution organized as a corporation that has appointed an executive committee shall meet at least 6 times a year, including once each quarter, if the executive committee meets during the months in which the governing body does not meet. Minutes of executive committee meetings must be ratified by the governing body. The governing body of a financial institution organized as a corporation that has not appointed an executive committee or the governing body of any other financial institution shall meet at least monthly. The superintendent may approve less frequent meetings for good cause shown. [PL 1997, c. 398, Pt. C, §15 (NEW).]
9-A M.R.S. § 5-111 — ME Code / Title 9-A / Chapter 5 / Section 5-111
9-A §5-111. Cure of default
Status: in_force

1. With respect to a consumer credit transaction, except as provided in subsection 2 , after a default consisting only of the consumer's failure to make a required payment, a creditor, because of that default, may neither accelerate maturity of the unpaid balance of the obligation, nor take possession of or otherwise enforce a security interest in goods that are collateral until 14 days after a notice of the consumer's right to cure, as provided in section 5‑110 , is given, nor with respect to an insurance premium loan, give notice of cancellation as provided in subsection 4 until 10 days after a notice of the consumer's right to cure, as provided in section 5‑110 , is given. For purposes of this section, goods that are collateral include any right of set-off that the creditor may have. Until expiration of the minimum applicable period after the notice is given, the consumer may cure all defaults consisting of a failure to make the required payment by tendering the amount of all unpaid sums due at the time of the tender, without acceleration, plus any unpaid delinquency or deferral charges. Cure restores the consumer to the consumer's rights under the agreement as though the defaults had not occurred. [RR 2025, c. 1, Pt. C, §38 (COR).]

2. With respect to defaults on the same obligation and subject to subsection 1, after a creditor has once given a notice of consumer's right to cure, as provided in section 5‑110 , this section gives the consumer no right to cure and imposes no limitation on the creditor's right to proceed against the consumer or goods that are collateral with respect to a default that occurs within 12 months after an earlier default as to which a creditor has given a notice of consumer's right to cure, as provided in section 5‑110 . For the purpose of this section, in open-end credit, the obligation is the unpaid balance of the account. [PL 1985, c. 763, Pt. A, §44 (AMD).]

3. This section and the provisions on waiver, agreements to forego rights and settlement of claims, as provided in section 1‑107 , do not prohibit a consumer from voluntarily surrendering possession of goods that are collateral and the creditor from thereafter accelerating maturity of the obligation and enforcing the obligation and the creditor's security interest in the goods at any time after default. [RR 2025, c. 1, Pt. C, §39 (COR).]

4. If a default on an insurance premium loan is not cured, the lender may give notice of cancellation of each insurance policy or contract to be cancelled. If given, the notice of cancellation must be in writing and given to the insurer who issued the policy or contract and to the insured. The insurer, within 2 business days after receipt of the notice of cancellation together with a copy of the insurance premium loan agreement if not previously given to the insurer, shall give any notice of cancellation required by the policy, contract or law and, within 10 business days after the effective date of the cancellation, pay to the lender any premium unearned on the policy or contract as of that effective date. Within 10 business days after receipt of the unearned premium, the lender shall pay to the consumer indebted upon the insurance premium loan agreement any excess of the unearned premium received over the amount owing by the consumer upon the insurance premium loan. [RR 2025, c. 1, Pt. C, §40 (COR).]

5. [PL 1981, c. 618, §9 (RP).]

6. Notwithstanding the other provisions of this section, a notice to cure default for a consumer credit transaction secured by a mortgage subject to Title 14, section 6111 must satisfy the requirements of Title 14, section 6111 and not the requirements of this section. [PL 2009, c. 476, Pt. A, §1 (NEW).]
9-A M.R.S. § 3-401 — ME Code / Title 9-A / Chapter 3 / Section 3-401
9-A §3-401. Restriction on liability in consumer lease
Status: in_force

The obligation of a lessee upon expiration of a consumer lease may not exceed twice the average payment allocable to a monthly period under the lease. This limitation does not apply to charges for damages to the leased property or for other default. [PL 1981, c. 243, §20 (AMD).]
9-B M.R.S. § 1011 — ME Code / Title 9-B / Part 10 / Chapter 101 / Section 1011
9-B §1011. Definitions
Status: in_force

As used in this chapter, unless the context indicates otherwise, the following terms have the following meanings. [PL 1977, c. 663, §57 (RPR).]

1. Financial institution holding company. "Financial institution holding company" means any company which has control over any financial institution or has control over any company which controls any financial institution. [PL 1975, c. 500, §1 (NEW).]

2. Maine financial institution holding company. "Maine financial institution holding company" means any company whose home state is this State and that has control over any Maine financial institution or has control over a company that controls a Maine financial institution. [PL 2007, c. 79, §12 (AMD).]

3. Company. "Company" means a corporation, partnership, business trust, association or similar organization organized under the laws of the United States, any political subdivisions of the United States or a country other than the United States. [PL 1997, c. 182, Pt. A, §4 (AMD).]

4. Control. A company controls another company, referred to in this chapter as a "subsidiary," if it owns 25% or more of the equity interest of the subsidiary or if under the federal Bank Holding Company Act of 1956, as amended, under the federal Home Owners' Loan Act, Section 1467A, as amended, or under the Federal Deposit Insurance Act, as amended, or regulations or policy statements issued thereunder, that company is presumed to control the subsidiary or a determination has been made by the superintendent that the company exercises a controlling influence over the management and policies of the subsidiary. [PL 2001, c. 211, §23 (AMD).]

5. Engagement in activities of subsidiaries. A financial institution holding company shall be deemed to own shares owned by a subsidiary, and to engage in activities engaged in by a subsidiary or by any other company of which it owns 5% or more of the voting shares. [PL 1975, c. 500, §1 (NEW).]

6. Maine financial institution. "Maine financial institution" means a financial institution defined in section 131, subsection 17 . [PL 2007, c. 79, §13 (AMD).]

7. Non-Maine financial institution holding company. "Non-Maine financial institution holding company" means a financial institution holding company whose home state is not this State. [PL 1995, c. 628, §27 (AMD).]

8. Principally conducted. [PL 1995, c. 628, §28 (RP).]

9. Acquisition of voting shares. "Acquisition of voting shares" includes, without limitation, the acquisition of the voting power of those shares, whether by direct or indirect purchase, by single or multiple transactions or any other means. [PL 1985, c. 642, §4 (NEW).]

10. Person. "Person" means an individual or individuals acting in concert, including individuals who are citizens of one or more countries, and any colonies, dependencies or possessions of those countries, other than the United States. [PL 1997, c. 182, Pt. A, §5 (AMD).]

11. Home state. "Home state," with respect to a financial institution holding company, means the state in which the total deposits of all financial institution subsidiaries of that company are the largest on the later of July 1, 1966 or the date on which the company becomes a financial institution holding company under this Title. [PL 1995, c. 628, §29 (NEW).]

12. Host state. "Host state," with respect to a financial institution holding company, means a state, other than the home state of the company, in which the company controls or seeks to control a financial institution subsidiary. [PL 1995, c. 628, §29 (NEW).]

13. Foreign bank holding company. "Foreign bank holding company" means any company that controls, directly or indirectly, a foreign bank. [PL 1997, c. 182, Pt. A, §6 (NEW).]
9-A M.R.S. § 11-115 — ME Code / Title 9-A / Chapter 11 / Section 11-115
9-A §11-115. Liability damage waivers; fees
Status: in_force

In addition to the other charges permitted by this Article, the parties may contract for a liability damage waiver. The fee for the liability damage waiver may not exceed the greater of 5% of any periodic rental payment due or $3 in the case of any rental-purchase agreement with renewal periods more frequent than monthly or the greater of 5% of any periodic rental payment due or $7.50 in the case of any rental-purchase agreement with monthly renewal dates. The selling or offering for sale of a liability damage waiver pursuant to this Article is subject to the following prohibitions and requirements. [PL 2001, c. 287, §14 (AMD).]

1. The restrictions, conditions and exclusions of the liability damage waiver must be disclosed on a separate contract, sheet or handout given to the consumer prior to entering into the rental-purchase agreement. The separate contract, sheet or handout must be signed or otherwise acknowledged as received by the consumer prior to entering into the rental-purchase agreement. [PL 1991, c. 787 (NEW).]

2. A merchant may not sell or offer to sell a liability damage waiver unless all restrictions, conditions and exclusions are printed in the rental-purchase agreement or in a separate agreement in 8-point type or larger, written in ink or typewritten on the face of the rental-purchase agreement in a blank space provided. The liability damage waiver may exclude only loss or damage that is caused intentionally by the consumer or resulting from the consumer's willful or wanton misconduct to the property that is the subject of the rental-purchase agreement. [PL 1991, c. 787 (NEW).]

3. The liability damage waiver agreement must include a statement of the total charge for the liability damage waiver and must display in 8-point boldface type the following notice or a notice in a substantially similar form: NOTICE: THIS CONTRACT OFFERS, FOR AN ADDITIONAL CHARGE, A LIABILITY DAMAGE WAIVER TO COVER YOUR RESPONSIBILITY FOR DAMAGE TO THE PROPERTY. BEFORE DECIDING WHETHER TO PURCHASE THE LIABILITY DAMAGE WAIVER, YOU MAY WISH TO DETERMINE WHETHER YOUR HOMEOWNERS OR CASUALTY INSURANCE AFFORDS YOU COVERAGE FOR DAMAGE TO THE RENTAL PROPERTY AND THE AMOUNT OF THE DEDUCTIBLE UNDER YOUR OWN INSURANCE COVERAGE. THE PURCHASE OF THIS LIABILITY DAMAGE WAIVER IS NOT MANDATORY AND MAY BE DECLINED. [PL 2001, c. 287, §15 (AMD).]

4. A liability damage waiver may not be a factor in the approval by the merchant of the rental-purchase transaction and the contract may take effect only after the consumer has signed or initialed an affirmative request to purchase the liability damage waiver after written disclosure of the cost of the liability damage waiver. [PL 2001, c. 287, §16 (NEW).]
9-A M.R.S. § 5-114 — ME Code / Title 9-A / Chapter 5 / Section 5-114
9-A §5-114. 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, may, while such court retains jurisdiction, 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 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 1329 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1329
9-B §1329. Rule-making authority
Status: in_force

The superintendent may adopt rules to supplement the requirements of this chapter. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-A M.R.S. § 2-303-A — ME Code / Title 9-A / Chapter 2 / Section 2-303-A
9-A §2-303-A. Temporary suspension of license
Status: in_force

Notwithstanding Title 5, sections 10003 and 10004 and Title 10, section 8003 , if the public interest or the protection of borrowers so requires, the administrator may, by order, suspend a license to make or service supervised loans or a license as a mortgage loan originator or postpone the effective date of such a license. Upon entry of the order, the administrator shall promptly notify the applicant or licensee that an order has been entered, of the reasons for the order and that, within 15 days after the receipt of a written request by the applicant or licensee, the matter must be scheduled for hearing. Section 2‑303 applies to all subsequent proceedings. [PL 2017, c. 106, §7 (AMD).]
9-A M.R.S. § 16-107 — ME Code / Title 9-A / Chapter 16 / Section 16-107
9-A §16-107. Record retention
Status: in_force

A private education lender shall establish and maintain records and permit the superintendent to access and copy any records required to be maintained pursuant to this Article. The private education lender shall retain a loan file, including any record specified for retention by rules adopted by the superintendent, for at least 6 years after the termination of the loan account. [PL 2021, c. 357, §2 (NEW).]
9-A M.R.S. § 14-106 — ME Code / Title 9-A / Chapter 14 / Section 14-106
9-A §14-106. Assistance by exempt organization; report
Status: in_force

An exempt organization that is requested by the student loan ombudsman to provide assistance pursuant to section 14‑104, subsection 8 shall provide, in a timely manner, the information requested by the ombudsman necessary to investigate and resolve a student loan borrower complaint, including the steps taken by the exempt organization to resolve the complaint, or, on its own, shall resolve, in a timely manner, the complaint and provide the ombudsman with documentation regarding the resolution. Annually, an exempt organization that is involved in the resolution of a complaint pursuant to this section shall report to the ombudsman the number of complaints received and the number of complaints resolved by the exempt organization. For purposes of this section, "exempt organization" means the Finance Authority of Maine and financial institutions exempt from this Article pursuant to section 14‑107, subsection 1 . [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
9-A M.R.S. § 6-101 — ME Code / Title 9-A / Chapter 6 / Section 6-101
9-A §6-101. Short title
Status: in_force

This Article shall be known and may be cited as the "Maine Consumer Credit Code -- Administration." [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 13-114 — ME Code / Title 9-A / Chapter 13 / Section 13-114
9-A §13-114. Confidentiality
Status: in_force

1. Protections. Notwithstanding any provision of law to the contrary and except as otherwise provided in federal Public Law 110-289, Section 1512, the requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to the nationwide mortgage licensing system and registry and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, continue to apply to that information or material after the information or material has been disclosed to the nationwide mortgage licensing system and registry. That information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or state law. [PL 2009, c. 362, Pt. B, §1 (NEW).]

2. Agreements and sharing arrangements. The administrator is authorized to enter agreements or sharing arrangements with other governmental agencies, a national organization dedicated to advancing the state banking system, a national association of residential mortgage regulators or other associations representing governmental agencies as established by rule or order of the administrator. [PL 2009, c. 362, Pt. B, §1 (NEW).]

3. Nonapplicability of certain requirements. Information or material that is subject to a privilege or confidentiality under subsection 1 is not subject to: A. Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the Federal Government or the respective state; or [PL 2009, c. 362, Pt. B, §1 (NEW).] B. Subpoena, discovery or admission into evidence in any private civil action or administrative process, unless with respect to a privilege held by the nationwide mortgage licensing system and registry regarding that information or material, the person to whom such information or material pertains waives, in whole or in part, that privilege. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

4. Public access to information. This section does not apply to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the nationwide mortgage licensing system and registry for access by the public. [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-B M.R.S. § 368 — ME Code / Title 9-B / Part 3 / Chapter 36 / Section 368
9-B §368. Additional authority in liquidation
Status: in_force

1. Rulemaking. The superintendent may adopt rules to carry out this chapter. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1997, c. 398, Pt. H, §6 (AMD).]

2. Expenses. All expenses of the superintendent or the superintendent's assistants incurred in carrying out this chapter must be paid out of the assets of the financial institution in connection with which the expenses were incurred. [PL 1991, c. 34, §8 (NEW).]
9-B M.R.S. § 345 — ME Code / Title 9-B / Part 3 / Chapter 34 / Section 345
9-B §345. Conversion; investor to mutual ownership
Status: in_force

With the superintendent's approval, and in accordance with the provisions of this section and rules adopted under this section, a financial institution organized under chapter 31 may convert to a financial institution organized under chapter 32 , if this conversion is conducted in a manner fair and equitable to its investors, in the following manner. [PL 1997, c. 398, Pt. F, §5 (AMD).]

1. Procedure. The governing body must adopt and approve by a 2/3 vote a conversion plan that addresses conditions as the superintendent may require. [PL 1997, c. 398, Pt. F, §5 (AMD).]

1-A. Vote of investors. The conversion plan, as approved by the superintendent, must be submitted to the investors for their approval at an annual meeting or at a special meeting called for that purpose. Approval requires a majority vote of investors, unless a higher percentage is required by the institution's organizational documents. [PL 1997, c. 398, Pt. F, §5 (NEW).]

2. Dissenting investor. The rights of any investors not voting for the conversion plan are as set forth in section 352, subsection 5 . [PL 1997, c. 398, Pt. F, §5 (AMD).]