9-A M.R.S. § 8-506 — ME Code / Title 9-A / Chapter 8-A / Section 8-506
9-A §8-506. Enhanced restrictions on certain creditors
Status: in_force

In addition to the compliance requirements of section 8‑504, subsection 1 , unless otherwise required by rules adopted pursuant to section 8‑504, subsection 2 , a creditor shall comply with the following enhanced restrictions. [PL 2011, c. 427, Pt. A, §15 (NEW).]

1. Definitions. The following definitions apply to the enhanced restrictions set forth in this section. A. "Administrator" has the same meaning as set forth in section 1‑301 . [PL 2011, c. 427, Pt. A, §15 (NEW).] B. "Bona fide discount points" means an amount knowingly paid by a borrower for the express purpose of reducing, and that in fact does result in a bona fide reduction of, the interest rate applicable to a residential mortgage loan, as long as the undiscounted interest rate for the residential mortgage loan does not exceed the conventional mortgage rate by more than 2 percentage points for a residential mortgage loan secured by a first lien or by 3 1/2 percentage points for a residential mortgage loan secured by a subordinated lien. [PL 2011, c. 427, Pt. A, §15 (NEW).] C. "Borrower" means any natural person obligated to repay a loan, including a coborrower, cosigner or guarantor. [PL 2011, c. 427, Pt. A, §15 (NEW).] D. "Conventional mortgage rate" means the most recently published annual yield on conventional mortgages published by the Board of Governors of the Federal Reserve System, as published in statistical release H.15 or any superseding publication, as of the applicable time set forth in 12 Code of Federal Regulations, Section 1026.32(a)(1)(i). [PL 2013, c. 464, §6 (AMD).] E. "Conventional prepayment penalty" means any prepayment penalty or fee that may be collected or charged in a residential mortgage loan and that is authorized by law other than this section, as long as the residential mortgage loan does not have an annual percentage rate that exceeds the conventional mortgage rate by more than 2 percentage points and does not permit any prepayment fees or penalties that exceed 2% of the amount prepaid. [PL 2011, c. 427, Pt. A, §15 (NEW).] F. "Creditor" has the same meaning as set forth in section 1‑301, subsection 17 . For purposes of this section, "creditor" also includes an entity defined as a lender as set forth in 12 Code of Federal Regulations, Section 1024.2, including a mortgage broker. [PL 2013, c. 464, §7 (AMD).] G. "Excluded points and fees" means, in connection with a residential mortgage loan, all bona fide fees paid to a federal or state government agency that insures payment of some portion of a residential mortgage loan plus an amount not to exceed 2% of the total loan amount attributable to bona fide discount points or a conventional prepayment penalty. [PL 2011, c. 427, Pt. A, §15 (NEW).] H. "High-cost mortgage loan" means a residential mortgage loan in which the terms of the loan meet or exceed one or more of the following thresholds: (1) Rate threshold, which, for a residential mortgage loan, is the point at which the annual percentage rate equals or exceeds the rate set forth in 12 Code of Federal Regulations, Section 1026.32(a)(1)(i) without regard to whether the residential mortgage loan may be considered a "residential mortgage transaction" or an extension of "open-end credit" as those terms are set forth in 12 Code of Federal Regulations, Section 1026.2; and (2) The total points and fees threshold, which is: (a) For loans in which the total loan amount is $40,000 or more, the point at which the total points and fees payable in connection with the residential mortgage loan less any excluded points and fees exceed 5% of the total loan amount; and (b) For loans in which the total loan amount is less than $40,000, the point at which the total points and fees payable in connection with the residential mortgage loan less any excluded points and fees exceed 6% of the total loan amount. [PL 2013, c. 464, §8 (AMD).] I. "Higher-priced mortgage loan" has the same meaning as set forth in the Federal Truth in Lending Act and its implementing regulation, Regulation Z, 12 Code of Federal Regulations, Section 1026.35(a). "Higher-priced mortgage loan" also includes a residential mortgage loan that is a nontraditional mortgage as described in the "Interagency Guidance on Nontraditional Mortgage Product Risks" issued September 29, 2006 and published in 71 Federal Register, 58609 on October 4, 2006 and as updated from time to time, except that "higher-priced mortgage loan" does not include a mortgage that does not allow a borrower to defer repayment of principal or interest. [PL 2013, c. 464, §8 (AMD).] J. "Mortgage broker" has the same meaning as set forth in 12 Code of Federal Regulations, Section 1024.2, except as otherwise provided in this Article. [PL 2013, c. 464, §8 (AMD).] K. "Points and fees" has the same meaning as set forth in 12 Code of Federal Regulations, Section 1026.32(b)(1). In addition, "points and fees" includes: (1) The maximum prepayment fees and penalties that may be charged or collected under the terms of the loan documents; (2) All prepayment fees and penalties that are incurred by the borrower if the loan refinances a previous loan made or currently held by the same creditor or an affiliate of the creditor; and (3) All compensation paid directly or indirectly to a mortgage broker from any source, including a mortgage broker that originates a loan in its own name in a table-funded transaction. For open-end loans, points and fees are calculated by adding the total points and fees known at or before closing, including the maximum prepayment penalties that may be charged or collected under the terms of the loan documents and the minimum additional fees the borrower would be required to pay to draw down an amount equal to the total credit line. [PL 2013, c. 464, §8 (AMD).] L. "Residential mortgage loan" means an extension of credit, including an open-end credit plan, in which: (1) The loan does not exceed the maximum original principal obligation as set forth in and from time to time adjusted according to the provisions of 12 United States Code, Section 1454(a)(2); (2) The loan is considered a federally related mortgage loan as set forth in 12 Code of Federal Regulations, Section 1024.2; (3) The loan is not a reverse mortgage transaction or a loan made primarily for business, agricultural or commercial purposes; (4) The loan is not a construction loan; and (5) The loan is secured by the borrower's principal dwelling. [PL 2013, c. 464, §8 (AMD).] M. "Servicing" has the same meaning as set forth in 12 Code of Federal Regulations, Section 1024.2 and includes any other activities or responsibilities undertaken in connection with a residential mortgage loan by a person who acts as a servicer with respect to that residential mortgage loan, including collection and default management functions. [PL 2013, c. 464, §8 (AMD).] N. "Total loan amount" means the principal of a loan minus those points and fees that are included in the principal amount of the loan. For open-end loans, the total loan amount must be calculated using the total line of credit allowed under the residential mortgage loan at closing. [PL 2011, c. 427, Pt. A, §15 (NEW).] [PL 2013, c. 464, §§6-8 (AMD).]

2. High-cost mortgage loans; restrictions. A high-cost mortgage loan is subject to the provisions applying to certain closed-end home mortgages covered by Regulation Z, 12 Code of Federal Regulations, Section 1026.32 and the following restrictions. A. In connection with a high-cost mortgage loan, a creditor may not directly or indirectly finance any points or fees. [PL 2011, c. 427, Pt. A, §15 (NEW).] B. In addition to the limitation on balloon payments found in Regulation Z, 12 Code of Federal Regulations, Section 1026.32, a high-cost mortgage loan may not contain a scheduled payment that is more than twice as large as the average of earlier scheduled payments. This paragraph does not apply when the payment schedule is adjusted to the seasonal or irregular income of the borrower. [PL 2013, c. 464, §9 (AMD).] C. A creditor may not make a high-cost mortgage loan without first receiving certification from a counselor with a 3rd-party, nonprofit organization approved by the United States Department of Housing and Urban Development, a housing financing agency of this State or the Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection that the borrower has received counseling on the advisability of the loan transaction. [PL 2011, c. 427, Pt. A, §15 (NEW).] D. A prepayment fee or penalty may not be included in the loan documents or charged under the terms of a high-cost mortgage loan. [PL 2011, c. 427, Pt. A, §15 (NEW).] [PL 2013, c. 464, §9 (AMD).]

3. High-cost mortgage loans; assignee liability. The following provisions apply to a claim made by a borrower against a purchaser or assignee of a high-cost mortgage loan. A. Any person who purchases or is otherwise assigned a high-cost mortgage loan is subject to all affirmative claims and any defenses with respect to the loan that the borrower may assert against a creditor of the loan, except that this paragraph does not apply if the purchaser or assignee demonstrates by a preponderance of the evidence that it: (1) Has in place, at the time of the purchase or assignment of the subject loan, policies that expressly prohibit the purchaser or assignee's purchase or acceptance of assignment of any high-cost mortgage loan; (2) Requires by contract that a seller or assignor of residential high-cost mortgage loans to the purchaser or assignee represent and warrant to the purchaser or assignee that neither the seller or assignor will sell or assign any high-cost mortgage loans to the purchaser or assignee, nor that the seller or assignor is a beneficiary of a representation and warranty from a previous seller or assignor to that effect; and (3) Exercises reasonable due diligence, at the time of purchase or assignment of residential mortgage loans or within a reasonable period of time after the purchase or assignment of such residential mortgage loans, intended by the purchaser or assignee to prevent the purchaser or assignee from purchasing or taking assignment of any high-cost mortgage loan. For purposes of this subparagraph, reasonable due diligence must provide for sampling and may not require loan-by-loan review. [PL 2011, c. 427, Pt. A, §15 (NEW).] B. Notwithstanding paragraph A , liability pursuant to this subsection may not accrue to a purchaser or assignee of a high-cost mortgage loan as a result of an alleged violation by a creditor of subsection 5 . [PL 2011, c. 427, Pt. A, §15 (NEW).] [PL 2011, c. 427, Pt. A, §15 (NEW).]

4. Ability to repay. A creditor may not extend a high-cost mortgage loan or a higher-priced mortgage loan to a consumer based on the value of the consumer's collateral without regard to the consumer's repayment ability as of consummation, including the consumer's current and reasonably expected income, employment, assets other than the collateral, credit history, debt-to-income ratio, current obligations and mortgage-related obligations. A. For purposes of this subsection, mortgage-related obligations are expected property taxes, premiums for mortgage-related insurance required by the creditor, such as insurance against loss of or damage to property or against liability arising out of the ownership or use of the property or insurance protecting the creditor against the consumer's default or other credit loss, and similar expenses. [PL 2011, c. 427, Pt. A, §15 (NEW).] B. Under this subsection, a creditor must verify the consumer's repayment ability as follows. (1) A creditor must verify amounts of income or assets that it relies on to determine repayment ability, including expected income or assets, by the consumer's federal Internal Revenue Service Form W-2, tax returns, payroll receipts, financial institution records or other 3rd-party documents that provide reasonably reliable evidence of the consumer's income or assets. For the purposes of this subparagraph, "reasonably reliable evidence of the consumer's income or assets" includes, but is not limited to, statements from investment advisors, broker-dealers and others in a fiduciary relationship with the consumer as long as the statements reflect the consumer's actual income and not estimated, projected or anticipated income or a range of earnings for a consumer's type or class of employment. (2) A creditor must verify the consumer's current obligations. [PL 2011, c. 427, Pt. A, §15 (NEW).] C. A creditor is presumed to have complied with this subsection with respect to a transaction if the creditor: (1) Verifies the consumer's repayment ability as provided in paragraph B ; (2) Determines the consumer's repayment ability using the largest payment of principal and interest scheduled in the first 7 years following consummation and taking into account current obligations and mortgage-related obligations; and (3) Assesses the consumer's repayment ability taking into account at least one of the following: (a) The ratio of total debt obligations to income; and (b) The income the consumer will have after paying debt obligations. [PL 2011, c. 427, Pt. A, §15 (NEW).] D. Notwithstanding paragraph C , no presumption of compliance is available for a transaction for which: (1) The regular periodic payments for the first 7 years would cause the principal balance to increase; or (2) The term of the loan is less than 7 years and the regular periodic payments when aggregated do not fully amortize the outstanding principal balance. [PL 2011, c. 427, Pt. A, §15 (NEW).] E. This subsection does not apply to a temporary or so-called "bridge" loan with a term of 12 months or less, such as a loan to purchase a new dwelling when the consumer plans to sell a current dwelling within 12 months. [PL 2011, c. 427, Pt. A, §15 (NEW).] [PL 2011, c. 427, Pt. A, §15 (NEW).]

5. Flipping. A creditor or a mortgage broker may not knowingly or intentionally engage in the act or practice of flipping a residential mortgage loan when making a high-cost mortgage loan or higher-priced mortgage loan. The administrator may adopt rules defining with reasonable specificity the requirements for compliance with this subsection. Rules adopted pursuant to this subsection are routine technical rules pursuant to Title 5, chapter 375, subchapter 2‑A . For the purposes of this subsection, "flipping a residential mortgage loan" means the making of a residential mortgage loan to a borrower that refinances an existing residential mortgage loan when the new loan does not have reasonable, tangible net benefit to the borrower considering all the circumstances, including, but not limited to, the terms of both the new and refinanced loans, the cost of the new loan and the borrower's circumstances. [PL 2011, c. 427, Pt. A, §15 (NEW).]

6. Special liability. This subsection applies to any violation of this section in connection with the origination, brokering or servicing of a residential mortgage loan. This subsection does not apply to a purchaser or assignee of a residential mortgage loan except as permitted in subsection 3 . A. Any person who has been found in violation of this section with regard to residential mortgage loans may be liable to the borrower for the following: (1) Actual damages, including consequential and incidental damages. The borrower may not be required to demonstrate reliance in order to receive actual damages; (2) Punitive damages for violations of subsections 2 and 5 , when the violation was malicious or reckless; (3) Costs, including reasonable attorney's fees; and (4) Statutory damages as follows: (a) For violations described in subsection 2, statutory damages equal to 2 times the finance charge paid under the loan and forfeiture of the remaining interest under the loan; and (b) For any other violations of this section, statutory damages in the amount of $5,000 per violation. [PL 2011, c. 427, Pt. A, §15 (NEW).] B. A borrower may be granted injunctive, declaratory and other equitable relief that the court determines appropriate in an action to enforce compliance with this section. [PL 2011, c. 427, Pt. A, §15 (NEW).] C. The right of rescission granted under 15 United States Code, Chapter 41, Subchapter I, Part A for a violation of that law is available to a borrower acting only in an individual capacity by way of recoupment as a defense against a party foreclosing on a residential mortgage loan at any time during the term of the loan. Any recoupment claim asserted pursuant to this provision is limited to amounts required to reduce or extinguish the borrower's liability under the residential mortgage loan plus amounts required to recover costs, including reasonable attorney's fees. This paragraph may not be construed to limit recoupment rights available to the borrower under any other law. [PL 2011, c. 427, Pt. A, §15 (NEW).] D. The remedies provided in this subsection are not intended to be the exclusive remedies available to a borrower, nor must the borrower exhaust any administrative remedies provided under this subsection or any other applicable law before proceeding under this subsection. [PL 2011, c. 427, Pt. A, §15 (NEW).] E. Any person who knowingly violates a provision of this section is guilty of a Class E crime. [PL 2011, c. 427, Pt. A, §15 (NEW).] F. A creditor in a residential mortgage loan who, when acting in good faith, fails to comply with any provision of this section related to residential mortgage loans is deemed not to have violated this section if the creditor establishes that either: (1) Within 30 days of the loan closing and prior to receiving any notice of the compliance failure, the creditor has made appropriate restitution to the borrower and appropriate adjustments have been made to the loan; or (2) Within 60 days of the loan closing and prior to receiving any notice of the compliance failure, when the compliance failure was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adopted to avoid such errors, the borrower is notified of the compliance failure, appropriate restitution is made to the borrower and appropriate adjustments are made to the loan. Examples of a bona fide error include clerical, calculation, computer malfunction and programming and printing errors. An error of legal judgment with respect to a person's obligations under this section is not a bona fide error. [PL 2011, c. 427, Pt. A, §15 (NEW).] G. The remedies provided in this subsection are cumulative. [PL 2011, c. 427, Pt. A, §15 (NEW).] H. Notwithstanding any other provision of law, a residential mortgage loan agreement may not include any provision that waives any borrower's remedies available at law or equity, whether acting individually or on behalf of others similarly situated, or the borrower's rights to civil discovery or appeal. Any such provision is unenforceable and void as a matter of law. [PL 2011, c. 427, Pt. A, §15 (NEW).] I. Without regard to whether a borrower is acting individually or on behalf of others similarly situated, any provision of a residential mortgage loan agreement that allows a person to require a borrower to assert any claim or defense in a forum that is less convenient, more costly or more dilatory for the resolution of a dispute than a judicial forum established in this State where the borrower may otherwise properly bring a claim or defense or that limits in any way any claim or defense the borrower may have is unconscionable and void as a matter of law. [PL 2011, c. 427, Pt. A, §15 (NEW).] J. It is a violation of this section for any person to attempt in bad faith to avoid the application of this section by dividing any loan transaction into separate parts or structuring a residential mortgage loan transaction as an open-end loan for the purpose of evading the provisions of this section when the loan would have been a high-cost mortgage loan if the loan had been structured as a closed-end loan or by engaging in any other subterfuge with the intent of evading any provision of this section. [PL 2011, c. 427, Pt. A, §15 (NEW).] [PL 2011, c. 427, Pt. A, §15 (NEW).]

7. Exemption for supervised financial organizations and the Maine State Housing Authority. This section does not apply to any supervised financial organization as defined in section 1‑301, subsection 38‑A or to the Maine State Housing Authority. [PL 2011, c. 427, Pt. A, §15 (NEW).]
9-B M.R.S. § 1026 — ME Code / Title 9-B / Part 10 / Chapter 102 / Section 1026
9-B §1026. Powers of the superintendent
Status: in_force

1. Rules and regulations. The superintendent shall have authority to adopt and issue regulations to govern the conduct and management of all mutual trust investment companies formed pursuant to this chapter, and to prescribe, among other things: A. The records and accounts to be kept by the mutual trust investment company; [PL 1975, c. 500, §1 (NEW).] B. The methods and standards to be employed in establishing the value of the shares of stock in the mutual trust investment company and of its assets; and [PL 1975, c. 500, §1 (NEW).] C. The procedure to be followed in the sale and redemption of its stock. [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]

2. Examination. The superintendent shall at least once in each calendar year, and whenever the superintendent deems it necessary or expedient, examine every such mutual trust investment company. On every such examination of a mutual trust investment company, the superintendent shall make inquiry as to its financial condition, the policies of its management, whether it is complying with the laws of this State and such other matters as the superintendent may prescribe. The reasonable expenses of each examination of a mutual trust investment company pursuant to this section must be charged to the company in accordance with the provision of section 214 . [RR 2009, c. 2, §9 (COR).]

3. Power and authority. In the enforcement of this chapter and the fulfillment of the superintendent's responsibilities under this chapter , the superintendent has the same power and authority over and with respect to mutual trust investment companies and their directors, officers and employees, including the power to compel the attendance of witnesses and the production of books, records, documents and testimony, the power to require the submission to the superintendent of reports and information in such form and at such times as the superintendent prescribes and the power to direct the discontinuation of any practice that the superintendent considers illegal, unauthorized or unsafe and all other powers and authorities, whether or not specifically mentioned in this subsection, as are given the superintendent by the laws of this State with respect to financial institutions in the same manner and with like effect as if mutual trust investment companies were expressly named in those laws. [RR 2025, c. 1, Pt. D, §44 (COR).]
9-B M.R.S. § 431 — ME Code / Title 9-B / Part 4 / Chapter 43 / Section 431
9-B §431. Applicability of chapter
Status: in_force

The sections of this chapter govern loans made by financial institutions subject to the provisions of this Title. [PL 1997, c. 398, Pt. I, §20 (AMD).]
9-A M.R.S. § 9-401 — ME Code / Title 9-A / Chapter 9 / Section 9-401
9-A §9-401. Misrepresentation
Status: in_force

A creditor or a person acting for a creditor may not induce a consumer to enter into a consumer credit transaction by misrepresentation of a material fact with respect to the terms and conditions of the extension of credit. A consumer so induced may rescind the sale, lease or loan or recover actual damages, or both. [RR 2025, c. 1, Pt. C, §59 (COR).]
9-A M.R.S. § 13-104 — ME Code / Title 9-A / Chapter 13 / Section 13-104
9-A §13-104. State license and registration application and issuance
Status: in_force

1. Application form. An applicant for a license as a mortgage loan originator shall apply using a form prescribed by the administrator. The form must contain content as set forth by rule, instruction or procedure of the administrator and may be changed or updated as necessary by the administrator in order to carry out the purposes of this Article. [PL 2009, c. 362, Pt. B, §1 (NEW).]

2. Relationships or contracts. In order to fulfill the purposes of this Article, the administrator is authorized to establish relationships or contracts with the nationwide mortgage licensing system and registry or other entities designated by the nationwide mortgage licensing system and registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this Article. [PL 2009, c. 362, Pt. B, §1 (NEW).]

3. Waive or modify requirements. For the purpose of participating in the nationwide mortgage licensing system and registry, the administrator is authorized to waive or modify, in whole or in part, by rule or order, any or all of the requirements of this Article and to establish new requirements as reasonably necessary to participate in the nationwide mortgage licensing system and registry. [PL 2009, c. 362, Pt. B, §1 (NEW).]

4. Background checks. In connection with an application for licensing as a mortgage loan originator, the applicant shall, at a minimum, furnish to the nationwide mortgage licensing system and registry information concerning the applicant's identity, including: A. Fingerprints for submission to the Federal Bureau of Investigation and any governmental agency or entity authorized to receive such information for a state, national and international criminal history background check; and [PL 2009, c. 362, Pt. B, §1 (NEW).] B. Personal history and experience in a form prescribed by the nationwide mortgage licensing system and registry, including the submission of authorization for the nationwide mortgage licensing system and registry and the administrator to obtain: (1) An independent credit report from a consumer reporting agency described in the federal Fair Credit Reporting Act, Section 603(p) except that information on a credit report may not be used as the sole basis for the denial of a mortgage loan originator license pursuant to section 13‑105 ; and (2) Information related to any administrative, civil or criminal findings by any governmental jurisdiction. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

5. Agent for purposes of requesting and distributing criminal information. For the purposes of this section and in order to reduce the points of contact that the administrator or the Federal Bureau of Investigation may have to maintain for purposes of subsection 4 , the administrator may use the nationwide mortgage licensing system and registry as a channeling agent for requesting information from and distributing information to the Department of Justice or any governmental agency and from any source directed by the administrator. [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-A M.R.S. § 3-205 — ME Code / Title 9-A / Chapter 3 / Section 3-205
9-A §3-205. Receipts; statements of account; evidence of payment
Status: in_force

1. The creditor shall give or send to the consumer, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a consumer credit transaction. A seller, but not an assignee, shall send, without request, a written receipt for each payment by money order on an obligation pursuant to a consumer credit sale. Sending to the customer a periodic statement showing a payment received by mail complies with this subsection, if it is sent to the debtor within 45 days after receipt of the payment. [PL 1973, c. 762, §1 (NEW).]

2. Upon written request of the consumer, the person to whom an obligation is owed pursuant to a consumer credit transaction, other than one pursuant to open end credit, shall provide a written statement of the dates and amounts of payments made within the past 15 months and the total amount unpaid. The statement shall be provided without charge once during each year of the term of the obligation. If additional statements are requested, the creditor may charge not in excess of $1 for each additional statement. [PL 1973, c. 762, §1 (NEW).]

3. Within 30 days after the consumer has fulfilled all obligations with respect to a consumer credit transaction, other than one pursuant to open end credit, the person to whom the obligation was owed shall give or send to the consumer written evidence acknowledging payment in full of all obligations with respect to the transaction. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 1-109 — ME Code / Title 9-A / Chapter 1 / Section 1-109
9-A §1-109. Transactions subject to Act by agreement
Status: in_force

The parties to a sale, lease or loan, or modification thereof, which is not a consumer credit transaction, may agree in a writing signed by the parties that the transaction is subject to the provisions of this Act applying to consumer credit transactions. If the parties so agree, the transaction is a consumer credit transaction for the purposes of this Act. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 3-307 — ME Code / Title 9-A / Chapter 3 / Section 3-307
9-A §3-307. Certain negotiable instruments prohibited
Status: in_force

With respect to a consumer credit sale or consumer lease, the creditor may not take a negotiable instrument, other than a currently dated check or a draft payable within 7 days of such sale or lease. [PL 1981, c. 243, §18 (AMD).]
9-A M.R.S. § 2-402 — ME Code / Title 9-A / Chapter 2 / Section 2-402
9-A §2-402. Finance charge for loans on open-end credit
Status: in_force

1. With respect to loans made on open-end credit, a creditor may contract for and receive a finance charge not in excess of that permitted in this section. [PL 1987, c. 129, §44 (AMD).]

2. A charge may be earned in each billing cycle which is a percentage of an amount not exceeding the greatest of: A. The average daily balance in the billing cycle for which the charge is made, which is the sum of the amount unpaid each day during that cycle, divided by the number of days in that cycle. The amount unpaid on a day is determined by adding to the balance, if any, unpaid as of the beginning of that day all advances and other debits and deducting all payments and other credits made or received as of that day, provided that loans made pursuant to a lender credit card to finance the purchase or lease of goods and services shall not be included in the amount unpaid if a finance charge on these amounts is prohibited under subsection 4 ; or [PL 1987, c. 129, §44 (AMD).] B. The unpaid balance at the beginning of the first day of the billing cycle after all payments on account, returns and other credits made or given during the first 25 days of the billing cycle, if the billing cycle is monthly, shall have been first deducted; provided that returns and other credits may be deducted only to the extent that the purchase to which the credit or return relates has been reflected in the previous balance. If the billing cycle is not monthly, such deduction shall be made for payments on account, returns and other credits made or given during that part of the billing cycle that bears the same relation to the billing cycle that 25 does to 30. [PL 1973, c. 762, §1 (NEW).] [PL 1987, c. 129, §44 (AMD).]

3. Except with respect to loans made pursuant to a lender credit card, the charge earned in each billing cycle may not exceed the greater of the product of the average daily balance times the number of days in the billing cycle times .049315% or, if the billing cycle is monthly, 1 1/2% of the amount pursuant to subsection 2 . A billing cycle is monthly if the closing date of the cycle is the same date each month or does not vary by more than 4 days from the regular date. [PL 1993, c. 618, §1 (AMD).]

4. With respect to loans made pursuant to a lender credit card, except for cash advances, and except when there is an outstanding balance from the prior billing cycle at the beginning of a billing cycle, no finance charge may be imposed on purchases or leases of goods or services purchased during the billing cycle if they are paid for not later than 25 days after the closing date of the billing cycle in which the purchase or lease occurred. This subsection does not apply to open-end credit plans secured by a consumer's principal dwelling or by any 2nd or vacation home of the consumer. [PL 2005, c. 484, §1 (AMD).]

5. Unless otherwise provided for in Article 8‑A , with respect to loans made pursuant to a lender credit card, a creditor may not impose a finance charge if it is in excess of that set forth in the agreement between the consumer and the creditor. This subsection does not apply to open-end credit plans secured by a consumer's principal dwelling or by a 2nd or vacation home of the consumer. [PL 2011, c. 427, Pt. A, §6 (AMD).]
9-B M.R.S. § 1054 — ME Code / Title 9-B / Part 10 / Chapter 105 / Section 1054
9-B §1054. Corporate existence and powers
Status: in_force

1. Legal existence. Upon the reorganization of a mutual financial institution pursuant to this chapter, the legal existence of the mutual financial institution shall not terminate, but shall continue, not as a deposit-taking institution, but as a mutual holding company. [PL 1985, c. 558 (NEW).]

2. Governance. A mutual holding company must be governed by a board of corporators in accordance with the charter and bylaws of the mutual holding company, as adopted or amended, in connection with a reorganization authorized under this chapter or as amended by the corporators thereafter. The corporators shall elect a board of directors provided that the superintendent has the authority to comment upon the composition of the board. The corporators and the board of directors are governed by and authorized to undertake the activities as set forth in sections 325 and 326 . With respect to a mutual holding company that has been formed through the reorganization of a savings bank, the board of corporators initially consists of the board of corporators of the savings bank as constituted pursuant to section 325 . The corporators, after the formation of the mutual holding company, continue to serve as corporators for the balance of the terms to which they are elected under section 325 . [RR 2013, c. 2, §10 (COR).]

3. Powers. A mutual holding company may: A. Invest in the stock of a financial institution, subject to section 1013 ; [PL 1985, c. 558 (NEW).] B. Acquire a mutual financial institution or a mutual federal association through merger into a subsidiary universal bank or an interim subsidiary universal bank of the mutual holding company; [PL 2021, c. 5, §3 (AMD).] C. Merge with or acquire a mutual holding company, one of whose subsidiaries is a savings bank or savings and loan association; [PL 1985, c. 558 (NEW).] D. Exercise any power, right or privilege, with the exception of deposit taking, granted to mutual financial institutions under the laws of the State, and, unless specifically noted otherwise, any reference to "savings bank" or "savings and loan association" in any other law of this State also applies to a subsidiary universal bank chartered pursuant to this chapter; [PL 2009, c. 228, §15 (AMD).] E. Invest in the capital stock of a company, which is a legal investment for a savings bank under the laws of the State; [PL 1985, c. 558 (NEW).] F. Exercise any power or engage in any activity authorized for a bank holding company or savings and loan holding company under federal law or rule or chapter 101 ; and [PL 1985, c. 558 (NEW).] G. Exercise any other power or engage in any other activity authorized by the superintendent. [PL 1985, c. 558 (NEW).] [PL 2021, c. 5, §3 (AMD).]
9-B M.R.S. § 448 — ME Code / Title 9-B / Part 4 / Chapter 44 / Section 448
9-B §448. Insurance agency activities
Status: in_force

1. Authorization. A financial institution authorized to do business in this State or credit union authorized to do business in this State, or financial institution holding company, or an affiliate of either, other than a licensed supervised lender regulated under Title 9‑A, Article IV, Part 4 , may act as an insurance producer or consultant in this State and may employ, affiliate with or hire as a 3rd-party agent an insurance producer or consultant, if the producer or consultant is duly licensed under Title 24‑A or engages in authorized insurance activities in another state, if the producer or consultant complies with the applicable laws of that state. [PL 1999, c. 218, §23 (AMD).]

2. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. "Affiliate" has the same meaning as defined in Title 24‑A, section 1443‑A, subsection 1, paragraph A . [PL 1999, c. 127, Pt. A, §22 (AMD).] B. "Customer" means a person or business entity or an authorized representative of either who has been personally and directly offered, or presently maintains, an investment security, trust, credit or an insurance product with a financial institution or credit union authorized to do business in this State. [PL 1997, c. 315, §17 (NEW).] [PL 1999, c. 127, Pt. A, §22 (AMD).]

3. Customer notice that insurance is not federally guaranteed. An institution that engages in insurance agency or brokerage activities authorized under subsection 1 must provide customer notice regarding insurance products in the following manner. A. The institution shall post conspicuously a notice that is clearly visible to all customers that may purchase insurance products from the institution. The notice must state in clearly understandable language that the insurance is not insured by the Federal Deposit Insurance Corporation or National Credit Union Administration, as applicable; [PL 1997, c. 315, §17 (NEW).] B. When a prospective purchaser of insurance is directly and personally contacted by the institution, the institution shall orally inform that prospective purchaser of insurance that the insurance product is not insured by the Federal Deposit Insurance Corporation or National Credit Union Administration, as applicable; and [PL 1997, c. 315, §17 (NEW).] C. Before the sale of an insurance product is completed the institution must obtain a written statement signed by the purchaser of insurance that the purchaser received the oral notice required by paragraph B . [PL 1997, c. 315, §17 (NEW).] [PL 1997, c. 315, §17 (NEW).]

4. Distinguishing insurance products from loan or deposit products; identification of insurance producers. To the extent practicable, sales of insurance products authorized by this section must take place in a manner that minimizes customer confusion between the deposit, share or loan products offered by the institution and those insurance products. An institution authorized under subsection 1 is in compliance with this subsection if it utilizes signs clearly visible to its customers that distinguish its insurance products from its deposit, share or loan products and that adequately identify insurance producers and consultants affiliated with the institution. [PL 1999, c. 218, §23 (AMD).]

5. Rulemaking. The superintendent, Superintendent of Insurance and the Superintendent of Consumer Credit Protection are authorized, pursuant to this subsection, Title 9‑A, section 4‑407 and Title 24‑A, section 1443‑A, subsection 3 to undertake joint rulemaking to carry out the purpose of subsection 4 , including issues regarding signs, the physical location of sales of insurance and identification of producers affiliated with financial institutions, credit unions, financial institution holding companies or supervised lenders. In adopting rules pursuant to this section, the superintendent, the Superintendent of Insurance and the Superintendent of Consumer Credit Protection shall consider the possibility of confusion and perception of coercion among the insurance consuming public, the need for cost-effective delivery of insurance products to insurance consumers and the importance of parity among producers affiliated with federally chartered and state-chartered financial institutions and credit unions. Any rule adopted may not interfere significantly with the ability of a producer to solicit or negotiate the sale of an insurance product, whether or not that producer is affiliated with a financial institution, credit union, financial institution holding company or supervised lender, except when no other reasonable alternative exists to protect the insurance consuming public. Rules adopted under this section are routine technical rules pursuant to Title 5, chapter 375, subchapter II‑A . Nothing in this section is intended to restrict or interfere with the ability of the bureau, the Bureau of Insurance or the Bureau of Consumer Credit Protection to adopt rules with respect to areas in which the respective agencies have independent jurisdiction. [PL 1999, c. 790, Pt. A, §10 (RPR); PL 2007, c. 273, Pt. B, §§5, 6 (REV); PL 2007, c. 695, Pt. A, §47 (AFF).]

6. Applicability. Other than the authorizations provided in subsection 1 , this section does not apply to group health and group life insurance to the extent authorized by Title 24‑A, chapters 31 and 35 when the insured is enrolled in the insurance policy, credit life and credit health insurance to the extent authorized by Title 24‑A, chapter 37 , credit property insurance, credit involuntary unemployment insurance, forced placed property insurance, a vendor's single interest policy or any other insurance product as determined by the Superintendent of Insurance. This section also does not apply to annuity sales authorized under section 443, subsection 11 . [PL 1997, c. 315, §17 (NEW).]
9-B M.R.S. § 914 — ME Code / Title 9-B / Part 9 / Chapter 91 / Section 914
9-B §914. Insurance of certificates of investment
Status: in_force

Every industrial bank shall comply with the requirements of section 422 , relating to insurance of deposits, and shall be deemed a "financial institution" for purposes of that section. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 9-201 — ME Code / Title 9-A / Chapter 9 / Section 9-201
9-A §9-201. Authority to make or service supervised loans; licensing
Status: in_force

The provisions of sections 2‑301 to 2‑304 control the authority of supervised lenders and mortgage loan servicers that are not supervised financial organizations to make or service loans governed by this Article. [PL 2017, c. 106, §11 (AMD).]
9-B M.R.S. § 361 — ME Code / Title 9-B / Part 3 / Chapter 36 / Section 361
9-B §361. Applicability of chapter
Status: in_force

Notwithstanding any other provisions of law, the provisions of this chapter apply to and supersede any other provision of law governing conservation, liquidation and insolvency of financial institutions organized under the laws of this State. [PL 2003, c. 322, §14 (AMD).]
9-B M.R.S. § 1215 — ME Code / Title 9-B / Part 12 / Chapter 121 / Section 1215
9-B §1215. Holding companies of nondepository trust companies
Status: in_force

If the holding company is not deemed to be a financial institution holding company under chapter 101 by virtue of controlling financial institutions other than nondepository trust companies or merchant banks, a holding company of a nondepository trust company is not subject to the provisions of chapter 101 , except for section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1 . [PL 1997, c. 398, Pt. J, §2 (NEW).]

If the holding company is not deemed to be a financial institution holding company under chapter 101 by virtue of controlling financial institutions other than nondepository trust companies, the superintendent may examine the holding company, including its subsidiaries and affiliates, to the extent necessary to determine the soundness and viability of the nondepository trust company. [PL 2005, c. 82, §15 (AMD).]
9-B M.R.S. § 1015 — ME Code / Title 9-B / Part 10 / Chapter 101 / Section 1015
9-B §1015. Applications
Status: in_force

1. Requirements. Except as provided in subsection 5 , approval of the superintendent must be obtained for the following actions: A. Acquisition by a person or company of control of a Maine financial institution or any financial institution or financial institution holding company controlling, directly or indirectly, a Maine financial institution; [PL 2007, c. 79, §20 (AMD).] B. Acquisitions by a financial institution, financial institution holding company, foreign bank or foreign bank holding company of interests in a Maine financial institution or any financial institution or financial institution holding company controlling, directly or indirectly, a Maine financial institution in excess of 5% of the voting shares of such financial institution or financial institution holding company; [PL 1997, c. 182, Pt. A, §10 (AMD).] C. Acquisition or establishment by a Maine financial institution or a Maine financial institution holding company of a financial institution, including a foreign bank, in excess of 5% of the voting shares of such institution; [PL 2007, c. 79, §21 (AMD).] D. Authority for a Maine financial institution holding company to engage in a closely related activity or any other activity or to acquire or establish a subsidiary to engage in a closely related activity or any other activity; or [PL 2001, c. 211, §24 (AMD).] E. Authority for any financial institution holding company, foreign bank or foreign bank holding company controlling a Maine financial institution to engage in a closely related activity in the State or to acquire or establish a subsidiary in the State to engage in a closely related activity. [PL 2001, c. 211, §25 (AMD).] [PL 2007, c. 79, §§20, 21 (AMD).]

2. Criteria for approval. Applications for approvals required in subsection 1 must be filed pursuant to procedures established by the superintendent. Action on those applications must be taken in accordance with the requirements of section 252 and is subject to the standards set forth in section 253 , except that applications for approval under subsection 1, paragraph A are not subject to the standards set forth in section 253, subsection 2, paragraphs C and D . In addition, applications for approvals required in subsection 1 by foreign banks are subject to the following additional criteria: A. The foreign bank or foreign bank holding company engages in the banking business outside of the United States and is subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in its home country, or the superintendent finds that the appropriate authorities in the home country of the foreign bank are actively working to establish arrangements for the consolidated supervision of such bank; and [PL 1997, c. 182, Pt. A, §12 (NEW).] B. Whether the foreign bank or foreign bank holding company has provided the superintendent with adequate assurances that it will make available to the superintendent such information on the operations or activities of the foreign bank, foreign bank holding company and any affiliate of the foreign bank or foreign bank holding company that the superintendent considers necessary to determine and enforce compliance with this Title and other applicable state law. [PL 1997, c. 182, Pt. A, §12 (NEW).] [PL 2007, c. 79, §22 (AMD).]

3. Application fee. An application for approval required in subsection 1 may not be considered complete by the superintendent unless accompanied by an application fee to be credited and used as provided in section 214 . The superintendent shall establish the amount of the fee according to subsection 1 ; the fee may not exceed $7,500. [PL 1995, c. 628, §35 (AMD).]

4. Exceptions for permissible activities. [PL 1997, c. 398, Pt. K, §11 (RP).]

5. Exceptions for closely related and other activities. Notwithstanding subsection 1 , a Maine financial institution holding company may acquire or establish a subsidiary to engage in any activity and a financial institution holding company controlling a Maine financial institution may acquire or establish a subsidiary in Maine to engage in any activity without the prior approval of the superintendent subject to the following conditions. A. If the assets of the company being acquired are less than 15% of the financial institution holding company's total consolidated assets and the company being acquired is not a financial institution or financial institution holding company, approval or notice is not required. [PL 1997, c. 398, Pt. K, §12 (NEW).] B. If the assets of the company being acquired are between 15% and 50% of the financial institution holding company's total consolidated assets, the financial institution holding company must notify the superintendent at least 10 days prior to consummating the transaction. The superintendent may require that an application be filed pursuant to section 252 if the following conditions are not satisfied and, based on a preliminary analysis, the superintendent concludes that the transaction may have a material adverse effect on the financial condition of the financial institution holding company and its ability to act as a source of strength to the Maine financial institution: (1) Before and immediately after the proposed transaction, the acquiring Maine financial institution and financial institution holding company are well capitalized, as determined by the superintendent; and (2) At the time of the transaction, the acquiring Maine financial institution and financial institution holding company are well managed, as defined in section 446‑A . [PL 2007, c. 79, §23 (AMD).] C. If the assets of the company being acquired are greater than 50% of the financial institution holding company's total consolidated assets, the holding company must file an application pursuant to section 252 . [PL 1997, c. 398, Pt. K, §12 (NEW).] D. An application or notice required under this subsection is not complete unless accompanied by a fee to be credited and used as provided in section 214 . The superintendent shall establish the amount of the fee, which may not exceed $2,500. [PL 1999, c. 218, §27 (NEW).] [PL 2007, c. 79, §23 (AMD).]
9-A M.R.S. § 11-101 — ME Code / Title 9-A / Chapter 11 / Section 11-101
9-A §11-101. Short title
Status: in_force

This Article may be known and cited as the "Maine Consumer Credit Code - Rental-purchase Agreements." [PL 1991, c. 787 (NEW).]
9-B M.R.S. § 314-A — ME Code / Title 9-B / Part 3 / Chapter 31 / Section 314-A
9-B §314-A. Organizational documents
Status: in_force

1. Financial institutions organized as corporations. The following provisions apply to financial institutions organized as corporations. A. The articles of incorporation must contain the following statement: "The purpose of this corporation is to conduct the business of a financial institution as limited by the Maine Revised Statutes, Title 9-B or any rules, orders or certificates under Title 9-B ." Articles of incorporation or amendments to articles of incorporation must have the prior written approval of the superintendent. [PL 2003, c. 344, Pt. D, §2 (RPR).] B. The original bylaws of the financial institution must be approved by the superintendent in writing. Amendments to bylaws must be submitted to the superintendent and become effective 10 days after receipt unless the superintendent indicates otherwise to the institution. [PL 1997, c. 398, Pt. C, §12 (NEW).] [PL 2003, c. 344, Pt. D, §2 (AMD).]

2. Financial institutions organized as limited liability companies. The following provisions apply to financial institutions organized as limited liability companies. A. The articles of organization of a limited liability company must contain the following statement: "The purpose of this limited liability company is to conduct the business of a financial institution as limited by the Maine Revised Statutes, Title 9-B or any rules, orders or certificates under Title 9-B ." Articles of organization or amendments to articles of organization must have the prior written approval of the superintendent. [PL 1997, c. 398, Pt. C, §12 (NEW).] B. The original operating agreement of the financial institution must be approved by the superintendent in writing. Amendments to the operating agreement must be submitted to the superintendent and become effective 10 days after receipt unless the superintendent indicates otherwise to the institution. [PL 1997, c. 398, Pt. C, §12 (NEW).] [PL 1997, c. 398, Pt. C, §12 (NEW).]

3. Financial institutions organized as limited partnerships. The following provisions apply to financial institutions organized as limited partnerships. A. A financial institution organized as a limited partnership shall register with the Secretary of State. The certificate of limited partnership must contain the following statement: "The purpose of this limited partnership is to conduct the business of a financial institution as limited by the Maine Revised Statutes, Title 9-B or any rules, orders or certificates under Title 9-B ." Certificates of limited partnership or amendments to certificates of limited partnership must have the prior written approval of the superintendent. [PL 1997, c. 398, Pt. C, §12 (NEW).] B. A financial institution organized as a limited partnership shall operate pursuant to a written partnership agreement. The original partnership agreement of the financial institution must be approved by the superintendent in writing. Amendments to a partnership agreement must be submitted to the superintendent and become effective 10 days after receipt unless the superintendent indicates otherwise to the institution. [PL 1997, c. 398, Pt. C, §12 (NEW).] [PL 1997, c. 398, Pt. C, §12 (NEW).]

4. Financial institutions organized as limited liability partnerships. The following provisions apply to financial institutions organized as limited liability partnerships. A. A financial institution organized as a limited liability partnership shall register with the Secretary of State. The certificate of limited liability partnership must contain the following statement: "The purpose of this limited liability partnership is to conduct the business of a financial institution as limited by the Maine Revised Statutes, Title 9-B or any rules, orders or certificates under Title 9-B ." Certificates of limited liability partnership or amendments to certificates of limited liability partnership must have the prior written approval of the superintendent. [PL 1997, c. 398, Pt. C, §12 (NEW).] B. A financial institution organized as a limited liability partnership shall operate pursuant to a written partnership agreement. The original partnership agreement of the financial institution must be approved by the superintendent in writing. Amendments to a partnership agreement must be submitted to the superintendent and become effective 10 days after receipt unless the superintendent indicates otherwise to the institution. [PL 1997, c. 398, Pt. C, §12 (NEW).] [PL 1997, c. 398, Pt. C, §12 (NEW).]
9-B M.R.S. § 131 — ME Code / Title 9-B / Part 1 / Chapter 13 / Section 131
9-B §131. Definitions
Status: in_force

In addition to the definitions set forth elsewhere in this Title, and subject to such definitions as the superintendent may promulgate pursuant to regulations hereafter, for purposes of this Title, the following terms have the following meanings. [PL 1979, c. 663, §27 (AMD).]

1. Agency. "Agency" means a branch office of a financial institution at which all or part of the business of the institution is conducted, but the records pertaining to such business are maintained at another office of the institution, and not at such agency office. [PL 1975, c. 666, §1 (AMD).]

1-A. Affiliate. "Affiliate" means any company that controls, is controlled by, or is under common control with another company. For purposes of this definition, "control" has the same meaning as in section 1011, subsection 4 . [PL 1995, c. 628, §1 (NEW).]

2. Authorized to do business in this State. "Authorized to do business in this State" means that a financial institution or credit union is authorized to do the business of banking, if it is: A. Organized under provisions of this Title; [PL 1975, c. 500, §1 (NEW).] B. Organized under provisions of prior laws of this State and subject to the provisions of this Title; [PL 1995, c. 628, §2 (AMD).] C. Organized under provisions of federal law and maintains this State as its home state; [PL 1995, c. 628, §2 (AMD).] D. Organized under provisions of federal law or laws of another state and maintains a branch in this State; or [PL 1995, c. 628, §2 (NEW).] E. Organized under provisions of law of a foreign country and maintains a branch in this State. [PL 1995, c. 628, §2 (NEW).] [PL 1995, c. 628, §2 (AMD).]

3. Branch. "Branch" means any office of a financial institution, including a credit union, where the business of banking is conducted other than the institution's main office. A branch includes an office or vehicle that is not permanent and that is capable of being moved or transferred from one location to another. [PL 2003, c. 322, §1 (AMD).]

4. Bureau. "Bureau" means the Bureau of Financial Institutions. [PL 2001, c. 44, §4 (AMD); PL 2001, c. 44, §14 (AFF).]

5. Business of banking. "Business of banking" or "business of financial institutions" means soliciting, receiving or accepting of money or its equivalent on deposit and the loaning of money as a regular business by any person. [PL 1975, c. 500, §1 (NEW).]

6. Capital. "Capital" for a financial institution means the following: A. For financial institutions organized as corporations, "capital" means the sum of common stock, paid-in common stock surplus, perpetual preferred stock, undivided profits and other capital reserves; [PL 1997, c. 398, Pt. A, §2 (NEW).] B. For financial institutions organized as limited liability companies, limited partnerships or limited liability partnerships, "capital" means the sum of members' or partners' contributions and undistributed earnings of the company or partnership; and [PL 1997, c. 398, Pt. A, §2 (NEW).] C. For financial institutions organized as mutual or cooperative institutions, "capital" means the sum of capital deposits, surplus and undivided earnings. [PL 1997, c. 398, Pt. A, §2 (NEW).] [PL 1997, c. 398, Pt. A, §2 (AMD).]

6-A. Closely related activities. "Closely related activities" means those activities that are part of the business of banking, are closely related to the business of banking, are convenient and useful to the business of banking, are reasonably related to the operation of a financial institution or are financial in nature. Activities reasonably related to the operation of a financial institution include, but are not limited to, business and professional services, data processing, courier and messenger services, credit-related activities, consumer services, real estate-related services, insurance and related services, securities brokerage, investment advice, securities underwriting, mutual fund activities, financial consulting, tax planning and preparation, community development and charitable activities and any activities reasonably related to these activities. Any activity that is authorized by statute or regulation for financial institutions to engage in as of June 30, 1997 is a closely related activity and any activity permitted under the Bank Holding Company Act of 1956, 12 United States Code, Sections 1841 to 1850 (1997) or the Home Owners' Loan Act, 12 United States Code, Sections 1461 to 1470 (1997) or regulations promulgated under either Act is deemed to be a closely related activity. The list of closely related activities may be expanded by rule or by order of the superintendent. [PL 1997, c. 398, Pt. A, §3 (NEW).]

6-B. Commercial activity. “Commercial activity” means any activity in which a bank holding company, a financial holding company, a national bank or a national bank financial subsidiary may not engage under federal law. [PL 2007, c. 69, §1 (NEW).]

7. Commercial bank. "Commercial bank" means a trust and banking company organized under prior laws of this State or the laws of another country or state or a national bank. [PL 1997, c. 398, Pt. A, §4 (AMD).]

8. Commercial loan. "Commercial loan" means a loan to a person, regardless of the nature of any property securing such loan, the proceeds of which are used for business or industrial purposes and not primarily for personal, family or household purposes. [PL 1975, c. 500, §1 (NEW).]

9. Commissioner. "Commissioner" means the Commissioner of the Department of Professional and Financial Regulation. [RR 1993, c. 1, §24 (COR).]

9-A. Community development credit union. "Community development credit union" means a credit union, as defined in subsection 12 , of which a majority of the field of membership meets the definition of low-income in subsection 24‑A . [PL 1997, c. 108, §1 (NEW).]

10. Consumer loan. "Consumer loan" means a loan defined as such pursuant to Title 9‑A, section 1‑301, subsection 14 . [PL 1975, c. 500, §1 (NEW).]

10-A. Cooperative financial institution. "Cooperative financial institution" means any financial institution organized pursuant to chapter 32 in which the earnings and net worth of the institution inure to the ultimate benefit of the members. [PL 1997, c. 398, Pt. A, §5 (NEW).]

11. Credit card. "Credit card" means a credit device by which a cardholder obtains loans or otherwise obtains credit from the card issuer or other persons authorized to extend such credit by the card issuer or the card issuer's agent. [RR 2025, c. 1, Pt. D, §1 (COR).]

12. Credit union. "Credit union" means a cooperative, nonprofit corporation organized pursuant to Part 8 , or under corresponding provisions of any earlier law, and subject to the conditions and limitations as shall be set forth in Part 8 . [PL 1975, c. 500, §1 (NEW).]

12-A. Credit union authorized to do business in this State. "Credit union authorized to do business in this State" means a credit union: A. Organized under provisions of this Title; [PL 1975, c. 666, §2 (NEW).] B. Organized under provisions of prior laws of this State and subject to the provisions of this Title; [PL 1995, c. 628, §3 (AMD).] C. Organized under provisions of federal law and maintains this State as its home state; [PL 1995, c. 628, §3 (AMD).] D. Organized under provisions of federal law or laws of another state and maintains a branch in this State; or [PL 1995, c. 628, §4 (NEW).] E. Organized under provisions of law of a foreign country and maintains a branch in this State. [PL 1995, c. 628, §4 (NEW).] [PL 1995, c. 628, §§3, 4 (AMD).]

12-B. Deposit production offices. "Deposit production offices" means the Maine offices operated by an individual financial institution authorized to do business in this State or individual credit union authorized to do business in this State that do not reasonably help meet the credit needs of Maine communities. For purposes of this subsection, "deposits" includes credit union share accounts. [PL 2005, c. 83, §1 (RPR).]

13. Director. "Director" means a member of the governing body of a financial institution. [PL 1997, c. 398, Pt. A, §6 (AMD).]

14. Electronic funds transfer system. "Electronic funds transfer system" (EFTS) means a computer payment system for transferring funds from one party to another. [PL 1975, c. 500, §1 (NEW).]

14-A. Equity interest. "Equity interest" means common stock, preferred stock, members' or partners' interests or any other type of capital instrument that entitles the holder to vote pursuant to the financial institution's organizational documents. [PL 1997, c. 398, Pt. A, §7 (NEW).]

15. Federal association. "Federal association" means a savings and loan association, savings bank or other financial institution organized pursuant to the Act of Congress entitled "Home Owners' Loan Act of 1933", as amended, or any subsequent Act of Congress relating thereto. [PL 1983, c. 600, §1 (AMD).]

15-A. FDIC. "FDIC" means the Federal Deposit Insurance Corporation or its successors. [PL 1997, c. 398, Pt. A, §7 (NEW).]

16. Federally-chartered credit union. "Federally-chartered credit union" means a credit union organized pursuant to the Act of Congress entitled "Federal Credit Union Act", as amended, or any subsequent Act of Congress relating thereto. [PL 1975, c. 500, §1 (NEW).]

17. Financial institution. "Financial institution" means a universal bank or limited purpose bank organized under the provisions of this Title, and a trust company, nondepository trust company, savings bank, industrial bank or savings and loan association organized under the prior laws of this State. When the term "financial institution" is used in Parts 1 and 2 and sections 422‑A , 427 , 428 , 429 and chapter 46 , the term also includes a credit union organized pursuant to the laws of this State. [PL 2003, c. 322, §2 (AMD).]

17-A. Financial institution authorized to do business in this State. "Financial institution authorized to do business in this State" means a: A. Universal bank or limited purpose bank organized under provisions of this Title; [PL 1997, c. 398, Pt. A, §9 (AMD).] B. Trust company, savings bank, savings and loan association or industrial bank organized under provisions of prior laws of this State and subject to the provisions of this Title; [PL 1997, c. 398, Pt. A, §9 (AMD).] C. National bank, federal association or similar institution that is organized under provisions of federal law and maintains this State as its home state; [PL 1997, c. 398, Pt. A, §9 (AMD).] D. Commercial bank, savings bank, savings and loan association or similar institution that is organized under provisions of federal law or laws of another state and maintains a branch in this State; or [PL 1997, c. 398, Pt. A, §9 (AMD).] E. Commercial bank, savings bank, savings and loan association or similar institution that is organized under provisions of law of a foreign country and maintains a branch in this State. [PL 1997, c. 398, Pt. A, §9 (AMD).] [PL 1997, c. 398, Pt. A, §9 (AMD).]

18. Financial institution holding company. "Financial institution holding company" means any company which is deemed to be a holding company pursuant to the provisions contained in chapter 101 . [PL 1975, c. 500, §1 (NEW).]

18-A. Financial institutions not authorized to do business in this State. "Financial institutions not authorized to do business in this State" means any person engaged in the business of banking that does not satisfy the definition of "authorized to do business in this State" found in subsection 2 . [PL 1987, c. 692, §1 (NEW).]

18-B. Governing body. "Governing body" means the body that oversees the affairs of a financial institution. The governing body may also be referred to as the "board of directors," "board of trustees," "board of managers," "partners' committee" or "managing partners' committee," depending upon the ownership structure of the financial institution. [PL 1997, c. 398, Pt. A, §10 (NEW).]

19. Demand deposit. [PL 1997, c. 398, Pt. A, §11 (RP).]

19-A. Foreign bank. "Foreign bank" means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands that engages directly in the banking business. "Foreign bank" includes foreign commercial banks, foreign merchant banks and other foreign institutions that engage in usual banking activities in connection with the banking business in the countries where the foreign institutions are organized or operating. [PL 1997, c. 182, Pt. A, §1 (NEW).]

20. His. "His," as used in this Title, means "his or her;" while "he" means "he or she." [PL 1979, c. 663, §28 (AMD).]

20-A. Home state. "Home state" means: A. With respect to a financial institution or out-of-state financial institution, the state under whose laws the financial institution or out-of-state financial institution is organized; [PL 1997, c. 182, Pt. B, §1 (AMD).] B. With respect to a national bank or federal association, the state in which the main office of the national bank or federal association is deemed to be located under federal law; or [PL 1997, c. 182, Pt. B, §1 (AMD).] C. With respect to a foreign bank, the state that the foreign bank has designated as its home state in accordance with Section 5 of the federal International Banking Act of 1978. [PL 1997, c. 182, Pt. B, §2 (NEW).] [PL 1997, c. 182, Pt. B, §§1, 2 (AMD).]

20-B. Host state. "Host state" means a state, other than the home state of an out-of-state financial institution, national bank or federal association, in which the financial institution maintains a branch or seeks to establish and maintain a branch. [PL 1995, c. 628, §8 (NEW).]

21. Indirect loan. "Indirect loan" means a loan made to an individual, partnership, joint venture, syndicate or corporation which is an agent of another individual, partnership, joint venture, syndicate or corporation, the proceeds of which are used by the party for which the borrower is an agent. [PL 1975, c. 500, §1 (NEW).]

22. Industrial bank. "Industrial bank" means a company organized under chapter 91 or having the powers possessed by companies so organized. [PL 1975, c. 500, §1 (NEW).]

22-A. In-school branch. [PL 1997, c. 398, Pt. A, §12 (RP).]

22-B. Insurance agent or agency. "Insurance agent or agency" means a person engaged in the business of an insurance agent as defined in Title 24‑A, section 1502. [PL 1997, c. 315, §9 (NEW).]

22-C. Insurance broker. "Insurance broker" means a person engaged in the business of an insurance broker as defined in Title 24‑A, section 1506. [PL 1997, c. 315, §9 (NEW).]

22-D. Insurance consultant. "Insurance consultant" means a person engaged in the business of an insurance consultant as defined in Title 24‑A, section 1402, subsection 4 , 8 or 11 . [PL 1999, c. 127, Pt. A, §20 (AMD).]

22-E. Insurance product. "Insurance product" means a contract of insurance that is offered for sale by a licensed agent or broker. [PL 1997, c. 315, §9 (NEW).]

23. Interested party. "Interested party" means a person having a substantial interest in, or who is or may be aggrieved by, any act or impending act, or any report, rule, regulation, amendment, decision or order of the superintendent. [PL 1975, c. 500, §1 (NEW).]

23-A. Investor. "Investor" means any person who has an ownership interest in a financial institution and is entitled to vote under the institution's organizational documents. "Investor" does not include a member of a credit union organized pursuant to the laws of this State. [PL 2003, c. 322, §3 (AMD).]

23-B. Investor-owned institution. "Investor-owned institution" means a financial institution organized under chapter 31 . [PL 1997, c. 398, Pt. A, §13 (NEW).]

23-C. Limited purpose bank. "Limited purpose bank" or "limited purpose institution" means an institution operating pursuant to Part 12 . [PL 1997, c. 398, Pt. A, §13 (NEW).]

24. Limited-time branch. [PL 1997, c. 398, Pt. A, §14 (RP).]

24-A. Low-income. "Low-income" means earning less than 80% of the average income for all wage earners as established by the United States Department of Labor, Bureau of Labor Statistics or having an annual household income that falls at or below 80% of the median household income for the nation as established by the United States Department of Commerce, Bureau of the Census or as otherwise defined by order of the superintendent. [PL 1997, c. 108, §1 (NEW).]

25. Making a loan. "Making a loan" means a loan made to a borrower by a single financial institution, or the purchase of a loan as authorized in section 431‑A . [PL 1997, c. 398, Pt. L, §5 (AMD).]

26. Mobile branch. [PL 1997, c. 398, Pt. A, §15 (RP).]

27. Mutual financial institution. "Mutual financial institution" or "mutual institution" means any financial institution organized pursuant to chapter 32 , in which the earnings and net worth of the institution inure to the ultimate benefit of the depositors or members. [PL 1997, c. 398, Pt. A, §16 (AMD).]

27-A. Mutual voter. "Mutual voter" means a corporator or member as described in chapter 32 . [PL 1997, c. 398, Pt. A, §17 (NEW).]

28. National bank. "National bank" means a bank or bank and trust company organized pursuant to the Act of Congress entitled "The National Bank Act", as amended, or any subsequent Act of Congress relating thereto. [PL 1975, c. 500, §1 (NEW).]

28-A. Nondepository trust company. "Nondepository trust company" means any financial institution organized under chapter 121 with powers generally limited to trust or fiduciary matters. [PL 1997, c. 398, Pt. A, §18 (AMD).]

29. NOW account. [PL 1997, c. 398, Pt. A, §19 (RP).]

29-A. Out-of-state. "Out-of-state" means a foreign country or a state other than this State. [PL 1995, c. 628, §8 (NEW).]

29-B. Out-of-state financial institution. "Out-of-state financial institution" means a financial institution organized under provisions of law of a foreign country or a state other than this State that maintains, or seeks to establish and maintain, a branch in this State. [PL 1995, c. 628, §8 (NEW).]

29-C. Officer. "Officer" means an employee of a financial institution who has been given managerial or other high-level duties by the governing body of the financial institution. Depending upon the ownership structure of the institution, an officer may include a person with the title of chair, president, vice-president, manager, managing partner or partner. [PL 1997, c. 398, Pt. A, §20 (NEW).]

29-D. Organizational document. "Organizational document" means the charter, certificate of organization, articles of incorporation, articles of association, articles of organization, certificate of limited liability partnership, bylaws, operating agreement, partnership agreement or any other similar document required to be filed with and approved by the superintendent pursuant to section 314‑A or 323 . [PL 1997, c. 398, Pt. A, §20 (NEW).]

30. Person. "Person" means an individual, corporation, partnership, joint venture, trust, estate or unincorporated association. [PL 1975, c. 500, §1 (NEW).]

31. Personal demand deposit. [PL 1997, c. 398, Pt. A, §21 (RP).]

31-A. Real estate-related services. "Real estate-related services" means: A. Real estate investment and development, pursuant to section 419‑A ; [PL 1997, c. 398, Pt. A, §22 (NEW).] B. Maintenance and management of improved real estate; [PL 1997, c. 398, Pt. A, §22 (NEW).] C. Real estate appraising; [PL 1997, c. 398, Pt. A, §22 (NEW).] D. Real estate settlement services; [PL 1997, c. 398, Pt. A, §22 (NEW).] E. Real estate brokerage activities with respect to properties owned by a financial institution authorized to do business in this State, a financial institution holding company, or subsidiaries thereof, regardless of how the property is acquired or for what purpose; or [PL 1997, c. 398, Pt. A, §22 (NEW).] F. Any real estate-related service authorized by this Title or by rule or order of the superintendent or any real estate-related service authorized for any financial institution chartered by or otherwise subject to the jurisdiction of the Federal Government, pursuant to the authority granted under section 416 . [PL 1997, c. 398, Pt. A, §22 (NEW).] [PL 1997, c. 398, Pt. A, §22 (NEW).]

32. Savings account. "Savings account" or "savings deposit" means a deposit or account in a financial institution in which the depositor is not required by the deposit contract, but may at any time be required by the financial institution, to give notice in writing of an intended withdrawal not less than 7 days before such withdrawal is made and that is not payable on a specified date or at the expiration of a specified time after the date of deposit. [PL 2005, c. 82, §1 (AMD).]

33. Savings and loan association. "Savings and loan association," "association" or "loan and building association" means a financial institution organized under the prior laws of this State that is authorized to exercise the powers set forth in Part 4 , subject to the conditions and limitations on the exercise of those powers as set forth in Part 4 . [PL 1997, c. 398, Pt. A, §23 (AMD).]

34. Savings bank. "Savings bank" or "institute for savings" means a financial institution organized under the prior laws of this State that is authorized to exercise the powers set forth in Part 4 , subject to the conditions and limitations on the exercise of those powers as set forth in Part 4 . [PL 1997, c. 398, Pt. A, §23 (AMD).]

35. Satellite facility. "Satellite facility" means any facility, automated device or electronic terminal established by a financial institution authorized to do business in this State or a credit union authorized to do business in this State at which an existing financial institution or credit union customer may initiate banking transactions, including, but not limited to, cash deposits to and withdrawals from that customer's account, cash advances on a preauthorized credit line, transfers between deposit or share accounts or payment transfers from the customer's account to accounts of other financial institution or credit union customers. Such a facility is not permanently staffed and is not part of a main office or branch office of a financial institution or credit union. Such a facility may be part of an electronic funds transfer system. Satellite facilities include facilities engaged in soliciting, receiving or accepting money or its equivalent on deposit from new and existing customers. "Satellite facility" does not include a cash dispensing machine that, operating in conjunction with a processor and network, allows a customer to debit an account in exchange for dispensing cash and that may allow a customer to effectuate transfers between the customer's accounts in the same financial institution or credit union, a point-of-sale terminal, a night depository or an office or facility engaged solely in the solicitation and origination of loans. [PL 2003, c. 322, §4 (AMD).]

36. Seasonal branch. [PL 1997, c. 398, Pt. A, §25 (RP).]

37. Service corporation. "Service corporation" means a corporation, limited liability company or limited partnership substantially all the activities of which consist of originating, purchasing, selling and servicing loans and participation interests therein; or clerical, bookkeeping, accounting and statistical or similar functions related to a financial institution or real estate activities; or management, personnel, marketing or investment counseling related to a financial institution or real estate activities; or establishing or operating one or more satellite facilities; or any activity authorized by the superintendent by rule or order that has been authorized under federal law for service corporations owned or controlled by national banks, federally chartered savings and loan associations, federally chartered savings banks or federally chartered credit unions. The purpose of authorizing any such activity is to maintain competitive equality between federally chartered and state-chartered institutions. [PL 2005, c. 82, §2 (AMD).]

37-A. Share account. "Share account" means a share or deposit account at a credit union held by or offered to a member or potential member. "Share account" includes, but is not limited to, accounts such as share, share draft and term share accounts. "Share account" also includes a share or deposit account held by or offered to a nonmember in a community development credit union. [PL 2003, c. 322, §5 (NEW).]

38. Sociological composition. "Sociological composition" means the reflection of broad social and economic characteristics of the communities in which a mutual financial institution derives a substantial part of its deposit and loan business. [PL 1975, c. 500, §1 (NEW).]

39. Stock financial institution. [PL 1997, c. 398, Pt. A, §27 (RP).]

39-A. Subsidiary. "Subsidiary" means a corporation, partnership, business trust, association or similar organization, all of which are referred to in this subsection as "another company," owned or controlled by a financial institution or financial institution holding company. A financial institution or financial institution holding company shall be deemed to control "another company" if the criteria set forth in section 1011, subsection 4 , are met. [PL 1985, c. 328, §1 (NEW).]

40. Superintendent. "Superintendent" means the Superintendent of Financial Institutions. [PL 2001, c. 44, §5 (AMD); PL 2001, c. 44, §14 (AFF).]

41. Surplus account. "Surplus account" or "total surplus" for a mutual financial institution means the sum of its capital reserves, surplus funds, undivided profits, and capital notes and debentures. [PL 1975, c. 500, §1 (NEW).]

42. Thrift institution. "Thrift institution" means a savings bank or a savings and loan association organized under the prior laws of this State. [PL 1997, c. 398, Pt. A, §28 (AMD).]

43. Time deposit. "Time deposit" means "time certificate of deposit" and "time deposit, open account". [PL 1975, c. 500, §1 (NEW).]

44. Time certificate of deposit. "Time certificate of deposit" means a deposit evidenced by a negotiable or nonnegotiable instrument that provides on its face that the amount of the deposit is payable to bearer or to any specified person or to the person's order: A. On a certain date, specified in the instrument, not less than 30 days after the date of the deposit; or [PL 1975, c. 500, §1 (NEW).] B. At the expiration of a certain specified time not less than 30 days after the date of the instrument; or [PL 1975, c. 500, §1 (NEW).] C. Upon notice in writing that is actually required to be given not less than 30 days before the date of repayment; and [RR 2025, c. 1, Pt. D, §2 (COR).] D. In all cases only upon presentation and surrender of the instrument. [PL 1975, c. 500, §1 (NEW).] [RR 2025, c. 1, Pt. D, §2 (COR).]

45. Time deposit, open account. "Time deposit, open account" means a deposit other than a "time certificate of deposit", with respect to which there is in force a written contract with the depositor that neither the whole nor any part of such deposit may be withdrawn, by check or otherwise, prior to the date of maturity, which shall be not less than 30 days after the date of the deposit; or prior to the expiration of the period of notice which must be given by the depositor in writing not less than 30 days in advance of withdrawal. [PL 1975, c. 500, §1 (NEW).]

45-A. Total capital. "Total capital" means the sum of capital, as defined in subsection 6 , plus capital notes and debentures, other instruments approved by the superintendent and the allowance for loan losses or other similar reserves. [PL 1997, c. 398, Pt. A, §29 (NEW).]

46. Trust company. "Trust company" or "trust and banking company" means any financial institution organized under the prior laws of this State that is authorized to exercise the powers set forth in Part 4 , subject to the conditions and limitations on the exercise of those powers as set forth in Part 4 . [PL 1997, c. 398, Pt. A, §30 (AMD).]

47. Universal bank. "Universal bank" means an investor-owned institution or a mutual financial institution authorized by its organizational documents to exercise all the powers granted in Part 4 and includes a trust company, a savings bank and a savings and loan association chartered by special act of the Legislature, established prior to October 1, 1975 or established pursuant to this Title. [RR 1997, c. 2, §34 (COR).]
9-B M.R.S. § 243 — ME Code / Title 9-B / Part 2 / Chapter 24 / Section 243
9-B §243. Tie-in arrangements
Status: in_force

1. Prohibition. A financial institution authorized to do business in this State or a credit union authorized to do business in this State may not in any manner extend credit, lease or sell property, or furnish any service, or fix or vary the consideration for any of the foregoing on the condition, agreement, requirement or understanding: A. That the customer obtain some additional or other credit, property or other service from such financial institution other than a loan, discount, deposit or trust service. This paragraph does not prohibit a tie-in involving insurance products that is permitted under Title 24‑A ; [PL 1997, c. 315, §15 (AMD).] B. That the customer obtain some additional or other credit, property or service from a subsidiary of such financial institution, a financial institution holding company of such financial institution or from any other subsidiary of such financial institution holding company; [PL 1999, c. 218, §7 (AMD).] C. That the customer provide some additional or other credit, property or service to such financial institution, other than those related to and usually provided in connection with a loan, discount, deposit or trust service; [PL 1999, c. 218, §7 (AMD).] D. That the customer provide some additional or other credit, property or service to a subsidiary of such financial institution, a financial institution holding company of such financial institution or from any other subsidiary of such financial institution holding company; or [PL 1999, c. 218, §7 (AMD).] E. That the customer may not obtain some additional or other credit, property or service from a competitor of such financial institution, a subsidiary of a competitor financial institution, a financial institution holding company of a competitor financial institution or any other subsidiary of such competitor financial institution holding company, other than a condition or requirement that such financial institution shall reasonably impose in a credit transaction to assure the soundness of the credit. [PL 1999, c. 218, §7 (AMD).] [PL 1999, c. 218, §7 (AMD).]

2. Exceptions. The superintendent may, pursuant to rules issued in accordance with section 251 , permit such exceptions to the prohibitions in subsection 1 as the superintendent considers will not be contrary to the public interest and the purposes of this section. [RR 2025, c. 1, Pt. D, §13 (COR).]
9-B M.R.S. § 226 — ME Code / Title 9-B / Part 2 / Chapter 22 / Section 226
9-B §226. Confidentiality
Status: in_force

1. Requirement. Except as provided in subsections 2 and 3 , the following information derived by or communicated to the superintendent or to any employee of the bureau is confidential and may not be disclosed or made public: A. Information designated confidential under federal law or regulations; [PL 2007, c. 597, §11 (NEW).] B. Examination and investigative working papers and reports; [PL 2007, c. 597, §11 (NEW).] C. Personal identifying information of consumers and other complainants who contact the bureau; [PL 2007, c. 597, §11 (NEW).] D. Personal identifying information of the governing body organizers and the proposed investors of a financial institution contained in an application filed with the bureau; [PL 2007, c. 597, §11 (NEW).] E. Privileged trade secrets, detailed business plans and commercial or financial information that, if disclosed to the public, would cause detriment to the financial institution; and [PL 2007, c. 597, §11 (NEW).] F. Information other than that in paragraphs A to E for which the superintendent determines that confidential treatment is necessary and appropriate for the supervision of a specific financial institution or for state-chartered financial institutions in general. [PL 2007, c. 597, §11 (NEW).] [PL 2007, c. 597, §11 (AMD).]

2. Disclosure to Governor; Attorney General. The superintendent may disclose such information to the Governor or to the Attorney General of this State at such times and under such circumstances as the superintendent determines necessary and appropriate to the proper discharge of the superintendent's duties and responsibilities under this Title; and the superintendent shall disclose such information upon written request of the Governor or the Attorney General. [RR 2025, c. 1, Pt. D, §8 (COR).]

3. Disclosure to others. The superintendent may disclose the information specified in subsection 1 to the following persons or entities, except that information furnished to the superintendent that has been designated as confidential by a state or federal agency furnishing the information may not be disclosed by the recipient of the information unless disclosure has been authorized by the furnishing agency. Whenever confidential information is disclosed pursuant to this section, the information remains the property of the bureau or the furnishing agency and the recipients of the confidential information may not disclose or make public information so communicated, except as authorized by the superintendent or pursuant to other provisions of this Title: A. The Treasurer of State and the Commissioner of Professional and Financial Regulation; [PL 1995, c. 628, §14 (AMD).] B. [PL 1995, c. 628, §14 (RP).] C. State departments that, in the opinion of the superintendent, require this information; [PL 1995, c. 628, §14 (AMD).] D. Other persons, including other state, foreign or federal regulatory officials, who, in the opinion of the superintendent, require this information to facilitate the general conduct of supervisory activities of the bureau; [PL 1995, c. 628, §14 (AMD).] E. A court of law or equity, but only with the written consent of the superintendent or pursuant to a special order of the court; and [PL 1995, c. 628, §14 (AMD).] F. To those persons or entities necessary in order to comply with provisions of this Title relating to legal or regulatory proceedings and to disclosure or publication of certain applications, reports, statistics and information. [PL 2007, c. 597, §12 (AMD).] [PL 2007, c. 597, §12 (AMD).]

4. Penalty. A person who intentionally or knowingly discloses confidential information in violation of this section commits a Class E crime. [PL 2007, c. 597, §13 (RPR).]
9-B M.R.S. § 841 — ME Code / Title 9-B / Part 8 / Chapter 84 / Section 841
9-B §841. Management in general
Status: in_force

The management and operations of a credit union must be conducted in accordance with the provisions of Title 13-C , except as provided in this chapter and elsewhere in this Part. [RR 2001, c. 2, Pt. B, §16 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
9-B M.R.S. § 918 — ME Code / Title 9-B / Part 9 / Chapter 91 / Section 918
9-B §918. Unlawful acts
Status: in_force

No industrial bank authorized to do business in this State shall: [PL 1975, c. 500, §1 (NEW).]

1. Loan limitations; rates of loan to capital and surplus. Hold at any one time the direct obligation or obligations of any one person, firm or corporation for more than 4% of the amount of total capital and reserves of such industrial bank or the indirect obligation or obligations of any one person, firm or corporation for more than 15% of the amount of total capital and reserves of such industrial bank. Nothing in this section shall be construed to limit the holdings of an industrial bank in the obligations of the United States or the State of Maine, and in amounts authorized by a vote of a majority of the directors or the executive committee. For the purpose of this section, bills of exchange, including trade acceptances, shall be deemed to be the direct obligations of the acceptors thereof and the indirect obligations of the drawers thereof. [PL 1975, c. 500, §1 (NEW).]

2. Deposit of funds in other financial institutions. Deposit any of its funds with any other financial institution, unless such institution has been designated as such depository by a vote of a majority of the directors or of the executive committee, exclusive of any director who is an officer, director or trustee of the depository so designated; or [PL 1979, c. 663, §56 (AMD).]

3. Borrowing limitations. Be at any time indebted for borrowed money to an amount in excess of 100% of its total capital and reserves, except that by vote of a majority of its entire board of directors or executive committee setting forth the reasons therefor, and upon receiving the written consent of the superintendent thereto, it may borrow money to redeem its certificates of investment or prevent loss by sale of assets, and may redeem rediscount notes, or pledge bonds, notes or other securities as collateral therefor. Copies of all votes authorizing such excess borrowing shall be promptly forwarded by the secretary to the superintendent. Rediscount shall be considered as borrowed money for the purpose of this section. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 214 — ME Code / Title 9-B / Part 2 / Chapter 21 / Section 214
9-B §214. Revenues and expenses
Status: in_force

1. Examination expenses. The expenses of the bureau necessarily incurred in the examination of financial institutions under its supervision shall be chargeable to such financial institutions as follows: A. Every financial institution shall be assessed for the actual expenses incurred by the bureau in connection with any examination or investigation, whether regular or special, such assessments to include the proportionate part of the salaries of the examiners while engaged at such institutions and the board, room and travel expenses of such persons while away from home. [PL 1975, c. 500, §1 (NEW).] B. Such assessment shall be made by the superintendent as soon as feasible after the close of such examination or investigation and notice thereof shall forthwith be sent to such institution. [PL 1975, c. 500, §1 (NEW).] C. All assessments so made shall be paid to the Treasurer of State by such institutions within 30 days following such notice. [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]

2. Assessment on financial institutions. A. To provide for the balance of the reasonable expenses incurred to fulfill the bureau's duty pursuant to this Title, including general regulatory costs, overhead, transportation and general office and administrative expenses, except as otherwise provided in this paragraph, the superintendent shall assess each financial institution under the superintendent's supervision at the annual rate of at least 6¢ for each $1,000 of the total of average assets, as defined by the superintendent. The frequency of assessment may coincide with the frequency of filing periodic financial reports with the bureau but may not be more frequent than quarterly. The superintendent may raise the minimum assessment rate of 6¢ for each $1,000 of the total of average assets by adopting rules pursuant to section 251 at such time as economic conditions warrant such an increase. Except as otherwise provided in this paragraph, in no event may the assessment be less than $25. The superintendent may lower or suspend by rule or order any assessment specified in this paragraph or established by rule pursuant to this paragraph. Rules adopted pursuant to this paragraph are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2023, c. 30, §1 (AMD).] B. An assessment pursuant to paragraph A may be made on or before the assessment date for the period prescribed as follows: Period ending Assessment date Quarterly March 31st May 1st June 30th August 1st September 30th November 1st December 31st February 1st The superintendent shall notify the financial institution of the assessment. The assessment must be paid to the Treasurer of State within 10 days following the assessment date. [PL 2003, c. 322, §6 (AMD).] [PL 2023, c. 30, §1 (AMD).]

2-A. Assessment on interstate branches of out-of-state financial institutions. To provide for the balance of the reasonable expenses incurred to fulfill the bureau's duty pursuant to this Title, including general regulatory costs, overhead, general office and administrative expenses, the superintendent may assess a fee to be paid by each out-of-state financial institution that operates one or more branches in this State. The amount and timing of payment of this assessment must be determined through rulemaking by the bureau, but in no event may the amount exceed $500 per branch annually. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1995, c. 628, §10 (NEW).]

2-B. Assessment on nondepository trust companies. Except as otherwise provided in this subsection, nondepository trust companies that are not affiliated with a financial institution shall pay an assessment at the annual rate of not less than $2,000 or an amount determined by the superintendent of at least 6¢ for every $10,000 of fiduciary assets under its management, custody or care. The superintendent may further define by rule fiduciary assets under management, custody or care or change the minimum assessment whenever economic conditions warrant such a change. The superintendent may lower or suspend by rule or order any assessment specified in this subsection or established by rule pursuant to this subsection. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . These assessments must be paid in accordance with subsection 2, paragraph B . [PL 2023, c. 30, §2 (AMD).]

2-C. Assessment on uninsured bank or merchant bank. If an uninsured bank or merchant bank predominately engages in the business of a nondepository trust company, then the uninsured bank or merchant bank shall pay an assessment as prescribed in subsection 2‑B . Otherwise, an uninsured bank or merchant bank shall pay an assessment as prescribed in subsection 2 . [PL 2003, c. 322, §8 (AMD).]

3. Operating fund. The aggregate of payments provided for by this section and elsewhere in this Title is appropriated for the use of the bureau. Any balance of said funds shall not lapse but shall be carried forward to be expended for the same purposes in succeeding fiscal years. [PL 1975, c. 500, §1 (NEW).]

4. Penalty. Any financial institution that fails to make the payments required under this section within the time specified is subject to a penalty of not more than $500 per day for each day it is in violation of this section, which penalty, together with the amount due under the provisions of this section, may be recovered in a civil action in the name of the State. [PL 2003, c. 322, §9 (AMD).]
9-B M.R.S. § 318 — ME Code / Title 9-B / Part 3 / Chapter 31 / Section 318
9-B §318. Dividends, distributions and withdrawals
Status: in_force

1. Limitation. A financial institution organized pursuant to this chapter may not authorize dividends, distributions or withdrawals that reduce capital below the higher of the amount required under the certificate of public convenience and advantage or section 412-A without the prior approval of the superintendent. [PL 1997, c. 398, Pt. C, §17 (NEW).]

2. Form. Dividends, distributions and withdrawals must be in cash or in additional shares, members' interests or partnership interests unless otherwise authorized by the superintendent. [PL 1997, c. 398, Pt. C, §17 (NEW).]
9-B M.R.S. § 241 — ME Code / Title 9-B / Part 2 / Chapter 24 / Section 241
9-B §241. Anticompetitive or unfair practices
Status: in_force

1. Rules and regulations. A. The superintendent has the power to adopt rules, in accordance with section 251 , defining, limiting or proscribing acts and practices that, when engaged in by a financial institution authorized to do business in this State or its subsidiaries, by a credit union authorized to do business in this State or by a financial institution holding company or its subsidiaries, are determined to be anticompetitive, unfair, deceptive or otherwise injurious to the public interest. [PL 1999, c. 218, §2 (AMD).] B. Such rules and regulations may be promulgated by the superintendent upon complaint of interested parties, or in rule-making proceedings initiated by the bureau. [PL 1975, c. 500, §1 (NEW).] C. The authority granted to the superintendent herein shall be in addition to the cease and desist powers granted in section 231 ; and the fact that rules and regulations have not been promulgated hereunder shall not affect the validity of any cease and desist order issued pursuant to section 231, subsection 1 . [PL 1975, c. 500, §1 (NEW).] D. Whenever the superintendent has reason to believe that a financial institution authorized to do business in this State or a credit union authorized to do business in this State is using or is about to use any method, act or practice in violation of section 231 and that proceedings would be in the public interest, the superintendent may bring an action in the name of the State against the entity to restrain by temporary or permanent injunction the use of the method, act or practice and the court may make such other orders or judgments as may be necessary to restore to any person who has suffered any ascertainable loss by reason of the use or employment of the unlawful method, act or practice any moneys or property, real or personal, that may have been acquired by means of the method, act or practice. At least 10 days prior to commencement of any action under this section, the superintendent shall notify the entity of the superintendent's intended action and give the entity the opportunity to confer with the superintendent in person or by counsel or other representative as to the proposed action. Notice must be given the entity by mail, postage prepaid, sent to the entity's usual place of business. The superintendent may proceed without notice as required by this section upon a showing of facts by affidavit of immediate irreparable harm to the consumers of the State. The action may be brought in the Superior Court of the county in which the entity is located or has its principal place of business or may be brought in the Superior Court of Kennebec County. The courts are authorized to issue temporary or permanent injunctions to restrain and prevent violations of this section. A district attorney or law enforcement officer receiving notice of an alleged violation of this section shall immediately forward written notice of the alleged violation with any other information that the district attorney or law enforcement officer may have to the office of the superintendent. A person or entity that violates the terms of an injunction issued under this section shall forfeit and pay to the State to be applied to the General Fund a civil penalty of not more than $10,000 for each violation. For the purposes of this section, the court issuing the injunction retains jurisdiction, and the cause must be continued, and in such cases the superintendent, acting in the name of the State, may petition for recovery of the civil penalty. In an action under this section in which a permanent injunction is issued, the court may order the person or entity against whom the permanent injunction has been issued to pay to the State the costs of the investigation of that person or entity by the superintendent and the costs of suit, which fund must be applied in the carrying out of the duties of the bureau. [RR 2025, c. 1, Pt. D, §11 (COR).] [RR 2025, c. 1, Pt. D, §11 (COR).]

2. Prices of financial services. A. The authority granted to the superintendent in subsection 1 shall not be construed as authorizing the superintendent to establish the price at which financial services may be offered to the public, except that the superintendent may establish prices for such services upon a showing that the manner and method of actual pricing of a particular service, and the offering of such to the public, is anticompetitive or deceptive. [PL 1975, c. 500, §1 (NEW).] B. An interested party affected by the exercise of the superintendent's authority in paragraph A 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).] [PL 1975, c. 500, §1 (NEW).]

3. Alternative mortgage instruments. The Legislature declares that the preemption provided by the United States Garn-St. Germain Depository Institutions Act of 1982, Public Law 97-320, Section 804, shall not apply. The Legislature further declares that the superintendent shall have the power to promulgate regulations in accordance with section 251 , which define, limit or otherwise authorize the use of alternative mortgage instruments by financial institutions. The Legislature further finds and declares that regulations promulgated prior to the preemption of the United States Garn-St. Germain Depository Institutions Act of 1982 shall continue to have full force and effect. [PL 1983, c. 307, §2 (NEW).]

4. Attorneys. Every financial institution authorized to do business in this State and every credit union authorized to do business in this State that accepts an application for a residential mortgage loan for one to 4 residential units and that requires that an attorney search the title of the subject real estate shall permit the prospective mortgagor to select a qualified attorney of the mortgagor's choice to search the title of the subject real estate and certify that title to the institution or land title insurance company, except that the institution may require the prospective mortgagor's attorney to provide it with evidence of adequate liability insurance or land title insurance or such other written policy requirements as the institution may determine necessary to protect its interests, as long as, if all requirements are met by the attorney chosen by the mortgagor, additional legal costs may not be assessed by the financial institution or credit union against the mortgagor for review of the title search or any other relevant title documents by the institution, its title company or attorney. Every financial institution and credit union subject to this subsection shall provide written notice to the prospective mortgagor that the mortgagor has the right to select a qualified attorney of the mortgagor's choice for the performance of title work. The notice must inform the prospective mortgagor that, if the attorney chosen by the mortgagor meets the financial institution's requirements, additional fees may not be charged to the mortgagor for title work. If the prospective mortgagor indicates on the written notice that the mortgagor does not wish to exercise the mortgagor's right to select an attorney, then the institution may recommend an attorney. This subsection may not be construed to require certification of title to a financial institution or credit union if that institution does not so require or to a land title insurance company if that company does not so require. Any violation of this section by a financial institution authorized to do business in this State or credit union authorized to do business in this State is an anticompetitive or deceptive practice as defined in this chapter and subject to the remedies provided in this chapter in addition to such other remedies as may be provided otherwise by law. [PL 1999, c. 218, §3 (AMD).]

5. Availability of funds for items deposited. With respect to items deposited into an account, financial institutions authorized to do business in this State and credit unions authorized to do business in this State shall make those funds available for withdrawal from that account within a reasonable time. The superintendent may adopt rules setting forth limitations and disclosure requirements governing funds availability. For purposes of this section, account means a checking account or any other transactional account, a savings account or a time account. If a federal law or regulation governing availability of funds is in effect, rules adopted under this subsection may not be more restrictive with respect to time periods in which funds must be available for withdrawal than those federal laws or regulations. [PL 1999, c. 218, §4 (AMD).]

6. Returned check charges. [PL 1989, c. 426 (NEW); MRSA T. 9-B §241, sub-§6 (RP).]

7. Restrictions on use of names of Maine financial institutions on credit cards. A credit card may be titled and may have the name of a financial institution authorized to do business in this State or credit union authorized to do business in this State on the card if: A. The terms of the credit card contract comply with the laws applicable to that financial institution or credit union; or [PL 2003, c. 322, §12 (AMD).] B. The name and state of the financial institution or credit union underwriting the debt appears on the credit card. [PL 2003, c. 322, §12 (AMD).] [PL 2003, c. 322, §12 (AMD).]

8. Deposit production offices prohibited. No financial institution authorized to do business in this State or credit union authorized to do business in this State may operate deposit production offices in this State. The superintendent shall annually review the level of lending in this State relative to the level of deposits in this State of each financial institution authorized to do business in this State and each credit union authorized to do business in this State to determine whether deposit production offices are being operated. If the superintendent determines that a financial institution authorized to do business in this State or credit union authorized to do business in this State is operating deposit production offices, the superintendent may issue a cease and desist order pursuant to chapter 23 . The superintendent may adopt rules to implement this subsection. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . This subsection does not apply to limited purpose banks. [PL 2005, c. 83, §6 (AMD).]

9. Restrictions on the use of the terms "savings," "bank" and derivatives of those terms. This subsection governs the use of the terms "savings," "bank" and derivatives of those terms. A. A person, if duly authorized under the laws of this State, another state or the United States to conduct the business of banking, may use as a part of the name or title under which it conducts business in this State the terms "saving," "savings," "savings bank," "bank," "banker," "trust," "trust company," "banking" or "trust and banking company." The superintendent may require the filing of supporting documentation relating to this paragraph in the form and manner and containing such information as the superintendent may prescribe. [PL 2001, c. 211, §8 (AMD).] B. Except as provided in paragraph A , a person, without prior written approval of the superintendent, may not use the terms "saving," "savings," "savings bank," "bank," "banker," "trust," "trust company," "banking" or "trust and banking company" or any derivatives of those terms as part of the name or title under which business is conducted or as a designation of such business. In determining whether to grant written permission, the superintendent shall consider whether the business to be conducted is similar to the business of banking and whether using those terms or any derivatives of those terms could be deceptive or otherwise injurious to public interest. [PL 1995, c. 628, §18 (NEW).] C. This subsection does not apply to out-of-state financial institutions, corporations or partnerships that, in the ordinary course of their business, have to file with the Secretary of State in processing the routine disposition of assets acquired by legitimate business dealings. [PL 1995, c. 628, §18 (NEW).] D. A person who violates any provision of this subsection is subject to a civil penalty of not more than $10,000 for each violation. [PL 1995, c. 628, §18 (NEW).] E. This subsection does not prohibit the use of any name of a person who was duly qualified to do business as a foreign corporation in that name under former Title 13‑A, section 1201 on February 1, 1996. [RR 2001, c. 2, Pt. B, §6 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).] [RR 2001, c. 2, Pt. B, §6 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]

10. Deposit concentration. A financial institution authorized to do business in this State, a financial institution not authorized to do business in this State, a financial institution holding company, a foreign bank or a foreign bank holding company may not consolidate or merge or acquire control, directly or indirectly, of all or part of a financial institution authorized to do business in this State if, as the result of the consolidation, acquisition or merger, the acquiring institution would hold or control more than 30% of the total amount of deposits of financial institutions authorized to do business in this State that are attributable to branches located in this State; except, upon consideration of the decision-making criteria found in section 253 , the superintendent may waive the 30% deposit concentration limit on a case-by-case basis. In calculating the amount of deposits that an acquiring institution may hold or control under this section, credit union shares are added to the amount of deposits of financial institutions authorized to do business in this State that are attributable to branches located in this State. The 30% deposit concentration limit does not apply to credit unions authorized to do business in this State. [PL 2007, c. 79, §6 (AMD).]

11. Choice of insurance producer. A financial institution authorized to do business in this State or credit union authorized to do business in this State, or a financial institution holding company or an affiliate of a financial institution holding company that is authorized to do business in this State as insurance producer under section 448 , or pursuant to applicable federal law, and Title 24‑A to negotiate or sell insurance products to purchasers or borrowers may not, in connection with the extension of credit, interfere with a purchaser's or borrower's free choice of insurance producer, consultant or company under applicable provisions contained in Title 24‑A . Any violation of this subsection is an anticompetitive or deceptive practice under this chapter and is subject to the remedies provided in this chapter in addition to those remedies otherwise provided by law. 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 1999, c. 218, §5 (AMD).]

12. Electronic banking. A financial institution or credit union organized under the provisions of federal law, law of another state or law of a foreign country that does not meet the definition of authorized to do business in this State, pursuant to section 131 , may engage in the business of banking through electronic or similar means in this State and is subject to the provisions of Parts 1 and 2 to the same extent Parts 1 and 2 apply to a financial institution authorized to do business in this State. [PL 2001, c. 211, §9 (NEW).]

12. (REALLOCATED TO T. 9-B, §241, sub-§13) Privacy of consumer information. [RR 2001, c. 1, §15 (RAL); PL 2001, c. 262, Pt. B, §7 (NEW).]

13. (REALLOCATED FROM T. 9-B, §241, sub-§12) Privacy of consumer information. A financial institution authorized to do business in this State or a credit union authorized to do business in this State shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999) and the applicable implementing federal Privacy of Consumer Information regulations, as adopted by the Office of the Comptroller of the Currency, 12 Code of Federal Regulations, Part 40 (2001); the Board of Governors of the Federal Reserve System, 12 Code of Federal Regulations, Part 216 (2001); the Federal Deposit Insurance Corporation, 12 Code of Federal Regulations, Part 332 (2001); the Office of Thrift Supervision, 12 Code of Federal Regulations, Part 573 (2001); or the National Credit Union Administration, 12 Code of Federal Regulations, Part 716 (2001). This subsection 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 . Any violation of this subsection is an anticompetitive or deceptive practice for the purposes of this chapter and is subject to the remedies provided in this chapter in addition to remedies otherwise provided by law. [RR 2001, c. 1, §15 (RAL).]

14. Choice of accounting, tax or attest services provider. A financial institution authorized to do business in this State or a credit union authorized to do business in this State or a financial institution holding company or an affiliate of a financial institution holding company that is authorized to do business in this State may not, in connection with the extension of credit, interfere with a purchaser's or borrower's free choice of an accounting, tax or attest services provider who is accredited as a certified public accountant, public accountant or enrolled agent, except that the financial institution or credit union may require the provider chosen by the purchaser or borrower to provide adequate evidence of liability insurance or such other written policy requirements as the financial institution or credit union may determine necessary to protect its interest. [PL 2007, c. 185, §3 (NEW).]

15. Deceptive use of names. A person may not use in an unauthorized or deceptive manner the name, abbreviated name or title of any financial institution authorized to do business in this State, credit union authorized to do business in this State, financial institution holding company or their affiliates or subsidiaries in any written or oral advertisement or solicitation. Use of a name, abbreviated name or title is not unauthorized or deceptive if the person using the name, abbreviated name or title has obtained written authorization for such use from the financial institution, credit union, holding company, affiliate or subsidiary or if the use is limited solely to a truthful written advertisement or solicitation comparing the relative attributes of similar products or services offered by the financial institution, credit union, holding company, affiliate or subsidiary and the person using the name, abbreviated name or title. The superintendent may, through the Attorney General, bring a civil action against any person who willfully violates any provision of this subsection. The penalty for violation of this subsection may not exceed $5,000 for each violation. Any financial institution, credit union, holding company, affiliate or subsidiary whose name, abbreviated name or title is used by any person in violation of this subsection may, in addition to any other remedy available under the laws of this State, bring an action to enjoin such use and recover damages. The court shall award actual damages or $5,000 for each violation, whichever is greater, plus attorney's fees and costs, upon a finding that a violation has occurred. [PL 2009, c. 103, §1 (NEW).]
9-A M.R.S. § 13-102 — ME Code / Title 9-A / Chapter 13 / Section 13-102
9-A §13-102. Definitions
Status: in_force

As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2009, c. 362, Pt. B, §1 (NEW).]

1. Clerical or support duties. "Clerical or support duties" may include subsequent to the receipt of an application: A. The receipt, collection, distribution and analysis of information common for the processing, underwriting or modification of a residential mortgage loan; and [PL 2009, c. 362, Pt. B, §1 (NEW).] B. Communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or terms or counseling consumers about residential mortgage loan rates or terms. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

1-A. Credit sale. "Credit sale" means the sale of a dwelling or residential real estate purchased for a personal, family or household purpose in which credit is extended by the seller and either the debt is payable in installments or a finance charge is made. [PL 2011, c. 289, §1 (NEW); PL 2011, c. 289, §5 (AFF).]

2. Depository institution. "Depository institution" has the same meaning as in Section 3 of the Federal Deposit Insurance Act, and includes any credit union. [PL 2009, c. 362, Pt. B, §1 (NEW).]

3. Dwelling. "Dwelling" has the same meaning as in the federal Truth in Lending Act, Section 103(v). [PL 2009, c. 362, Pt. B, §1 (NEW).]

4. Immediate family member. "Immediate family member" means a spouse, child, sibling, parent, grandparent or grandchild. "Immediate family member" includes stepparents, stepchildren, stepsiblings and adoptive relationships. [PL 2009, c. 362, Pt. B, §1 (NEW).]

5. Individual. "Individual" means a natural person. [PL 2009, c. 362, Pt. B, §1 (NEW).]

6. Loan processor or underwriter. "Loan processor or underwriter" means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed or exempt from licensing under the provisions of this Title. An individual engaging solely in loan processor or underwriter activities may not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists or other promotional items, that such individual can or will perform any of the activities of a mortgage loan originator. [PL 2009, c. 362, Pt. B, §1 (NEW).]

7. Mortgage loan originator. "Mortgage loan originator" means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. "Mortgage loan originator" does not include: A. An individual engaged solely as a loan processor or underwriter except as otherwise provided in section 13‑103, subsection 3, paragraph A ; [PL 2009, c. 362, Pt. B, §1 (NEW).] B. A person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with the laws of this State, unless the person or entity is compensated by a lender, a mortgage broker or other mortgage loan originator or by any agent of such lender, mortgage broker or other mortgage loan originator; or [PL 2009, c. 362, Pt. B, §1 (NEW).] C. A person or entity solely involved in extensions of credit relating to time-share plans, as that term is defined in Title 11 United States Code, Section 101(53D). [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

8. Nationwide mortgage licensing system and registry. "Nationwide mortgage licensing system and registry" means a mortgage licensing system developed and maintained by a national organization dedicated to advancing the state banking system and a national association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators. [PL 2009, c. 362, Pt. B, §1 (NEW).]

9. Nontraditional mortgage product. "Nontraditional mortgage product" means any mortgage product other than a 30-year fixed rate mortgage. [PL 2009, c. 362, Pt. B, §1 (NEW).]

10. Person. "Person" means a natural person, corporation, company, limited liability company, partnership or association. [PL 2009, c. 362, Pt. B, §1 (NEW).]

11. Real estate brokerage activity. "Real estate brokerage activity" means any activity that involves offering or providing real estate brokerage services to the public, including: A. Acting as a real estate agent or real estate broker for a buyer, seller, lessor or lessee of real property; [PL 2009, c. 362, Pt. B, §1 (NEW).] B. Bringing together parties interested in the sale, purchase, lease, rental or exchange of real property; [PL 2009, c. 362, Pt. B, §1 (NEW).] C. Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental or exchange of real property, other than in connection with providing financing with respect to any such transaction; [PL 2009, c. 362, Pt. B, §1 (NEW).] D. Engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under any applicable law; and [PL 2009, c. 362, Pt. B, §1 (NEW).] E. Offering to engage in any activity or act in any capacity, described in this subsection. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

12. Registered mortgage loan originator. "Registered mortgage loan originator" means an individual who: A. Meets the definition of mortgage loan originator and is an employee of: (1) A depository institution; (2) A subsidiary that is: (a) Owned and controlled by a depository institution; and (b) Regulated by a federal banking agency; or (3) An institution regulated by the federal Farm Credit Administration; and [PL 2009, c. 362, Pt. B, §1 (NEW).] B. Is registered with, and maintains a unique identifier through the nationwide mortgage licensing system and registry. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

13. Residential mortgage loan. "Residential mortgage loan" means any loan primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling or residential real estate upon which is constructed or intended to be constructed a dwelling. "Residential mortgage loan" does not include a credit sale unless the credit sale is determined to be a residential mortgage loan by any rule, advisory ruling or interpretation issued by the administrator or by the United States Department of Housing and Urban Development or successor federal agency responsible for ensuring state compliance with the provisions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, 12 United States Code, Sections 5101 to 5113. [PL 2011, c. 289, §2 (AMD); PL 2011, c. 289, §5 (AFF).]

14. Residential real estate. "Residential real estate" means any real property located in the State, upon which is constructed or intended to be constructed a dwelling. [PL 2009, c. 362, Pt. B, §1 (NEW).]

15. Unique identifier. "Unique identifier" means a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry. [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-A M.R.S. § 4-104 — ME Code / Title 9-A / Chapter 4 / Section 4-104
9-A §4-104. Creditor's provision of and charge for insurance; excess amount of charge
Status: in_force

1. Except as otherwise provided in Parts 1 , 2 and 3 of this Article and subject to the provisions on additional charges, section 2‑501 , and maximum finance charges, Parts 2 and 4 of Article II , a creditor may agree to provide insurance, and may contract for and receive a charge for insurance separate from and in addition to other charges. A creditor need not make a separate charge for insurance provided or required by that creditor. This Act does not authorize the issuance of any insurance prohibited under any statute, or rule thereunder, governing the business of insurance. [PL 1997, c. 315, §2 (AMD).]

2. The excess amount of a charge for insurance provided for in agreements in violation of Parts 1 , 2 and 3 of this Article is an excess charge for the purposes of the provisions of the Article on Remedies and Penalties, Article V , as to effect of violations on rights of parties, section 5‑201 , and of the provisions of the Article on Administration, Article VI , as to civil actions by the administrator, section 6‑113 . [PL 1997, c. 315, §2 (AMD).]

3. In any consumer credit sale or any supervised loan, except pursuant to open-end credit sales, a creditor may not contract for or receive a separate charge for consumer credit insurance providing for accident and health coverage unless there is a minimum payment of $30 per month or a loan duration of at least 18 months. All consumer credit insurance providing for accident and health coverage in any consumer credit sale or any supervised loan shall provide for a waiting period of 30 days or more. If a creditor offers consumer credit insurance providing for accident and health coverage for which a separate charge may be received, the creditor shall offer the consumer the option of purchasing consumer credit insurance which does not pay a benefit for the 30-day waiting period and shall disclose to the consumer the cost thereof in accordance with section 2‑501, subsection 2, paragraph B . [PL 1981, c. 151 (AMD).]
9-A M.R.S. § 1-303 — ME Code / Title 9-A / Chapter 1 / Section 1-303
9-A §1-303. Other defined terms
Status: in_force

Other definitions appearing in this Act and the sections in which they appear are:

"Computational period" Section 2‑510

"Interval" Section 2‑510

"Location" Section 2‑309

"Periodic balance" Section 2‑510 [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 472 — ME Code / Title 9-B / Part 4 / Chapter 47 / Section 472
9-B §472. Notice
Status: in_force

A financial institution shall provide the superintendent 60 days' notice prior to conducting trust activities. The superintendent may prescribe the form and content of the notice, including, but not limited to, business plans, financial projections and management. Notice is not required if trust activities are limited to retirement plans established pursuant to the federal Self-employed Individuals Tax Retirement Act of 1962, Public Law 87-792, 76 Stat. 809, the Employee Retirement Income Security Act of 1974, 29 United States Code, Sections 1001-1461 (1997) or other acts if the retirement funds are invested exclusively in the deposit accounts of the financial institution. [PL 1997, c. 398, Pt. I, §41 (NEW).]
9-B M.R.S. § 1233 — ME Code / Title 9-B / Part 12 / Chapter 123 / Section 1233
9-B §1233. Capital
Status: in_force

An uninsured bank must have initial paid-in capital in accordance with chapter 31 and shall maintain minimum capital in accordance with section 412-A or rules adopted under section 412-A , except that the superintendent may establish different capital maintenance requirements for uninsured banks than those required for insured financial institutions organized under this Title. [PL 1999, c. 539, §4 (AMD).]
9-A M.R.S. § 9-402 — ME Code / Title 9-A / Chapter 9 / Section 9-402
9-A §9-402. Unconscionability; inducement by unconscionable conduct
Status: in_force

1. With respect to a consumer credit transaction, if the court as a matter of law finds: A. The agreement to have been unconscionable at the time it was made, or to have been induced by unconscionable conduct, the court may refuse to enforce the agreement; or [PL 1987, c. 396, §12 (NEW).] B. Any clause of the agreement to have been unconscionable at the time it was made, the court may refuse to enforce the agreement, or may enforce the remainder of the agreement without the unconscionable clause, or may so limit the application of any unconscionable clause as to avoid any unconscionable result. [PL 1987, c. 396, §12 (NEW).] [PL 1987, c. 396, §12 (NEW).]

2. If it is claimed or appears to the court that the agreement or any clause thereof may be unconscionable, the parties shall be afforded a reasonable opportunity to present evidence as to its setting, purpose and effect to aid the court in making the determination. [PL 1987, c. 396, §12 (NEW).]

3. For the purpose of this section, a change or practice expressly permitted by this article is not in and of itself unconscionable in the absence of other practices and circumstances. [PL 1987, c. 396, §12 (NEW).]
9-B M.R.S. § 338 — ME Code / Title 9-B / Part 3 / Chapter 33 / Section 338
9-B §338. Operating hours: branch offices and facilities
Status: in_force

1. Permissible operating hours. A financial institution authorized to do business in the State may permit any of its branch offices, facilities or walk-up or drive-up windows of its main office or branch offices to remain open, or open for limited functions only, during such hours as it may determine from time to time. Any hours in which said branch office, facility or walk-up or drive-up window of its main office or branch office is open for limited functions only after its main office is closed are, with respect to such institution, not considered to be part of a business day. [PL 1999, c. 218, §14 (AMD).]

2. Limitation on liability. Any act authorized, required or permitted to be performed at or by, or with respect to, any such institution during hours at which said branch office, facility, or walk-up or drive-up window of its main office or branch office is open for limited functions only after its main office is closed may be so performed on the next succeeding business day, and no liability or loss of rights of any kind shall result from such delay. [PL 1975, c. 500, §1 (NEW).]

3. Validity of transactions. Nothing in any law of this State shall in any manner whatsoever affect the validity of, or render void or voidable, the payment, certification or acceptance of a check or other negotiable instrument or any other transaction by a financial institution in this State because done or performed during such hours in which a branch office, facility, or walk-up or drive-up window of its main office or branch is open for limited functions only after its main office is closed. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 2-508 — ME Code / Title 9-A / Chapter 2 / Section 2-508
9-A §2-508. Conversion to open end credit
Status: in_force

The parties may agree to add the unpaid balance of a consumer credit transaction not made pursuant to open-end credit to the consumer's open-end credit account with the creditor. The unpaid balance so added is an amount equal to the amount financed determined according to the provisions on finance charge on refinancing, section 2‑504 . This section does not apply to consumer leases. [PL 1973, c. 762, §1 (NEW).]
9 M.R.S. § 5008-A — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5008-A
9 §5008-A. Licensure, license renewal and records kept by professional solicitors
Status: in_force

1. Initial licensure. A person or entity may not act as a professional solicitor before that person or entity has received a license from the director. A professional solicitor shall apply for initial licensure by filing a license application with the director, paying the application and license fees as set under section 5015‑A and submitting the bond required by subsection 5 . [PL 2013, c. 539, §13 (AMD).]

2. Content of application for initial licensure. A license application must be sworn to or affirmed by the principal officer of the professional solicitor on a form prescribed by the director and must contain the following information: A. The name, mailing address and license number of each charitable organization on whose behalf the professional solicitor acts or will act in connection with fund-raising campaigns for contributions from the State's residents; [PL 2013, c. 539, §13 (AMD).] B. A list of all jurisdictions in which the professional solicitor is authorized to solicit contributions; [PL 2013, c. 539, §13 (AMD).] C. Disclosure of, and the final disposition document pertaining to, any disciplinary action taken against the applicant by a licensing, registration or regulatory authority in any jurisdiction; [PL 2013, c. 313, §17 (NEW).] D. Disclosure of, and the final disposition document pertaining to, any court action taken against the applicant by a licensing, registration or regulatory authority or law enforcement agency in any jurisdiction that resulted in a restraining order, injunction, civil judgment, criminal conviction, consent judgment, consent agreement, agreement to pay restitution or investigative costs or any other type of negotiated disposition; and [PL 2013, c. 313, §17 (NEW).] E. Other information as the director may require. [PL 2013, c. 313, §17 (NEW).] [PL 2013, c. 539, §13 (AMD).]

3. Renewal of licensure as a professional solicitor. A license issued by the director to a professional solicitor expires on November 30th annually or such other time as the director may designate. A professional solicitor shall apply for renewal by filing a renewal application with the director prior to the expiration date, paying the license fee as set under section 5015‑A and submitting the bond required by subsection 5 . [PL 2013, c. 539, §13 (AMD).]

4. Content of renewal application. A renewal application pursuant to subsection 3 must contain the following information: A. The annual fund-raising activity report required by section 5008‑B ; [PL 2013, c. 313, §17 (NEW).] B. Disclosure of, and the final disposition document pertaining to, any disciplinary action taken against the licensee by a licensing, registration or regulatory authority in any jurisdiction since the date of the most recent application submitted by the professional solicitor; [PL 2013, c. 539, §13 (AMD).] C. Disclosure of, and the final disposition document pertaining to, any court action taken against the licensee by a licensing, registration or regulatory authority or law enforcement agency in any jurisdiction that resulted in a restraining order, injunction, civil judgment, criminal conviction, consent judgment, consent agreement, agreement to pay restitution or investigative costs or any other type of negotiated disposition since the date of the most recent application submitted by the professional solicitor; [PL 2013, c. 539, §13 (AMD).] D. Any changes to the information contained in the licensee's application for initial licensure or the most recent renewal application; and [PL 2013, c. 313, §17 (NEW).] E. Other information as the director may require. [PL 2013, c. 313, §17 (NEW).] [PL 2013, c. 539, §13 (AMD).]

5. Bonding of professional solicitors. An applicant for initial or renewal licensure as a professional solicitor shall submit with the application a bond approved by the director in which the professional solicitor is the principal obligor and the State the obligee, in the sum of $25,000, with one or more responsible sureties whose liability in the aggregate at least equals that sum. The bond runs to any person or entity who may have a cause of action against the principal obligor of the bond for any malfeasance or misfeasance in the conduct of charitable solicitation in this State that occurs during the term of the license applied for. The bond remains in place for 5 years after the licensee ceases activity in the State. Notwithstanding this provision, the director may permit the bond to be eliminated prior to that date. [PL 2013, c. 539, §13 (AMD).]

6. Late renewal. A license may be renewed up to 90 days after the date of its expiration upon payment of a late fee in addition to the renewal fee as set under section 5015‑A . [PL 2013, c. 313, §17 (NEW).]

7. Change of information. As an ongoing condition of licensure, a professional solicitor must notify the director of a change to the information contained in the licensee's application for initial or renewal licensure, including any additional disciplinary or court action taken against the licensee, within 10 days of the change. [PL 2013, c. 539, §13 (AMD).]

8. Records. A professional solicitor shall maintain accurate and complete books and records of fund-raising activities and telephone solicitation scripts and shall keep those books and records available for inspection by or production to the Attorney General or the director for a period of 3 years after the conclusion of each specific instance in which that person or entity acts as a professional solicitor. [PL 2013, c. 539, §13 (AMD).]
9-B M.R.S. § 355 — ME Code / Title 9-B / Part 3 / Chapter 35 / Section 355
9-B §355. Acquisition of assets; assumption of liabilities
Status: in_force

A financial institution organized under the laws of this State may acquire the assets of, or assume the liabilities of, any other financial institution authorized to do business in 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, §6 (AMD).]

1. Adoption of plan. The governing body of the acquiring or assuming institution and the governing body of the transferring institution shall adopt by majority vote a plan for acquisition, assumption or sale on terms that are mutually agreed upon. The plan must include: A. The names and types of the institutions involved; [PL 1975, c. 500, §1 (NEW).] B. A statement setting forth the material terms of the proposed acquisition, assumption or sale, including, if applicable, the plan for disposition of all assets and liabilities not subject to the plan; [PL 1991, c. 386, §8 (AMD).] C. A statement, if applicable, of the plan governing liquidation of the transferring institution pursuant to section 364 upon execution of the plan, with that liquidation being a required provision of the plan; [PL 1991, c. 386, §8 (AMD).] D. A statement that the entire transaction is subject to written approval of the superintendent and, if the transaction involves all or substantially all of the assets or liabilities of the transferring institution, the approval of the transferring institution's investors or mutual voters; [PL 1997, c. 398, Pt. G, §6 (AMD).] E. If an investor-owned institution is the transferring institution and the proposed sale is not for cash, a clear and concise statement that investors of the institution voting against the proposed sale are entitled to rights set forth in section 352, subsection 5 ; and [PL 1997, c. 398, Pt. G, §6 (AMD).] F. The proposed effective date of the acquisition, assumption or sale and all other information and provisions that are necessary to execute the transaction or that are required by the superintendent. [PL 1991, c. 386, §8 (AMD).] [PL 1997, c. 398, Pt. G, §6 (AMD).]

2. Superintendent's approval. [PL 1997, c. 398, Pt. G, §6 (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, §6 (NEW).]

3. Vote of investors or mutual voters. If the transaction involves all or substantially all of the assets or liabilities of the transferring institution or if the transferring institution's organizational documents require, the plan of acquisition, assumption or sale must be presented to the investors or mutual voters of the transferring institution for their approval, and their approval must be obtained in accordance with section 351, subsection 4 . If the approval of investors is required, then investors dissenting to the transaction have the rights set forth in section 352, subsection 5 . [PL 1997, c. 398, Pt. G, §6 (AMD).]

4. Executed plan; certificate; effective date. A. If the plan is approved by the investors or mutual voters of the transferring institution, the chief executive officer, president or vice-president and the clerk or secretary of such institution shall submit the executed plan to the superintendent, together with a copy of the resolution of the investors or mutual voters approving it, each certified by these officers. [PL 1997, c. 398, Pt. G, §6 (AMD).] B. Upon receipt of the items set forth in paragraph A and evidence that the participating institutions have complied with all applicable federal law and regulations, the superintendent shall certify, in writing, to the participants that the plan has been approved and is in compliance with the provisions of this Title. [PL 1975, c. 500, §1 (NEW).] C. Notwithstanding approval of the investors or mutual voters or certification by the superintendent, the transferring institution's governing body may, in its discretion, abandon such a transaction without further action or approval by the investors or mutual voters, subject to the rights of 3rd parties under any contracts relating to the transaction. [PL 1997, c. 398, Pt. G, §6 (AMD).] [PL 1997, c. 398, Pt. G, §6 (AMD).]

5. Federally chartered institution as participant. If one of the participants in a transaction under this section is a federally chartered institution, all participants shall comply with such requirements as may be imposed by federal law for such an acquisition, assumption or sale and provide evidence of such compliance to the superintendent as a condition precedent to the issuance of a certificate in subsection 4, paragraph B relating to such acquisition, assumption or sale; provided that if the purchasing or assuming institution is a federally chartered institution, approval by the superintendent is not required. [PL 1997, c. 398, Pt. G, §6 (AMD).]

6. Investor-owned institution acquiring mutual financial institution. A mutual financial institution may not sell all or substantially all of its assets to an investor-owned institution without prior compliance with section 344 and all rules adopted under section 344 . [PL 1997, c. 398, Pt. G, §6 (AMD).]

7. Other sections. Sections 357 and 358 apply to acquisitions, assumptions and sales made pursuant to this section. [PL 1997, c. 398, Pt. G, §6 (AMD).]

8. Applicability. This section does not apply to a transfer of assets of a financial institution in the ordinary course of business that does not include any assumption of deposit liabilities. [PL 1991, c. 386, §10 (NEW).]
9-A M.R.S. § 4-103 — ME Code / Title 9-A / Chapter 4 / Section 4-103
9-A §4-103. Definition: "consumer credit insurance," "Credit Insurance Act"
Status: in_force

In this Act: [PL 1973, c. 762, §1 (NEW).]

1. "Consumer credit insurance" means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include: A. Insurance provided in relation to a credit transaction in which a payment is scheduled more than 15 years after the extension of credit; [PL 1975, c. 288, §1 (AMD).] B. Insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring consumers of the creditor; or [PL 1973, c. 762, §1 (NEW).] C. Insurance indemnifying the creditor against loss due to the consumer's default. [PL 1973, c. 762, §1 (NEW).] [PL 1975, c. 288, §1 (AMD).]

2. "Credit Insurance Act" means Title 24‑A, chapter 37 . [PL 2001, c. 138, §1 (AMD).]
9-A M.R.S. § 4-108 — ME Code / Title 9-A / Chapter 4 / Section 4-108
9-A §4-108. Refund or credit required; amount
Status: in_force

The provisions of Title 24‑A, sections 2859 , 2860 , and 2861 , 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. § 2-302 — ME Code / Title 9-A / Chapter 2 / Section 2-302
9-A §2-302. License to make or service supervised loans
Status: in_force

1. The administrator shall receive and act on all applications for licenses to make or service supervised loans under this Act. Applications must be filed in the manner prescribed by the administrator and must contain the information required by the administrator to make an evaluation of the financial responsibility, character and fitness of the applicant. A. The administrator may require an application for a license to make or service supervised loans to be made electronically through the nationwide mortgage licensing system and registry as defined in section 13‑102, subsection 8 . Licenses for which applications were made electronically through the nationwide mortgage licensing system and registry expire December 31st of each year and must be renewed through the nationwide mortgage licensing system and registry. The administrator may establish, by rule, fees to apply for or renew licenses, except that the fee for an initial application may not exceed $1,000 and for a renewal may not exceed $600 for any licensed location. Renewal applications received after the expiration date are subject to a late fee of $100. An applicant who applies through the nationwide mortgage licensing system and registry must also pay a nationwide mortgage licensing system and registry processing fee in an amount to be determined by the administrators of the nationwide mortgage licensing system and registry. Fees set by the administrator by rule for a nonprofit organization exempt from taxation under the United States Internal Revenue Code, Section 501(c)(3) and engaged in the financing of housing for low-income people under a program designed specifically for that purpose may not exceed $150 for an initial application and $100 per year for a renewal for any licensed location, plus the applicable nationwide mortgage licensing system and registry processing fee. [PL 2021, c. 245, Pt. D, §1 (AMD).] B. [PL 2021, c. 245, Pt. D, §1 (RP).] Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2021, c. 245, Pt. D, §1 (AMD).]

1-A. [PL 2011, c. 427, Pt. B, §4 (RP).]

2. A license to make or service supervised loans or as a mortgage loan originator may not be issued unless the administrator, upon investigation, finds that the financial responsibility, character and fitness of the applicant, and of the members thereof, if the applicant is a copartnership or association, and of the officers and directors thereof, if the applicant is a corporation, and, when applicable, the character and fitness of the mortgage loan originators thereof, are such as to warrant belief that the business will be operated honestly and fairly within the purposes of this Act. In determining the financial responsibility of an applicant proposing to engage in making insurance premium loans, the administrator shall consider the liabilities the lender may incur for erroneous cancellation of insurance. A. Every applicant shall also, at the time of filing such application, file with the administrator, if the administrator so requires, a surety bond satisfactory to the administrator in an amount not to exceed $50,000. The terms of the bond must run concurrent with the period of time during which the license will be in effect. The bond must run to the State for the use of the State and of any person or persons who may have a cause of action against the licensee under this Act. The bond must be conditional that the licensee will faithfully conform to and abide by the provisions of this Act and to all rules lawfully made by the administrator under this Act and will pay to the State and to any such person or persons any and all amounts of money that may become due or owing to the State or to such person or persons from the licensee under and by virtue of this Act during the period for which the bond is given. [PL 2013, c. 466, §2 (AMD).] B. As used in this section, the term "financial responsibility" means that the applicant has available for the operation of the licensed business net assets of at least $25,000 and upon issuance of a license, each licensee shall maintain net assets of at least $25,000 that are either used or readily available for use in the conduct of the business of each office of the licensee in which supervised loans are made or serviced. [PL 2017, c. 106, §5 (AMD).] C. [PL 1983, c. 720, §7 (RP).] D. In determining the financial responsibility of a nonprofit organization engaged in the financing of housing for low-income people under a program specifically designed for that purpose, the administrator may waive the requirement of a bond and availability of $25,000 of net assets, if the applicant submits appropriate additional evidence of financial responsibility. [PL 1989, c. 581, §5 (NEW).] [PL 2017, c. 106, §5 (AMD).]

3. Upon written request, the applicant is entitled to a hearing on the question of the applicant's qualifications for a license or registration if (a) the administrator has notified the applicant in writing that the application has been denied, or (b) the administrator has not issued a license or registration within 60 days after the application for the license or registration was filed. A request for a hearing may not be made more than 15 days after the administrator has mailed a writing to the applicant notifying the applicant that the application has been denied and stating in substance the administrator's findings supporting denial of the application. [PL 2005, c. 164, §4 (AMD).]

4. A separate license is required for each place of business. Each branch location license application must be accompanied by a surety bond, in a form acceptable to the administrator, in the amount of $50,000. [PL 2013, c. 466, §3 (AMD).]

5. A licensee may conduct the business of making or servicing supervised loans only at or from any place of business for which the licensee holds a license and not under any other name than that in the license. For purposes of this subsection, the closing of a supervised loan, secured by an interest in real estate, made by the licensee, at the office of an attorney or land title company, may not be considered the making or servicing of a supervised loan at the place of business other than the licensee's licensed location. Loans made pursuant to a lender credit card do not violate this subsection. [PL 2017, c. 106, §5 (AMD).]

5-A. A licensee subject to subsection 1, paragraph A may conduct the business of making supervised loans only through a mortgage loan originator who possesses a current, valid license. [PL 2013, c. 466, §4 (AMD).]

6. Any supervised loan, otherwise valid under the provisions of this Act, made by any corporation or by any subsidiary or affiliate of any corporation to which a license is granted by the administrator on or before June 30, 1975, and to which said supervised loan is assigned, is deemed to have been made by a duly licensed licensee, provided the administrator finds that said corporation has made a good faith effort to comply with the licensing provisions of this Act. [PL 2017, c. 106, §5 (AMD).]

7. [PL 2013, c. 466, §5 (RP).]
9-B M.R.S. § 312-A — ME Code / Title 9-B / Part 3 / Chapter 31 / Section 312-A
9-B §312-A. Expedited authority
Status: in_force

Notwithstanding any other provision of law, the superintendent may grant a certificate of public convenience and advantage for a corporation, limited liability company, limited partnership or limited liability partnership to conduct business as a financial institution effective immediately if the superintendent determines that such action is necessary for the protection of depositors or the public. This action may be taken only in conjunction with transactions processed under section 354‑A or 355‑A . [PL 1997, c. 398, Pt. C, §8 (AMD).]
9-A M.R.S. § 3-310 — ME Code / Title 9-A / Chapter 3 / Section 3-310
9-A §3-310. Variable rate transactions
Status: in_force

1. In connection with a consumer credit transaction in which the interest rate may vary during the term of the transaction, the creditor shall make disclosures in accordance with section 8‑504 . A. [PL 2013, c. 464, §1 (RP).] B. [PL 2013, c. 464, §1 (RP).] C. [PL 2013, c. 464, §1 (RP).] D. [PL 2013, c. 464, §1 (RP).] E. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] F. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] G. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] H. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] [PL 2013, c. 464, §1 (AMD).]

1-A. In connection with a consumer credit transaction in which the interest rate may vary during the term of the transaction, the creditor may only use an index or other method that is beyond its control for determining any increase or decrease in the interest rate. [PL 1989, c. 457, §§4, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]

2. A variation in the interest rate in accordance with the disclosures required by subsection 1 shall not be considered a refinancing under section 2‑504 or a change in terms under section 3‑204 . [PL 1989, c. 457, §§5, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]

3. A variation in the interest rate not in accordance with the disclosures of limits on interest rate changes and examples of the effects of a change made in accordance with subsection 1 , shall be considered a charge in excess of that allowed by this Code under section 5‑201, subsections 3 and 4 . [PL 1989, c. 457, §§6, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]

4. Subsection 1‑A does not apply to a consumer loan secured by a savings or time deposit if the difference between the rate of interest on the savings or time deposit and the interest rate on the loan at no time exceeds the difference between the 2 when the loan was made. [PL 1989, c. 457, §§7, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]

5. [PL 1987, c. 396, §9 (RP).]

6. [PL 1987, c. 396, §10 (RP).]
9-A M.R.S. § 8-502 — ME Code / Title 9-A / Chapter 8-A / Section 8-502
9-A §8-502. Findings and declaration of purpose
Status: in_force

The Legislature finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this Article to ensure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to the consumer and avoid the uninformed use of credit and to protect the consumer against inaccurate and unfair credit billing and credit card practices. [PL 2011, c. 427, Pt. A, §15 (NEW).]
9-B M.R.S. § 1213-A — ME Code / Title 9-B / Part 12 / Chapter 121 / Section 1213-A
9-B §1213-A. Asset pledge
Status: in_force

1. Pledge requirement. The superintendent may require a nondepository trust company to pledge readily marketable assets to the superintendent if the superintendent believes that circumstances warrant the action. The pledged assets must be United States dollar denominated, investment grade and subject to the prior written approval of the superintendent. The pledged assets must be held on deposit or in safekeeping by an FDIC-insured depository institution approved by the superintendent. The pledged assets may be released to the superintendent only upon certification that a receiver or conservator of the nondepository trust company has been appointed. The asset pledge requirement may be lifted by the superintendent if the superintendent determines that the condition of the nondepository trust company so warrants that action. [PL 2005, c. 83, §12 (NEW).]

2. Amount of pledge. The aggregate amount of pledged assets is determined by the superintendent but may not exceed the greater of $1,000,000 or 50% of the minimum required capital of the nondepository trust company at the time the asset pledge is imposed. [PL 2005, c. 83, §12 (NEW).]

3. Pledge agreement. The asset pledge must be maintained pursuant to an asset pledge agreement in the form and containing any limitations and conditions the superintendent requires. As long as the nondepository trust company continues business in the ordinary course, the nondepository trust company may be permitted to collect income on the pledged assets and examine and exchange those assets. The aggregate amount of assets pledged may not be less than required under subsection 2 without the superintendent's approval. [PL 2005, c. 83, §12 (NEW).]

4. Noncompliance. If a nondepository trust company fails to maintain the minimum required asset pledge, the superintendent may determine that the nondepository trust company does not meet the capital requirements under section 412‑A and any rules adopted pursuant to section 412‑A . [PL 2005, c. 83, §12 (NEW).]

5. Rulemaking. The superintendent may adopt rules to implement this section. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2005, c. 83, §12 (NEW).]
9-B M.R.S. § 1014 — ME Code / Title 9-B / Part 10 / Chapter 101 / Section 1014
9-B §1014. Closely-related activities
Status: in_force

1. Permissible activities. A Maine financial institution holding company may engage in any closely related activity or any other activity with the prior permission of the superintendent. [PL 1997, c. 398, Pt. K, §9 (AMD).]

2. Termination of nonpermissible activities. A financial institution holding company that is engaged in an activity that is not permissible for Maine financial institution holding companies to engage in may nevertheless acquire control of a Maine financial institution with the approval of the superintendent as provided in section 1013 ; provided that before the acquisition is consummated such financial institution holding company shall cease to engage in that activity in Maine, unless it is exempted from the prohibitions of subsection 1 by reason of subsection 3 . [PL 1975, c. 500, §1 (NEW).]

3. Exemptions. The prohibitions of subsection 1 do not apply with respect to any activity in which a Maine financial institution holding company was lawfully engaged in on October 1, 1975, unless the superintendent, after notice and opportunity for a hearing, determines that termination of the activity is necessary to assure the safety and soundness of a subsidiary financial institution. Any expansion of such activity in this State would be subject to such conditions as the superintendent may require. [RR 1997, c. 2, §40 (COR).]

4. Impermissible activity. The establishment or acquisition of control of a Maine financial institution does not constitute an activity permitted by this section. A financial institution holding company which seeks to establish or acquire control of a Maine financial institution is subject to the provisions of sections 1013 and 1015 . [PL 1983, c. 252 (NEW).]
9-B M.R.S. § 334 — ME Code / Title 9-B / Part 3 / Chapter 33 / Section 334
9-B §334. Satellite facilities
Status: in_force

1. Superintendent's approval. A financial institution or a service corporation wholly owned by one or more financial institutions may establish, relocate or close a satellite or off-premise facility, as defined in section 131 , without the prior approval of or notification to the superintendent. [PL 1997, c. 398, Pt. E, §3 (AMD).]

2. Manned or unmanned facility permitted. [PL 1997, c. 398, Pt. E, §3 (RP).]

3. Ownership. [PL 1997, c. 398, Pt. E, §3 (RP).]

4. Use of established facilities by additional institutions. A satellite facility owned or operated by a financial institution must be made available for use by other financial institutions authorized to do business in this State, unless the satellite facility is located on the institution's premises. All financial institutions using the satellite facility must have equal access to the satellite facility, except that a financial institution owning an off-premise facility may restrict the acceptance of deposits at the off-premise facility to its customers only or to customers of financial institutions with which it has an agency agreement pursuant to section 418 . For the purposes of this subsection, an off-premise facility is a satellite facility that is not located physically on the premises of a main office or branch or one that is not an extension of or ancillary to an existing main office or branch. When a satellite facility is shared, the identification and promotion of that satellite facility must include the name or logo of the network system and may include the name of the sponsoring financial institution. A. [PL 1991, c. 386, §2 (RP).] B. [PL 1991, c. 386, §2 (RP).] C. [PL 1991, c. 386, §2 (RP).] D. [PL 1991, c. 386, §2 (RP).] E. [PL 1991, c. 386, §2 (RP).] [PL 1997, c. 398, Pt. E, §3 (AMD).]

5. Location of facilities on premises. Nothing may preclude a financial institution from locating an electronic terminal or satellite facility on the premises of its main office or of a branch office for its customers' convenience. At the discretion of that financial institution, customers of other financial institutions may have access to those on-premise facilities. An on-premise facility is a facility that is located physically on the premises of a main office or branch or one that is an extension of or ancillary to an existing main office or branch. For purposes of this section, a facility is considered ancillary to or an extension of an existing office if it is situated on the parcel of land on which the branch or main office is located and not across a public way, or within 500 feet, whichever is greater, and not operational from within the confines of another establishment. [PL 1997, c. 398, Pt. E, §3 (AMD).]

6. Notification required. [PL 1997, c. 398, Pt. E, §3 (RP).]
9-A M.R.S. § 14-107 — ME Code / Title 9-A / Chapter 14 / Section 14-107
9-A §14-107. Licensing of student loan servicers
Status: in_force

A person may not act as a student loan servicer, directly or indirectly, without first obtaining a license from the superintendent pursuant to this section, unless that person is exempt from licensure pursuant to subsection 1 . [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

1. Exempt. The following persons are exempt from student loan servicer licensing requirements: A. A licensed bank or credit union, a wholly owned subsidiary of such a bank or credit union and an operating subsidiary of such a bank or credit union as long as each owner of the operating subsidiary is wholly owned by that bank or credit union; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] B. A supervised financial organization or a Maine financial institution holding company as defined in Title 9‑B, section 1011, subsection 2 ; a Maine financial institution as defined in Title 9‑B, section 1011, subsection 6 ; a mutual holding company as defined in Title 9‑B, section 1052, subsection 2 whose home state, as defined in Title 9‑B, section 131, subsection 20‑A , is Maine; or a wholly owned subsidiary of a supervised financial organization, Maine financial institution holding company, Maine financial institution or mutual holding company; and [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] C. The Finance Authority of Maine. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

2. Application. A person seeking to act within this State as a student loan servicer shall make a written application to the superintendent for an initial license in such form as the superintendent prescribes. The application must be accompanied by: A. Financial statements and references of all applicants for a license as the superintendent considers necessary; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] B. Information regarding the history of criminal convictions of the following: (1) The applicant; (2) Partners, if the applicant is a partnership; (3) Members, if the applicant is a limited liability company or association; and (4) Officers, directors and principal employees, if the applicant is a corporation. The information submitted pursuant to this paragraph must be sufficient, as determined by the superintendent, to make the findings under subsection 3 ; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] C. A nonrefundable license fee of $1,000; and [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] D. A nonrefundable investigation fee of $800. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] The superintendent may require or allow applications to be made electronically through the nationwide mortgage licensing system and registry, as defined in section 13‑102, subsection 8 . An applicant using that system shall pay any required processing fees. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

3. Investigation of applicant. Upon the filing of an application for an initial license and the payment of the fees for licensing and investigation pursuant to subsection 2 , the superintendent shall investigate the financial condition and responsibility, financial and business experience, character and general fitness of the applicant. The superintendent, in accordance with Title 25, section 1706 , may conduct state and national criminal history record checks of the applicant and of each partner, member, officer, director and principal employee of the applicant. The superintendent may issue a license if the superintendent finds that: A. The applicant's financial condition is sound; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] B. The applicant's business will be conducted honestly, fairly, equitably, carefully and efficiently within the purposes and intent of this Article and in a manner commanding the confidence and trust of the community; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] C. If the applicant is: (1) An individual, the individual is in all respects properly qualified and of good character; (2) A partnership, each partner is in all respects properly qualified and of good character; (3) A corporation, the president, chair of the executive committee, senior officer responsible for the corporation's business and chief financial officer or any other person who performs similar functions as determined by the superintendent, each director, each trustee and each shareholder owning 10% or more of each class of the securities of the corporation is in all respects properly qualified and of good character; or (4) A limited liability company or association, each member is in all respects properly qualified and of good character; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] D. No person on behalf of the applicant knowingly has made an incorrect statement of a material fact in the application or in any report or statement made pursuant to this Article; and [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] E. The applicant has met any other requirements as determined by the superintendent. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

4. License expiration. A license issued pursuant to this Article expires at the close of business on September 30th of the odd-numbered year following its issuance, unless renewed or earlier surrendered, suspended or revoked pursuant to this Article. No later than 15 days after a licensee ceases to engage in the business of student education loan servicing in this State for any reason, including a business decision to terminate operations in this State, license revocation, bankruptcy or voluntary dissolution, the licensee shall provide written notice of surrender to the superintendent and shall surrender to the superintendent its license for each location in which the licensee has ceased to engage in such business. The written notice of surrender must identify the location where the records of the licensee will be stored and the name, address and telephone number of an individual authorized to provide access to the records. The surrender of a license does not reduce or eliminate the licensee's civil or criminal liability arising from acts or omissions occurring prior to the surrender of the license, including any administrative actions undertaken by the superintendent to revoke or suspend a license, assess a civil penalty, order restitution or exercise any other authority provided to the superintendent. If the superintendent permits or requires licensing through the nationwide mortgage licensing system and registry pursuant to subsection 2 , the superintendent may amend the license term and license expiration date to comply with the parameters of the system. License and investigation fees must be apportioned so the average of such fees does not increase on an annualized basis. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

5. License renewal. A license issued pursuant to this Article may be renewed for the ensuing 24-month period upon the filing of an application containing all required documents and fees as provided in this section. A renewal application must be filed on or before September 1st of the year in which the license expires. A renewal application filed with the superintendent after September 1st that is accompanied by a $100 late fee is deemed to be timely and sufficient. If an application for a renewal license has been filed with the superintendent on or before the date the license expires, the license sought to be renewed continues in effect until the issuance by the superintendent of the renewal license applied for or until the superintendent has notified the licensee in writing of the superintendent's refusal to issue the renewal license together with the grounds upon which the refusal is based. The superintendent may refuse to issue a renewal license on any ground on which the superintendent might refuse to issue an initial license. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

6. Dishonored check. If a check filed with the superintendent to pay a license, investigation or renewal fee under this section is dishonored, the superintendent shall automatically suspend the license or the renewal license that has been issued but is not yet effective. The superintendent shall give the licensee notice of the automatic suspension pending proceedings for revocation or refusal to renew and an opportunity for a hearing on such actions in accordance with Article 6 . [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

7. Update application information. An applicant or licensee under this Article shall notify the superintendent, in writing, of any change in the information provided in its initial application for a license or its most recent renewal application for a license, as applicable, not later than 10 business days after the occurrence of the event that results in the change. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

8. Incomplete application. The superintendent may consider an application for a license under this Article abandoned if the applicant fails to respond to any request for information required under this Article or any rules adopted pursuant to this Article, as long as the superintendent notifies the applicant, in writing, that the application will be considered abandoned if the applicant fails to submit the information within 60 days after the date on which the request for information was made. An application filing fee paid prior to the date an application is abandoned pursuant to this subsection may not be refunded. Abandonment of an application pursuant to this subsection does not preclude the applicant from submitting a new application for a license under this Article. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

9. Automatic licensure. The superintendent shall issue automatically a limited, irrevocable license to a person servicing a student loan under contract with the United States Department of Education as follows. A. A person seeking to act within this State as a student loan servicer is exempt from the procedures described in subsection 2 , except for subsection 2, paragraphs C and D , upon a determination by the superintendent that student loan servicing performed in this State is solely conducted pursuant to a contract or contracts awarded by the United States Secretary of Education under 20 United States Code, Section 1087f. The procedure to document eligibility for such an exemption must be prescribed by the superintendent. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] B. The superintendent shall issue automatically a license to a person determined exempt by the superintendent pursuant to paragraph A ; that person is deemed to have met all of the requirements of subsection 3 . [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] C. A person issued a license pursuant to this subsection is exempt from subsections 4 to 8 . [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] D. A person issued a license pursuant to this subsection shall provide the superintendent with written notice within 7 days following the notification of the expiration, revocation or termination of any contract awarded by the United States Secretary of Education under 20 United States Code, Section 1087f; that person has 30 days to satisfy the requirements of this Article in order to continue to act as a student loan servicer within this State. Upon the expiration of the 30-day period, if the person seeking to act as a student loan servicer within this State has not satisfied all requirements established under this Article, the superintendent shall immediately suspend any license issued under this subsection. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] E. With respect to student loan servicing not conducted pursuant to a contract awarded by the United States Secretary of Education under 20 United States Code, Section 1087f, this subsection does not prevent the superintendent from issuing an order to temporarily or permanently prohibit or bar a person from acting as a student loan servicer. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] F. With respect to student loan servicing conducted pursuant to a contract awarded by the United States Secretary of Education under 20 United States Code, Section 1087f, this subsection does not prevent the superintendent from issuing a cease and desist order or injunction against a student loan servicer to cease activities in violation of this Article or the Maine Unfair Trade Practices Act. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

10. Branch office license; change of license notification. A licensee under this Article may not act within this State as a student loan servicer under any name or at any place of business other than those named in the license. Any change of location of a place of business of a licensee requires prior written notice to the superintendent. Not more than one place of business may be maintained under the same license, but the superintendent may issue more than one license to a licensee that complies with the provisions of this Article as to each license. If a licensee desires to carry on business in more than one location, the licensee shall procure a branch office license for each additional location where the business is to be conducted. A license is not transferable or assignable. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

11. Records retention; records request. A student loan servicer shall maintain adequate records of each student education loan transaction for not less than 2 years following the final payment on the student education loan or the assignment of the student education loan, whichever occurs first, or except as otherwise required by federal law, a federal student loan education agreement or a contract between the Federal Government and a licensee under this Article. Upon request by the superintendent, a student loan servicer shall make such records available or shall send such records to the superintendent by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt, not later than 5 business days after requested by the superintendent to do so. The superintendent may grant a licensee additional time to make such records available or to send the records to the superintendent. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

12. License suspension and revocation; refusal to renew. The superintendent may suspend, revoke or refuse to renew a license issued pursuant to this section or take any other action in accordance with Article 6 if the superintendent finds one of the following: A. The licensee has violated any provision of this Article or any rule or order lawfully adopted or made pursuant to and within the authority of this Article; or [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] B. Any fact or condition exists that, if it had existed at the time of the original application for the license, clearly would have warranted a denial of the license. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] An abatement of the license fee may not be made if the license is surrendered, revoked or suspended. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
9-A M.R.S. § 9-405 — ME Code / Title 9-A / Chapter 9 / Section 9-405
9-A §9-405. Effect of violations on rights of parties
Status: in_force

1. If a creditor, assignee or servicer has violated the provisions of this article applying to timely payments from escrow, section 9‑305‑A , timely responses to requests for payoff figures, section 9‑305‑B , misrepresentation, section 9‑401 , or illegal, fraudulent or unconscionable conduct in an attempted collection of debts, section 9‑403 , any aggrieved consumer has a right to recover actual damages from that person, or in lieu thereof any consumer named as a plaintiff in the complaint as originally filed has a right to recover from a person violating this article an amount determined by the court not less than $250 nor more than $1,000. No action pursuant to this subsection may be brought more than 2 years after the due date of the last scheduled payment. [PL 2005, c. 206, §4 (AMD).]

2. A debtor is not obligated to pay a charge in excess of that allowed by this article and if a debtor has paid an excess charge the debtor has a right to a refund. A refund may be made by reducing the debtor's obligation by the amount of the excess charge. If the debtor has paid an amount in excess of the lawful obligation under the agreement, the debtor may recover the excess amount from the person who made the excess charge or from an assignee of that person's rights who undertakes direct collection of payments from or enforcement of rights against debtors arising from the debt. [RR 2025, c. 1, Pt. C, §61 (COR).]

3. If the creditor has contracted for or received a charge in excess of that allowed by this article, or if a debtor, is entitled to a refund and a person liable to the debtor refuses to make a refund within a reasonable time after demand, the debtor may recover from the creditor or the person liable an amount determined by the court not less than $250 nor more than $1,000. No action pursuant to this subsection may be brought more than one year after the due date of the last scheduled payment of the agreement pursuant to which the charge was made or the date the agreement was paid in full, whichever was earlier. [PL 1987, c. 396, §12 (NEW).]

4. If a creditor has violated the provisions of this article applying to authority to make supervised loans, section 9‑201 , the debtor is not obligated to pay any application fee, prepaid finance charge or closing cost, nor the loan finance charge owed for the first 12 months of the loan. If the debtor has paid any part of the application fee, prepaid finance charge, closing cost or loan finance charge owed for the first 12 months of the loan, the debtor has a right to recover the payment from the person violating this article or from an assignee of that person's rights who undertakes direct collection of payments or enforcement of rights arising from the debt. No action pursuant to this subsection may be brought more than one year after the due date of the last scheduled payment of the agreement pursuant to which the charge was paid. [PL 1993, c. 496, §4 (AMD).]

5. Except as otherwise provided, no violation of this article impairs rights on a debt. [PL 1987, c. 396, §12 (NEW).]

6. A creditor has no liability under subsections 1 or 3 if, within 60 days after discovering an error and prior to the institution of an action under this section or the receipt of written notice of the error, the creditor notifies the person concerned of the error and corrects the error. If the violation consists of a prohibited agreement, giving the debtor a corrected copy of the writing containing the error is sufficient notification and correction. If the violation consists of an excess charge, correction shall be made by an adjustment or refund. [PL 1987, c. 396, §12 (NEW).]

7. If the creditor establishes by a preponderance of evidence that a violation is unintentional and the result of a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such violation or error, no liability is imposed under subsections 1 and 2 , the validity of the transaction is not affected, and no liability is imposed under subsection 3 , except for refusal to make a refund. [PL 1993, c. 496, §4 (AMD).]

8. In an action in which it is found that a creditor has violated this article, the court shall award the debtor the costs of the action together with reasonable attorneys fees. Reasonable attorneys fees shall be determined by the value of the time reasonably expended by the attorney and not by the amount of the recovery on behalf of the debtor. [PL 1987, c. 396, §12 (NEW).]

9. A creditor has no liability under subsection 1 or 3 , or under section 6‑113, subsection 2 , for any act done or omitted in good faith in conformity with any rule or interpretation thereof by the administrator, notwithstanding that after such act or omission has occurred, the rule or interpretation is amended, rescinded or determined by judicial or other authority to be invalid for any reason. [RR 2021, c. 2, Pt. A, §13 (COR).]
9-B M.R.S. § 442 — ME Code / Title 9-B / Part 4 / Chapter 44 / Section 442
9-B §442. Trustee, self-employment retirement plans
Status: in_force

1. Authorization; limitation. Financial institutions may act as trustee under a retirement plan established pursuant to the Act of Congress entitled "Self-employed Individuals Retirement Act of 1962," as amended; an individual retirement arrangement pursuant to the "Employee Retirement Income Security Act of 1974," as amended; a simplified employee pension plan pursuant to the "Revenue Act of 1978," as amended; or any similar qualified retirement plan pursuant to federal law. This section in no way limits the authority granted to trust departments of financial institutions. [PL 1997, c. 398, Pt. I, §29 (AMD).]

2. Loss of status as qualified plan. In the event that any such retirement plan, which in the judgment of the institution constitutes a qualified plan under either said Self-employed Individuals Retirement Act of 1962; the Employee Retirement Income Security Act of 1974; a simplified employee pension plan pursuant to the "Revenue Act of 1978," as amended; or any similar qualified retirement plan pursuant to federal law, and the regulations promulgated thereunder at the time the trust or account was established and accepted by the institution, is determined subsequently not to be such a qualified plan or ceases subsequently to be such a qualified plan, in whole or in part, the institution may nevertheless continue to act as trustee of any deposit theretofore made under such plan and to dispose of the same in accordance with the directions of the depositor and the beneficiaries thereof. [PL 1985, c. 588, §2 (AMD).]

3. Segregation not required. No institution, with respect to the deposits made under this section, shall be required to segregate such deposits from its other deposits except as may be required under federal law establishing such plans; provided that the institution shall keep appropriate records showing in proper detail all transactions engaged in under the authority of this section. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 255 — ME Code / Title 9-B / Part 2 / Chapter 25 / Section 255
9-B §255. Hearings on petition of 25 persons
Status: in_force

1. Alleged noncompliance with this Title. A group of 25 or more persons may join together and petition the superintendent as an interested party to hold a hearing if such group submits to the superintendent a written petition asserting they have reason to believe that a financial institution holding company or financial institution subject to the laws of this State is not complying with the standards of public convenience and advantage set forth in section 253 , or that such institution has violated or is violating any provision of this Title or regulation issued pursuant thereto. [PL 1975, c. 500, §1 (NEW).]

2. Request for rulemaking. A person may petition the superintendent to hold a rule-making proceeding for the purpose of adopting such rules, regulations or amendments as may be proposed in the person's petition and may petition for a hearing on the proposed rule, regulation or amendment. [RR 2025, c. 1, Pt. D, §16 (COR).]

3. Procedures for requesting hearing. A petition for a hearing pursuant to this section shall be made in accordance with regulations promulgated by the superintendent. [PL 1977, c. 694, §164 (RPR).]

4. Grant or denial of request. Unless the superintendent determines a petition filed pursuant to subsection 1 frivolous or not bona fide, the superintendent shall designate the petitioner or petitioners as an interested party and hold a hearing for the purpose set forth in the petition. If the request is a petition for rulemaking, within 60 days after receipt of the petition, the superintendent shall either notify the petitioner in writing of its denial and the reasons for the denial or initiate appropriate rule-making proceedings. [RR 2025, c. 1, Pt. D, §17 (COR).]

5. Treatment as interested party. A group whose petition is granted by the superintendent shall be treated as a single interested party for all purposes of this chapter, unless otherwise determined by the superintendent. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 151 — ME Code / Title 9-B / Part 1 / Chapter 15 / Section 151
9-B §151. Declaration of emergency by Governor
Status: in_force

Whenever it appears to the Governor that the welfare and security of financial institutions and credit unions under the supervision of the superintendent, or their depositors, shareholders, staffs or customers, require, or that the welfare of the State, any section of the State, the inhabitants of the State, financial institutions, credit unions, their depositors, shareholders or staffs have been or may be adversely affected by actual or threatened national emergency, forces of the natural elements, fires, explosions, strikes, epidemics, civil strife or commotion, or any other circumstances hazardous or dangerous to life, limb or property, the Governor may proclaim that a banking emergency exists. The Governor may declare such banking holidays as in the Governor's judgment such emergency conditions may require and that any financial institution or institutions and credit union or credit unions are subject to special regulation as provided until the Governor, by a like proclamation, declares the period of the emergency to have terminated if the Governor has not defined the period in the original proclamation. [RR 2025, c. 1, Pt. D, §3 (COR).]
9-A M.R.S. § 4-404 — ME Code / Title 9-A / Chapter 4 / Section 4-404
9-A §4-404. Choice of insurance producer
Status: in_force

A supervised lender or its affiliate that negotiates or sells insurance products to purchasers or borrowers as authorized under section 4‑402 may not, in connection with the extension of credit, interfere with a purchaser's or borrower's free choice of an insurance producer or company under applicable provisions set forth in Title 24‑A . [PL 2021, c. 676, Pt. C, §6 (AMD).]
9-A M.R.S. § 10-202 — ME Code / Title 9-A / Chapter 10 / Section 10-202
9-A §10-202. Bond
Status: in_force

Each application must be accompanied by evidence of a surety bond, in a form approved by the administrator in the aggregate amount of $25,000, to run to the State for use by the State and any person or persons who may have a cause of action against a loan broker. Notwithstanding this section, the aggregate amount of a surety bond accompanying the application of a loan broker conducting business solely as a facilitator of a refund anticipation loan or refund anticipation check must be $10,000. The terms of the bond must run concurrent with the period of time during which the license is in effect. [PL 2009, c. 248, §8 (AMD).]
9-B M.R.S. § 253 — ME Code / Title 9-B / Part 2 / Chapter 25 / Section 253
9-B §253. Criteria for decision-making
Status: in_force

The superintendent shall take into account, but is not limited to, the criteria set forth in this section in considering applications filed pursuant to section 252 . [PL 1997, c. 398, Pt. K, §6 (AMD).]

1. Public convenience and advantage. A. The superintendent may not approve an application unless the superintendent determines that the proposed transaction contributes to the financial strength and success of the financial institution or institutions concerned and promotes the convenience and advantage of the public. [RR 2025, c. 1, Pt. D, §15 (COR).] B. Public convenience and advantage shall exist if the superintendent determines, based on all relevant evidence, information and materials, that public benefits, such as increased competition or gains in efficiency, outweigh possible adverse effects, such as decreased or unfair competition, undue concentration of resources, conflicts of interest, or unsafe or unsound practices. [PL 1975, c. 500, §1 (NEW).] [RR 2025, c. 1, Pt. D, §15 (COR).]

2. Basis for decision. In addition to the standards set forth in subsection 1 , the superintendent shall consider the following factors in determining whether the standard of public convenience and advantage has been met: A. The character, ability and overall sufficiency of the management, including directors, or organizers, corporators and incorporators of a new financial institution; [PL 1975, c. 500, §1 (NEW).] B. The adequacy of capital and financial resources of the institution or institutions concerned; [PL 1975, c. 500, §1 (NEW).] C. The competitive abilities and future prospects of the institution or institutions concerned; [PL 1975, c. 500, §1 (NEW).] D. The convenience and needs of the market area or areas to be served; [PL 1975, c. 500, §1 (NEW).] E. The competitive effect of the proposed transaction on the price, availability and quality of services in the market area or areas to be served; [PL 1975, c. 500, §1 (NEW).] F. The likely impact of the proposed transaction on other financial institutions in the market area or areas to be served; and [PL 1975, c. 500, §1 (NEW).] G. The fairness and equities involved in any merger, consolidation, conversion or acquisition. [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]

3. Burden of proof. In all cases, the burden of proving that public convenience and advantage will be promoted, and that the proposed transaction contributes to the financial strength and success of the institution or institutions concerned, shall rest with the applicant. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 3-312 — ME Code / Title 9-A / Chapter 3 / Section 3-312
9-A §3-312. Interest to be paid on funds held in escrow
Status: in_force

A supervised lender, including any of its assignees, that makes loans secured by a mortgage on real estate and which holds funds of a mortgagor in an escrow account for the payment of taxes or insurance premiums, either on its own behalf or on behalf of another mortgagee, shall pay interest on those funds in accordance with Title 9‑B, section 429 . [PL 1983, c. 679, §1 (NEW).]
9-A M.R.S. § 11-110 — ME Code / Title 9-A / Chapter 11 / Section 11-110
9-A §11-110. Calculation of late charges
Status: in_force

Any late charge assessed pursuant to section 11‑109, subsection 8 may not exceed the greater of 5% of the delinquent payment amount or $3. Only one late charge may be assessed on any delinquent payment, regardless of how long the payment remains unpaid. [PL 2001, c. 287, §11 (AMD).]