9-B M.R.S. § 848 — ME Code / Title 9-B / Part 8 / Chapter 84 / Section 848
9-B §848. Amendment of bylaws and charter
Status: in_force

1. Procedure. Amendments of the bylaws may be adopted, and amendments of the charter requested, by the affirmative vote of 2/3 of the members of the board of directors at any duly held meeting thereof, if the members of the board have been given at least 7 days' notice of said meeting and the notice has contained a copy of the proposed amendment or amendments. [PL 1975, c. 500, §1 (NEW).]

2. Superintendent's approval. No amendments to the bylaws or charter of a credit union shall become effective without the written approval of the superintendent. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 3-503 — ME Code / Title 9-A / Chapter 3 / Section 3-503
9-A §3-503. Form of agreement or offer; statement of buyer's rights
Status: in_force

1. In a home solicitation sale, the seller must present to the buyer and obtain the buyer's signature to a written agreement or offer to purchase that designates as the date of the transaction the date on which the buyer actually signs, contains a statement of the buyer's rights that complies with subsection 2 and contains the terms of the sale. A completely executed copy of the agreement must be furnished by the seller to the buyer immediately after the buyer signs the agreement. [RR 2025, c. 1, Pt. C, §27 (COR).]

2. The statement must: A. Appear under the conspicuous caption: "BUYER'S RIGHT TO CANCEL;" and [PL 1973, c. 762, §1 (NEW).] B. Read as follows: "If this agreement was solicited at your residence and you do not want the goods or services, you may cancel this agreement by mailing a notice to the seller. The notice must say that you do not want the goods or services and must be mailed before midnight of ..........(Stated date) when cancellation right lapses. The notice must be mailed to: .......... (Insert name and mailing address of seller). If you cancel by this date, the seller may not keep any of your cash down payment. If this agreement requires the seller to affix goods to real estate, then the seller may not begin the work until .......... (Stated date) when cancellation right lapses." [PL 1981, c. 187, §2 (AMD).] [PL 1981, c. 187, §2 (AMD).]

3. A home solicitation sales contract that contains the notice of cancellation forms and content required by the Federal Trade Commission's trade regulation rule providing for a time period within which a home solicitation sale may be cancelled is deemed as complying with the requirements of this Part, so long as the Federal Trade Commission rule provides at least equal information to the consumer concerning the consumer's right to cancel as is required by this Part. [RR 2025, c. 1, Pt. C, §28 (COR).]

4. Until the seller has complied with this section, the buyer may cancel the home solicitation sale by notifying the seller in any manner and by any means of the buyer's intention to cancel. [RR 2025, c. 1, Pt. C, §29 (COR).]
9-A M.R.S. § 14-103 — ME Code / Title 9-A / Chapter 14 / Section 14-103
9-A §14-103. Definitions
Status: in_force

As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

1. Servicing. "Servicing" means: A. Receiving any scheduled periodic payments from a student loan borrower or notification of such payments and applying the payments to the student loan borrower's account pursuant to the terms of a student education loan or to the terms of the contract governing the servicing of the student education loan; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] B. During a period when a payment is not required on a student education loan, maintaining account records for a student education loan and communicating with a student loan borrower regarding the loan on behalf of the loan's holder; or [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] C. Interactions with a student loan borrower, including activities to help prevent default on obligations arising from student education loans, conducted to facilitate any of the activities described in paragraph A or B . [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. Student education loan. "Student education loan" means a loan that is extended to a student loan borrower expressly for postsecondary education expenses or other school-related expenses and does not include open-ended credit or any loan that is secured by real property. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

3. Student loan borrower. "Student loan borrower" means: A. A resident of this State who has received or agreed to pay a student education loan; or [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] B. A person who shares legal responsibility with a resident under paragraph A for repaying the student education loan. [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. Student loan servicer. "Student loan servicer" means a person, wherever located, responsible for the servicing of a student education loan to a student loan borrower. "Student loan servicer" does not include a supervised financial organization or a financial institution holding company as defined in Title 9‑B, section 1011, subsection 1 , a mutual holding company as defined in Title 9‑B, section 1052, subsection 2 or a wholly owned subsidiary of a supervised financial organization, financial institution holding company or mutual holding company. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

5. Superintendent. "Superintendent" means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
9-A M.R.S. § 10-309 — ME Code / Title 9-A / Chapter 10 / Section 10-309
9-A §10-309. Rate locks
Status: in_force

If a loan broker collects a fee from a consumer to lock in a certain interest rate for a certain length of time, that loan broker shall: [PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]

1. Take steps that are necessary to actually secure or guarantee the specified rate for the appropriate length of time; [PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]

2. Select a time period within which the loan can reasonably be expected to close; and [PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]

3. Use good faith efforts to close the loan within the rate lock period. [PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
9-B M.R.S. § 1325 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1325
9-B §1325. Assessment, examination and enforcement
Status: in_force

1. Assessment. A foreign bank operating a Maine branch or a Maine agency shall pay assessments to the superintendent in accordance with section 214, subsection 2 . [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Examination. The superintendent may examine each Maine branch, Maine agency or Maine representative office pursuant to section 221 and is compensated for those examinations according to the provisions of section 214, subsection 1 . [PL 1997, c. 182, Pt. B, §3 (NEW).]

3. Enforcement. The superintendent may enforce the provisions of this chapter pursuant to the enforcement authority under sections 231 and 232 . [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-B M.R.S. § 813 — ME Code / Title 9-B / Part 8 / Chapter 81 / Section 813
9-B §813. Organization
Status: in_force

Upon receipt of a permission to organize pursuant to section 812 , the organizers shall comply with the following requirements: [PL 1975, c. 500, §1 (NEW).]

1. Conformance with law. Other than as provided herein, a credit union must be organized in accordance with Title 13‑C . [RR 2001, c. 2, Pt. B, §15 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]

2. Bylaws. A. The organizers shall next adopt bylaws consistent with this Part for the general supervision of, and which shall govern the affairs of, the credit union. [PL 1975, c. 500, §1 (NEW).] B. The bylaws must provide for and determine: (1) The name of the corporation; (2) The purpose for which it is formed; (3) The condition of residence, occupation or association that qualifies persons for membership; (4) The conditions on which shares may be paid in, transferred and withdrawn, including shares of nonmembers as provided in section 817 ; (5) The method of receipting for money paid on account of shares or repaid on loans; (6) The number of directors, and the number of members of the credit committee and the supervisory committee, and the manner of electing same; (7) The time of holding regular meetings of the board of directors, the credit committee and the supervisory committee; (8) The duties of the several officers; (9) The entrance fees, if any, to be charged; (10) The fines, if any, to be charged for failure to meet obligations to the corporation punctually; (11) The manner in which members are notified of all meetings; (12) The number of members who constitute a quorum at all meetings; and (13) Such other regulations as may be deemed necessary. [PL 1997, c. 108, §5 (AMD).] C. Within 10 days after adoption of the bylaws, the organizers shall file copies thereof with the superintendent, and, within 15 days after receipt the superintendent shall, after examining such bylaws for conformance with the requirements of this Title, approve or disapprove such bylaws. [PL 1975, c. 500, §1 (NEW).] [PL 1997, c. 108, §5 (AMD).]

3. Payment of shares. A. A credit union shall not commence business until the number of shares subscribed to in section 812, subsection 2 , have been fully paid in by the subscribers. [PL 1975, c. 500, §1 (NEW).] B. At such time as the subscribed shares have been fully paid in, a complete list of the shareholders with the name, address, occupation and amount of shares held by each shall be filed with the superintendent, which list shall be verified by the board of directors of the credit union. [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]

4. Certificate to commence business. A. Upon receipt of the statement required in subsection 3 , the superintendent shall cause an examination to be made to determine if the shares have been paid in and all requirements of this section and other laws have been complied with. [PL 1975, c. 500, §1 (NEW).] B. Upon completion of the superintendent's examination, and if all requirements of paragraph A are met, including approval of the bylaws, the superintendent shall issue a certificate authorizing the credit union to receive payments on account of shares, make loans and otherwise commence business. The certificate is conclusive of the facts stated in the certificate; and it is unlawful for any credit union to begin transacting business until such a certificate has been granted. A copy of the certificate must be filed with the Secretary of State by the superintendent. [RR 2025, c. 1, Pt. D, §38 (COR).] [RR 2025, c. 1, Pt. D, §38 (COR).]

5. Failure to commence business. A. Any credit union which shall fail to commence business as a credit union within one year after receiving permission to organize shall forfeit said permission and any certificate to commence business so obtained; and shall cease all activities, which fact shall be certified to the Secretary of State by the superintendent. [PL 1975, c. 500, §1 (NEW).] B. Notwithstanding the limitation in paragraph A , the superintendent may extend the period in which business shall be commenced for a period not to exceed 6 months, upon written application by the organizers setting forth the reasons for such extension. If an extension is approved by the superintendent, the Secretary of State must be so notified by the superintendent. [RR 2009, c. 2, §8 (COR).] [RR 2009, c. 2, §8 (COR).]
9-A M.R.S. § 11-118 — ME Code / Title 9-A / Chapter 11 / Section 11-118
9-A §11-118. Advertising and point-of-sale disclosure
Status: in_force

1. An advertisement for a rental-purchase agreement that refers to or states the dollar amount of any payment for a specific item must state clearly and conspicuously: A. That the transaction advertised is a rental-purchase agreement; [PL 1991, c. 787 (NEW).] B. The rental-purchase cost; and [PL 2001, c. 287, §17 (AMD).] C. That the consumer does not acquire ownership rights until the total of payments to acquire ownership is paid. [PL 2001, c. 287, §17 (AMD).] [PL 2001, c. 287, §17 (AMD).]

2. For any item of property displayed or offered for rental-purchase, the merchant shall display a point-of-rental placard. The point-of-rental placard must disclose the rental payment amount and, in numerals and lettering at least as prominent as the rental payment amount, the following: A. The number of rental payments necessary to acquire ownership of the item and the rental period; [PL 2001, c. 287, §17 (AMD).] B. The rental-purchase cost of the item; and [PL 2001, c. 287, §17 (AMD).] C. Whether the item is new or used. [PL 2001, c. 287, §17 (NEW).] Labeling a new item as used is not a violation of this Article. [PL 2001, c. 287, §17 (AMD).]

3. An owner or the personnel of a medium in which an advertisement appears or through which an advertisement is disseminated is not liable under this section. [PL 1991, c. 787 (NEW).]

4. A merchant may make the disclosures required by subsection 2 in the form of a list or catalog that is readily available to the consumer if the property is not displayed in the merchant's showroom or if displaying a point-of-rental placard would be impractical due to the size of the property. [PL 2001, c. 287, §17 (NEW).]

This section does not apply to an advertisement that does not refer to or state the amount of any payment. [PL 1991, c. 787 (NEW).]
9-B M.R.S. § 882 — ME Code / Title 9-B / Part 8 / Chapter 88 / Section 882
9-B §882. Use of term "credit union"
Status: in_force

1. Use of term authorized. A person, if duly authorized under the laws of this State, another state or the United States to conduct the business of banking as a credit union, may use as a part of the name or title under which it conducts business in this State the term "credit union." The superintendent may require the filing of supporting documentation relating to this paragraph in the form and manner and containing any information the superintendent may prescribe. [PL 2005, c. 82, §12 (NEW).]

2. Use of term prohibited. Except as provided in subsection 1 , a person may not use the term "credit union" as part of the name or title under which business is conducted or as a designation of such a business without prior written approval of the superintendent. 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 2005, c. 82, §12 (NEW).]

3. Violation; penalty. A person who violates any provision of this section is subject to a civil penalty of not more than $10,000 for each violation. [PL 2005, c. 82, §12 (NEW).]

4. Exception. This section does not prohibit the use of any name by a person who received written permission from the superintendent to use the name prior to the effective date of this section. [PL 2005, c. 82, §12 (NEW).]
9-B M.R.S. § 1328 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1328
9-B §1328. Interstate operations of out-of-state foreign banks
Status: in_force

1. Establishment. An out-of-state foreign bank may establish a branch or agency in this State in accordance with the procedures set forth in section 373, subsection 3 . The establishment of that branch or agency may be de novo or through merger, acquisition or other consolidation. [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Activities. The activities of branches or agencies located in this State by out-of-state foreign banks are governed by the provisions of this chapter and section 376, subsection 2 . [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-A M.R.S. § 3-202 — ME Code / Title 9-A / Chapter 3 / Section 3-202
9-A §3-202. Entitlement to copy of written agreement
Status: in_force

When a written agreement that requires or provides for the signature of the consumer and that evidences a consumer credit transaction other than one pursuant to open-end credit, the consumer is entitled to a copy of the agreement upon consummation of the transaction or within a reasonable time thereafter in the case of transactions entered into by mail, telephone or electronic means. [PL 1999, c. 150, §1 (RPR).]
9-B M.R.S. § 335 — ME Code / Title 9-B / Part 3 / Chapter 33 / Section 335
9-B §335. Change of office location; closing of an office
Status: in_force

1. Relocation. A main office, branch or agency office of a financial institution may not be moved to a new location without the prior written approval of the superintendent, pursuant to section 336 , except that a financial institution that meets the minimum standards set forth in section 412‑A or 831 and any rules adopted pursuant to these sections and is not under an enforcement action that requires the superintendent's prior approval of a branch relocation may relocate a main office or branch in this State without the prior approval of the superintendent. If the superintendent's approval is not required, then the financial institution must inform the superintendent at least 10 days prior to the proposed action. This announcement must be accompanied by a recording fee not to exceed $100. [PL 2017, c. 143, §2 (AMD).]

2. Closing. Any branch or agency office may be closed or discontinued with the prior written approval of the superintendent pursuant to section 336 after such public notice of the closing as the superintendent considers necessary. [PL 1997, c. 398, Pt. E, §4 (AMD).]
9-A M.R.S. § 14-101 — ME Code / Title 9-A / Chapter 14 / Section 14-101
9-A §14-101. Short title
Status: in_force

This Article may be known and cited as "the Student Loan Bill of Rights." [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
9 M.R.S. § 5004 — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5004
9 §5004. Licensure of charitable organizations
Status: in_force

1. Initial licensure as a charitable organization. The following provisions govern license applications by charitable organizations. A. Unless it has received an exemption pursuant to section 5006 , a charitable organization that intends to solicit, accept or obtain contributions in this State or to have contributions solicited, accepted or obtained on its behalf within this State shall file a license application with the director and pay the application and license fees as set under section 5015‑A at least 30 days before soliciting, accepting or obtaining contributions. Before it is issued a license by the director, a charitable organization that is required to file an initial license application may not solicit, accept or obtain contributions or have contributions solicited, accepted or obtained on its behalf by any other person, charitable organization or professional solicitor. The charitable organization shall identify any affiliate organizations or chapters on its license application. [PL 2013, c. 313, §9 (AMD).] B. A parent organization may file a consolidated license application for its affiliates, chapters and branches in this State and shall pay a single fee for such a consolidated license application. [PL 2007, c. 402, Pt. A, §3 (AMD).] C. [PL 2013, c. 313, §9 (RP).] [PL 2013, c. 313, §9 (AMD).]

2. Fee for registration statement. [PL 1977, c. 654, §2 (RP).]

2-A. Fee for license application. [PL 2013, c. 313, §9 (RP).]

3. Content of application for initial licensure. A license application must be sworn to or affirmed by the principal officer of the charitable organization and must contain the following information: A. The name of the organization and the purpose for which it was organized; [PL 1977, c. 488, §1 (NEW).] B. The principal mailing address of the organization and the mailing address of any offices in this State, or, if the organization does not maintain an office, the name and mailing address of the person having custody of its financial records; [PL 2013, c. 313, §9 (AMD).] C. The names and mailing addresses of any chapters, branches or affiliates in this State; [PL 2013, c. 313, §9 (AMD).] D. The place where and the date when the organization was legally established, the form of its organization and a copy of its certificate of existence or other organizing document; [PL 2013, c. 313, §9 (AMD).] E. The names and mailing addresses of the officers, directors or trustees and the principal salaried executive staff officer; [PL 2013, c. 313, §9 (AMD).] F. A statement as to whether the organization intends to solicit contributions from the public directly or have such done on its behalf by others; [PL 1977, c. 488, §1 (NEW).] G. The name, mailing address and license number of any professional solicitor who acts or will act on behalf of the charitable organization in connection with fund-raising campaigns for contributions from the State's residents; [PL 2013, c. 539, §5 (AMD).] H. A list of all jurisdictions in which the organization is authorized to solicit contributions; [PL 2013, c. 313, §9 (AMD).] I. The purpose or purposes for which the contributions to be solicited will be used; [PL 2007, c. 402, Pt. A, §3 (AMD).] J. [PL 1999, c. 386, Pt. A, §11 (RP).] K. [PL 2013, c. 313, §9 (RP).] L. The names of the individuals or officers of the organizations who will have final responsibility for the custody of the contributions; [PL 1977, c. 488, §1 (NEW).] M. The names of the individuals or officers of the organization responsible for the final distribution of the contributions; [PL 1977, c. 488, §1 (NEW).] N. [PL 2013, c. 313, §9 (RP).] O. [PL 2007, c. 402, Pt. A, §3 (RP).] P. [PL 2013, c. 539, §6 (RP).] Q. 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, §9 (AMD).] R. 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, §9 (NEW).] S. Other information as the director may require, including but not limited to documentation as to the current federal tax-exempt status of the charitable organization. [PL 2013, c. 313, §9 (NEW).] [PL 2013, c. 539, §§5,6 (AMD).]

4. Renewal of licensure as a charitable organization. A license issued by the director to a charitable organization expires on November 30th annually or such other time as the director may designate. A charitable organization shall apply for renewal by filing a renewal application with the director prior to the expiration date and paying the license fee as set under section 5015‑A . A. [PL 2013, c. 313, §9 (RP).] B. [PL 2013, c. 313, §9 (RP).] C. [PL 2013, c. 313, §9 (RP).] D. [PL 2013, c. 313, §9 (RP).] [PL 2013, c. 313, §9 (AMD).]

5. Content of renewal application. A renewal application pursuant to subsection 4 must contain the following information: A. The annual fund-raising activity report required by section 5005‑B ; [PL 2013, c. 313, §9 (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 charitable organization; [PL 2013, c. 313, §9 (NEW).] 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 charitable organization; [PL 2013, c. 313, §9 (NEW).] 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, §9 (NEW).] E. Other information as the director may require. [PL 2013, c. 313, §9 (NEW).] [PL 2013, c. 313, §9 (NEW).]

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, §9 (NEW).]

7. Change of information. As an ongoing condition of licensure, a charitable organization shall notify the director of any material change to the information contained in the organization's application for initial or renewal licensure, including any additional disciplinary or court action taken against the organization, within 10 days of the change. [PL 2013, c. 313, §9 (NEW).]
9-B M.R.S. § 377 — ME Code / Title 9-B / Part 3 / Chapter 37 / Section 377
9-B §377. Corporate filing requirements
Status: in_force

1. Applicability of Title 13-C. An out-of-state financial institution, federal association or national bank with a home state other than this State that seeks to establish and operate a branch in this State as the result of an interstate combination, branch acquisition or de novo establishment pursuant to this chapter shall comply with the filing requirements for foreign corporations under Title 13-C . The approval of the filing of an out-of-state financial institution, federal association or national bank by the Secretary of State does not authorize the operation of a branch in this State by an out-of-state financial institution, federal association or national bank until the notice required pursuant to subsection 2 has been filed. [RR 2001, c. 2, Pt. B, §13 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]

2. Notice to the superintendent required. An out-of-state financial institution, federal association or national bank is not authorized to do business in this State pursuant to this chapter until copies of the documents filed with the Secretary of State pursuant to Title 13-C have been received by the superintendent. [RR 2001, c. 2, Pt. B, §13 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
9-A M.R.S. § 15-102 — ME Code / Title 9-A / Chapter 15 / Section 15-102
9-A §15-102. Private student lender registry
Status: in_force

1. Private student lender registry. A person may not engage in the business of student financing as a student financing company in the State unless the person: A. Registers with the superintendent under rules or procedures adopted by the superintendent, including the payment of a fee of not less than $500 annually; and [PL 2021, c. 357, §1 (NEW).] B. Provides the superintendent, at the time of registration under paragraph A and annually after registration, with the following information for the previous year: (1) A list of all providers of postsecondary education for which the person has provided student financing to a student residing in the State; (2) The number of student financing transactions made to students residing in the State; (3) The number of student financing transactions made for each provider of postsecondary education listed in subparagraph (1); (4) The default rate for a student obtaining student financing from the person; and (5) A sample copy of the promissory note, agreement, contract or other instrument used by the person to extend student financing. [PL 2021, c. 357, §1 (NEW).] [PL 2021, c. 357, §1 (NEW).]

2. Publicly accessible website. By November 15, 2022, the superintendent shall list on a publicly accessible website the following information, which must be updated on at least an annual basis: A. The name, address, telephone number and website address for each student financing company registered under this section; [PL 2021, c. 357, §1 (NEW).] B. A summary of the information required under subsection 1, paragraph B , subparagraphs (1) to (4); and [PL 2021, c. 357, §1 (NEW).] C. A sample copy of each promissory note, agreement, contract or other instrument provided to the superintendent pursuant to subsection 1, paragraph B , subparagraph (5). [PL 2021, c. 357, §1 (NEW).] [PL 2021, c. 357, §1 (NEW).]
9-A M.R.S. § 2-304 — ME Code / Title 9-A / Chapter 2 / Section 2-304
9-A §2-304. Records; annual and quarterly reports
Status: in_force

1. [PL 1985, c. 336, §3 (RP).]

2. The administrator may direct each licensee to file composite annual and quarterly reports relating to all supervised loans made, arranged or serviced by that licensee. Information contained in annual and quarterly reports is confidential and may be published only in composite form. The administrator may at any time require additional reports if the administrator determines such action necessary to the proper supervision of licensees. [PL 2017, c. 106, §8 (AMD).]
9-B M.R.S. § 417 — ME Code / Title 9-B / Part 4 / Chapter 41 / Section 417
9-B §417. Equity interest in Maine financial institutions
Status: in_force

A financial institution authorized to do business in this State may acquire more than 5% of the equity interest of any other financial institution authorized to do business in this State or of a Maine financial institution holding company with the prior approval of the superintendent. [PL 1997, c. 398, Pt. I, §9 (AMD).]
9-B M.R.S. § 855 — ME Code / Title 9-B / Part 8 / Chapter 85 / Section 855
9-B §855. Real estate mortgage loans
Status: in_force

1. Limitations. A credit union may make loans to its members secured by a mortgage on real estate located within this State, subject to the following conditions and limitations. A. The total liability of any member upon loans within this section shall be as established in section 854, subsection 1 . [PL 1985, c. 94 (RPR).] B. No loan made pursuant to this section may exceed 90% of the appraised value of the property mortgage, as determined by the credit committee. Loans pursuant to this section may be made in an amount not exceeding 100% of the appraised value of the mortgage property if at least the top 20% of the loan is insured by a mortgage guarantee insurer licensed to do business in this State or if the loan is insured or guaranteed by the Federal Housing Administration or any other state or federal agency. [PL 1985, c. 94 (RPR).] C. The note or other obligation evidencing a first mortgage loan shall require monthly payment of the interest and principal thereon sufficient to repay the entire loan within a period not exceeding 30 years, except that this provision does not apply to real estate loans insured by the Federal Housing Administration. [PL 1985, c. 94 (NEW).] D. The note or other obligation evidencing a loan other than a first mortgage loan shall require monthly payment of the interest and principal thereon sufficient to repay the entire loan within a period not exceeding 15 years. [PL 1985, c. 94 (NEW).] [PL 1985, c. 94 (RPR).]

2. Loans to secure future advances. An interest in real estate that may be mortgaged to a credit union pursuant to this section may be mortgaged in the manner set forth in section 436 or in the manner set forth in Title 33, section 505 subject to the terms and conditions set forth in that section. An interest in real estate that may be mortgaged to a credit union organized under the laws of the United States may be mortgaged in the manner set forth in section 436 or in the manner set forth in Title 33, section 505 subject to the terms and conditions set forth in that section. The maximum loan terms established in subsection 1, paragraphs C and D , apply to each loan or advance secured by a mortgage under section 436 or Title 33, section 505 . [PL 1993, c. 229, §2 (AMD).]

3. Aggregate mortgage loan limitation. [PL 1991, c. 110, §1 (RP).]

4. Loan policy. The board of directors shall establish a policy addressing real estate mortgage loans, including home equity loans. At a minimum, this policy must address the following: A. Aggregate limitation on total real estate mortgage loans as a percentage of total loans and total assets; [PL 1991, c. 110, §2 (NEW).] B. Maximum loan-to-value standards; [PL 1991, c. 110, §2 (NEW).] C. Types of property eligible for loans; [PL 1991, c. 110, §2 (NEW).] D. Guidelines for selecting real estate appraisers; [PL 1991, c. 110, §2 (NEW).] E. Maximum debt-to-income ratios for borrowers; and [PL 1991, c. 110, §2 (NEW).] F. All other standards essential to the prudent management of real estate lending including the responsibility of 3rd-party contractors who prepare documentation for loans on behalf of the credit union. [PL 1991, c. 110, §2 (NEW).] This policy must be reviewed and ratified by the board of directors at least annually. [PL 1991, c. 110, §2 (NEW).]
9-A M.R.S. § 4-101 — ME Code / Title 9-A / Chapter 4 / Section 4-101
9-A §4-101. Short title
Status: in_force

This Article shall be known and may be cited as the "Maine Consumer Credit Code -- Insurance." [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 1238 — ME Code / Title 9-B / Part 12 / Chapter 123 / Section 1238
9-B §1238. Rules
Status: in_force

The superintendent may prescribe rules governing the activities of uninsured banks and implementing this chapter. These rules must take into account the uninsured status of these banks. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-B M.R.S. § 227 — ME Code / Title 9-B / Part 2 / Chapter 22 / Section 227
9-B §227. Subpoena powers
Status: in_force

The superintendent shall have the power and authority to summon persons and subpoena witnesses, compel their attendance, require production of evidence, administer oaths and examine any person under oath in connection with any subject related to the supervision and regulation of financial institutions. Any summons or subpoena may be served by registered mail with return receipt. Powers granted under this section may be enforced by the Superior Court. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 13-103 — ME Code / Title 9-A / Chapter 13 / Section 13-103
9-A §13-103. License and registration required
Status: in_force

1. Requirement. An individual, unless specifically exempted from this Article under subsection 2 , may not engage in the business of a mortgage loan originator without obtaining and maintaining annually a license under this Article. Each licensed mortgage loan originator must register with and maintain a valid unique identifier issued by the nationwide mortgage licensing system and registry. As used in this subsection, "engaging in the business of a mortgage loan originator" means the individual, in a commercial context and habitually or repeatedly: A. Takes a residential mortgage loan application and offers or negotiates terms of a residential mortgage loan for compensation or gain; or [PL 2013, c. 295, §1 (NEW).] B. Represents 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 the individual can or will perform the activities described in paragraph A . [PL 2013, c. 295, §1 (NEW).] An individual is considered to be acting habitually or repeatedly under this subsection if the individual takes a residential mortgage application and offers or negotiates terms of a residential mortgage loan for compensation or gain more than 3 times in a 12-month period. An exemption from the licensure requirements under this Article does not apply if the individual, alone or with others, is found by the administrator to have acted so as to intentionally circumvent or evade the provisions of this subsection. [PL 2013, c. 295, §1 (AMD).]

2. Exemption. The following persons are exempt from this Article. A. Registered mortgage loan originators, when acting for a depository institution; a subsidiary that is owned and controlled by a depository institution and that is regulated by a federal banking agency; or an institution regulated by the federal Farm Credit Administration. [PL 2009, c. 362, Pt. B, §1 (NEW).] B. An individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual. [PL 2009, c. 362, Pt. B, §1 (NEW).] C. An individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that serves as the individual's residence. [PL 2009, c. 362, Pt. B, §1 (NEW).] D. A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney 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. [PL 2009, c. 362, Pt. B, §1 (NEW).] E. An employee of 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, to the extent exempted by the administrator by rule, advisory ruling or interpretation, after taking into consideration any rule, advisory ruling or interpretation issued by the United States Department of Housing and Urban Development. [PL 2009, c. 362, Pt. B, §1 (NEW).] F. A retail seller of a manufactured home to the extent determined by any rule, advisory ruling or interpretation issued by the United States Department of Housing and Urban Development. [PL 2009, c. 362, Pt. B, §1 (NEW).] G. An individual who, during any calendar year or other 12-month period, takes applications for or offers or negotiates terms of not more than the maximum number of residential mortgage loans to qualify for exemption as determined by 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, §3 (NEW); PL 2011, c. 289, §5 (AFF).] H. An individual who acts as a mortgage loan originator in providing financing for the sale of a property owned by that individual as long as that individual does not habitually or repeatedly engage in that activity. [PL 2013, c. 295, §2 (NEW).] I. An individual who acts as a mortgage loan originator as long as the source of prospective financing does not provide mortgage financing or perform other mortgage loan origination activities habitually or repeatedly. [PL 2013, c. 295, §2 (NEW).] J. An employee of a government entity who acts as a mortgage loan originator pursuant to that employee's official duties as an employee of that government entity. [PL 2013, c. 295, §2 (NEW).] [PL 2013, c. 295, §2 (AMD).]

3. Loan processor or underwriter; license not required. A loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or by providing information, including the use of business cards, stationery, brochures, signs, rate lists or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator is not required to obtain and maintain a license under subsection 1 . A. An independent contractor may not engage in residential mortgage loan origination activities as a loan processor or underwriter unless that independent contractor obtains and maintains a license under subsection 1 . Each independent contractor loan processor or underwriter licensed as a mortgage loan originator must have and maintain a valid unique identifier issued by the nationwide mortgage licensing system and registry. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

4. Rules; interim procedures and accept applications. For the purposes of implementing an orderly and efficient licensing process, the administrator may establish licensing rules and interim procedures for licensing and acceptance of applications. For previously registered or licensed individuals, the administrator may establish expedited review and licensing procedures. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-A M.R.S. § 2-308 — ME Code / Title 9-A / Chapter 2 / Section 2-308
9-A §2-308. Regular schedule of payments; maximum loan term
Status: in_force

1. Except as provided in section 3‑308 , supervised loans, not made pursuant to open-end credit and in which the amount financed is $1,000 or less and the principal of which is payable in more than a single payment, must be scheduled to be payable in substantially equal installments at equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor and over a period of not more than 25 months. A. [PL 1985, c. 763, Pt. A, §29 (RP).] B. [PL 1985, c. 763, Pt. A, §29 (RP).] [PL 1997, c. 727, Pt. B, §8 (AMD).]

2. [PL 1997, c. 727, Pt. B, §9 (RP).]

3. [PL 1995, c. 614, Pt. A, §3 (RP).]
9-A M.R.S. § 13-113 — ME Code / Title 9-A / Chapter 13 / Section 13-113
9-A §13-113. Surety bond or minimum net worth requirements
Status: in_force

Mortgage loan originators must comply with either subsection 1 or subsection 2 . [PL 2009, c. 362, Pt. B, §1 (NEW).]

1. Surety bond. Unless in compliance with subsection 2 , a mortgage loan originator must be covered by a surety bond in accordance with this subsection. A. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this Article, the surety bond of that person subject to this Article can be used in lieu of the mortgage loan originator’s surety bond requirement. (1) The surety bond must provide coverage for each mortgage loan originator in an amount prescribed in paragraph B . (2) The surety bond must be in a form prescribed by the administrator. (3) The administrator may adopt rules with respect to the requirements for surety bonds necessary to accomplish the purposes of this Article. [PL 2009, c. 362, Pt. B, §1 (NEW).] B. The penal sum of the surety bond must be maintained in an amount established by rule. [PL 2009, c. 362, Pt. B, §1 (NEW).] C. When an action is commenced on a licensee's bond, the administrator may require the filing of a new bond. [PL 2009, c. 362, Pt. B, §1 (NEW).] D. Immediately on recovery upon any action on the bond the licensee shall file a new bond. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

2. Minimum net worth. Unless in compliance with subsection 1 , a minimum net worth must be continuously maintained for mortgage loan originators in accordance with this subsection and section 13‑105, subsection 6 . In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this Article, the net worth of that person subject to this Article can be used in lieu of the mortgage loan originator’s minimum net worth requirement. A. Minimum net worth must be maintained in an amount determined by the administrator. [PL 2009, c. 362, Pt. B, §1 (NEW).] B. The administrator may adopt rules with respect to the requirements for minimum net worth necessary to accomplish the purposes of this Article. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-A M.R.S. § 5-115 — ME Code / Title 9-A / Chapter 5 / Section 5-115
9-A §5-115. 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, §41 (COR).]
9-A M.R.S. § 4-301 — ME Code / Title 9-A / Chapter 4 / Section 4-301
9-A §4-301. Property insurance
Status: in_force

The following provisions apply to insurance provided or to be provided in relation to a consumer credit transaction: [PL 1997, c. 315, §6 (NEW).]

1. A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless: A. The insurance covers a substantial risk of loss of or damage to property related to the credit transaction; [PL 1973, c. 762, §1 (NEW).] B. The amount, terms and conditions of the insurance are reasonable in relation to the character and value of the property insured or to be insured; [PL 1973, c. 762, §1 (NEW).] C. The term of the insurance is reasonable in relation to the term of credit. [PL 1973, c. 762, §1 (NEW).] [PL 1975, c. 368, §1 (AMD).]

2. The term of the insurance is reasonable if it is customary and does not extend substantially beyond a scheduled maturity. [PL 1973, c. 762, §1 (NEW).]

3. With respect to a transaction, except pursuant to open-end credit, a creditor may not contract for or receive a separate charge for insurance against loss of or damage to property, unless the amount financed exclusive of charges for the insurance is $1,400 or more and the cash price of the item or property is $1,400 or more. [PL 1997, c. 727, Pt. B, §15 (AMD).]

4. With respect to a transaction pursuant to open-end credit, the administrator may adopt rules consistent with the principles set out in subsections 1 and 2 prescribing whether, and the conditions under which, a creditor may contract for or receive a separate charge for insurance against loss of or damage to property. [PL 1975, c. 368, §2 (NEW).]

5. [PL 1997, c. 727, Pt. B, §16 (RP).]
9 M.R.S. § 5017 — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5017
9 §5017. Denial or refusal to renew license; disciplinary action
Status: in_force

The director or the director's designee may deny the license application, refuse to renew the license or suspend or revoke the license of a person or an entity that has been, or whose principals, officers, directors, employees or fundraisers have been, convicted of, found guilty of, pled guilty or nolo contendere to or have been incarcerated by any federal or state court for any felony or for any misdemeanor involving dishonesty, including, but not limited to, fraud, theft, larceny, embezzlement or any crime arising from the conduct of a solicitation for a charitable organization. [PL 2013, c. 313, §25 (AMD).]

The director or the director's designee may deny a license, refuse to renew a license or impose the disciplinary sanctions authorized under Title 10, section 8003, subsection 5‑A for any of the reasons enumerated in Title 10, section 8003, subsection 5‑A, paragraph A . [PL 2013, c. 313, §25 (AMD).]
9-B M.R.S. § 234 — ME Code / Title 9-B / Part 2 / Chapter 23 / Section 234
9-B §234. Notice to Federal authorities
Status: in_force

1. Requirement. In connection with any proceeding under section 231 or 232 involving a financial institution under the concurrent supervision of a federal agency and the bureau, the superintendent shall provide the appropriate federal agency with notice of any such proceeding and the grounds therefor. Such proceeding may then be continued jointly or by either the federal agency or the superintendent. [PL 2007, c. 79, §4 (AMD).]

2. Failure to notify. Failure of the superintendent to give such notice shall not constitute a ground for attacking the validity of the order. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 1318 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1318
9-B §1318. Deposit requirements; asset requirements
Status: in_force

1. Deposit requirement. Upon the opening of a Maine branch or Maine agency and thereafter, a foreign bank shall keep on deposit, in accordance with rules the superintendent may prescribe, with a financial institution authorized to do business in the State, except for a foreign bank, United States dollar deposits or investment securities of a type that may be prescribed by the superintendent in an amount as set forth in this section. The financial institution must be approved by the superintendent. [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Amount of deposit. The aggregate amount of deposited investment securities, calculated on the basis of principal amount or market value, whichever is lower, and United States dollar deposits for each Maine branch or Maine agency established and operating under this chapter may not be less than the amount prescribed by section 412-A or rules adopted under section 412-A as applied to total liabilities of the Maine branch or Maine agency, including acceptances, but excluding accrued expenses, and amounts due and other liabilities to offices, branches, agencies and subsidiaries of the foreign bank. The superintendent may require that the assets deposited pursuant to this subsection must be maintained in such amounts as the superintendent may consider necessary or desirable for the maintenance of a sound financial condition, the protection of depositors and the public interest. The superintendent may consider reserves or other assets deposited with or on behalf of a federal banking agency in determining the amount of deposit. [PL 1997, c. 182, Pt. B, §3 (NEW).]

3. Deposit agreement. The deposit must be maintained with the financial institution selected according to subsection 1 pursuant to a deposit agreement in such form and containing such limitations and conditions as the superintendent may prescribe. So long as it continues business in the ordinary course a foreign bank may be permitted to collect income on the securities and funds so deposited and examine and exchange those securities. [PL 1997, c. 182, Pt. B, §3 (NEW).]

4. Asset maintenance. Subject to such conditions and requirements as may be prescribed by the superintendent, each foreign bank operating a Maine branch or Maine agency shall hold in this State assets of such types and in such amounts as the superintendent may prescribe by general or specific rule or ruling as necessary or desirable for the maintenance of a sound financial condition, the protection of depositors and creditors and the public interest. In determining compliance with any such prescribed asset requirements, the superintendent shall give credit to assets required to be maintained pursuant to subsection 1 , reserves required to be maintained with the Federal Reserve System and assets pledged and surety bonds payable to the Federal Deposit Insurance Corporation to secure the payment of domestic deposits. [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-B M.R.S. § 428 — ME Code / Title 9-B / Part 4 / Chapter 42 / Section 428
9-B §428. Inactive deposits or accounts
Status: in_force

All moneys in unclaimed accounts in each financial institution authorized to do business in this State must be disposed of according to Title 33, chapter 45 . [PL 2019, c. 498, §4 (AMD).]
9-B M.R.S. § 347 — ME Code / Title 9-B / Part 3 / Chapter 34 / Section 347
9-B §347. Effect of conversion or amendment; nonconforming activities
Status: in_force

The financial institution resulting from any action taken pursuant to the authority granted in this chapter is subject to the provisions of sections 357 and 358 and shall comply with the requirements of these sections and rules adopted under these sections. [PL 1997, c. 398, Pt. F, §9 (AMD).]
9-B M.R.S. § 326 — ME Code / Title 9-B / Part 3 / Chapter 32 / Section 326
9-B §326. Board of directors
Status: reserved

Except as provided in this section and section 327 , the management and operations of a financial institution organized under this chapter must be pursuant to Title 13‑C, chapter 8 . [PL 2003, c. 528, §1 (AMD).]

1. Directors: number, election, qualifications and term. A. The number of directors on the board of a mutual financial institution may not be less than 5. [PL 2003, c. 528, §2 (AMD).] B. The initial board of directors must be elected at the first meeting of the corporators or the incorporators as provided for in section 323 , and the board of directors must be elected by a vote of the corporators or members at each annual meeting thereafter; except that the articles of incorporation or bylaws may provide for groups of directors in accordance with Title 13‑C, section 806 . [RR 2001, c. 2, Pt. B, §11 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).] C. Vacancies on the board occurring during the year may be filled by the board until the next annual meeting of the corporators or members, who shall elect a director at such time to fill such position for the remainder of the term. Any vacancy that causes the number of directors to fall below the minimum required in paragraph A or in the institution's bylaws or articles of incorporation must be filled immediately. [PL 2003, c. 528, §3 (AMD).] D. [PL 1997, c. 398, Pt. D, §14 (RP).] E. The compensation of directors, which may include provision for payment of medical, surgical and hospital expenses due to accident or illness in the same manner as provided for officers and employees, may be fixed by the corporators or members at any legal meeting thereof, or, subject to the written approval of the superintendent, such may be fixed by the board of directors. [PL 1975, c. 500, §1 (NEW).] F. [PL 1977, c. 379 (RP).] G. The superintendent has the power to comment upon the sociological composition, as defined in section 131 , of the board of directors of any mutual or cooperative financial institution. This comment may be made in the form and manner the superintendent considers appropriate. [PL 1997, c. 398, Pt. D, §15 (AMD).] [PL 2003, c. 528, §§2,3 (AMD).]

2. Meetings of the directors. A. The directors shall hold at least 6 meetings each year, at least quarterly, at a time fixed in the bylaws. In any month in which the directors do not meet, the executive committee shall meet and a record of the meeting of the executive committee shall be ratified at the next board meeting. [PL 1983, c. 63, §2 (RPR).] B. A quorum at any meeting shall consist of not less than a majority of the board, but less than a quorum shall have power to adjourn from time to time until the next duly called meeting. [PL 1975, c. 500, §1 (NEW).] C. Full and complete records of all meetings of the board shall be kept and maintained. [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]

3. Powers and duties of the board. A. The board of directors may exercise any and all powers of an institution not expressly reserved to the corporators or members by this Title or by the institution's articles or bylaws. [PL 1975, c. 500, §1 (NEW).] B. The directors shall see that all funds of the institution are invested only in accordance with the sections of this Title governing the type of institutions of which they are directors. [PL 1975, c. 500, §1 (NEW).] C. The board of directors may, in its discretion and so far as is consistent with its duties, appoint an executive committee from its members, such committee to conduct the business of the institution between meetings of the board; provided that all transactions of such executive committee shall be reported to the directors at their next meeting and incorporated into the records of such meetings. [PL 1975, c. 500, §1 (NEW).] D. The board may employ, or authorize any officer to employ, any persons necessary to conduct the business of the institution. [PL 1975, c. 500, §1 (NEW).] E. Bylaws not inconsistent with this Title governing the management and operations of the institution may be adopted by the board of directors consistent with the provisions of section 325, subsection 5 ; provided that a copy of such and any amendments thereto shall be submitted by the institution to the superintendent, and shall become effective 10 days after such submission unless the superintendent shall indicate otherwise to the institution. [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 2-102 — ME Code / Title 9-A / Chapter 2 / Section 2-102
9-A §2-102. Scope
Status: in_force

Part 2 of this Article applies to consumer credit sales. Parts 3 and 4 apply to consumer loans, including loans made by supervised lenders. Part 5 applies to other charges and modifications with respect to consumer credit transactions. Part 6 applies to other credit transactions. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 3-403 — ME Code / Title 9-A / Chapter 3 / Section 3-403
9-A §3-403. Assignee subject to defenses
Status: in_force

1. With respect to a consumer credit sale or consumer lease, an assignee of the rights of the seller or lessor is subject to all claims and defenses of the buyer or lessee against the seller or lessor arising out of the sale or lease notwithstanding that: A. There is an agreement to the contrary; or [PL 1973, c. 762, §11 (NEW).] B. The assignee is a holder in due course of a negotiable instrument issued in violation of the provisions on prohibition of certain negotiable instruments, section 3‑307 . [PL 1973, c. 762, §11 (NEW).] [PL 1981, c. 243, §§ 21, 26 (AMD).]

2. The assignee's liability under subsection 1 may not exceed the amount owing to the assignee with respect to the sale or lease at the time the assignee has notice of a claim or defense of the buyer or lessee. If debts arising from 2 or more consumer credit sales, other than pursuant to open-end credit, or consumer leases are consolidated, payments received after the consolidation are deemed, for the purpose of determining the amount owing the assignee with respect to a sale or lease, to have been first applied to the payment of debts arising from the sales or leases first made; if the debts consolidated arose from sales or leases made on the same day, payments are deemed to have been first applied to the smallest debt. Payments received upon a revolving charge account are deemed, for the purpose of determining the amount owing, the assignee with respect to a sale, to have been first applied to the payment of credit service charges in the order of their entry to the account and then to the payment of debts in the order in which the entries to the account showing the debts were made. [PL 1973, c. 762, §1 (NEW).]

3. No agreement may provide greater rights for an assignee than this section permits and any provision granting such greater rights is unenforceable. [PL 1973, c. 762, §1 (NEW).]

4. For the purposes of this section, assignee includes the issuer of a credit card, other than a lender credit card, when such card is used in a consumer sale or lease made with a person other than the issuer. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 828 — ME Code / Title 9-B / Part 8 / Chapter 82 / Section 828
9-B §828. Powers of federally chartered credit unions
Status: in_force

Notwithstanding any other provisions of law, a credit union has the power to engage in any activity that a credit union chartered by or otherwise subject to the jurisdiction of the Federal Government may be authorized to engage in by federal legislation or regulations issued pursuant to such legislation. In the event any law of this State is preempted or declared invalid pursuant to applicable federal law, by a court of competent jurisdiction or by the responsible federal chartering authority with respect to any power that may be exercised by a credit union chartered by or otherwise subject to the jurisdiction of the Federal Government, that law is invalid with respect to credit unions authorized to do business in this State. The superintendent may adopt rules to ensure that such powers are exercised in a safe and sound manner with adequate consumer protections. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1997, c. 207, §2 (AMD).]
9-B M.R.S. § 812 — ME Code / Title 9-B / Part 8 / Chapter 81 / Section 812
9-B §812. Permission to organize
Status: in_force

1. Organizers. Any number of persons, but not less than 10, all of whom shall be residents of this State, may apply in writing to the superintendent for permission to organize a credit union for the purposes of encouraging thrift among its members, creating a source of credit at legitimate rates of interest and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. [PL 1983, c. 51, §1 (AMD).]

2. Application to organize. The organizers shall file with the superintendent an application to organize a credit union, together with copies that the superintendent requires and shall agree to be bound by the terms of that application. The application must state: A. The name by which the credit union will be known, which must include the words "credit union"; [PL 1991, c. 386, §22 (AMD).] B. The proposed location of its principal office; [PL 1975, c. 500, §1 (NEW).] C. The names and addresses of subscribers to the application and the number of shares subscribed for by each; [PL 1991, c. 386, §22 (AMD).] D. The proposed field of membership as defined in section 814 ; [PL 1997, c. 108, §2 (AMD).] E. All other information that the superintendent determines necessary and appropriate; and [PL 1997, c. 108, §2 (AMD).] F. The information required under section 817 , if applicable. [PL 1997, c. 108, §3 (NEW).] An application for permission to organize a credit union is not considered complete unless accompanied by an application fee payable to the Treasurer of State to be credited and used as provided in section 214 . The superintendent shall establish the amount of the fee according to different application requirements, but in no instance may it exceed $1,000. [PL 1997, c. 108, §§2, 3 (AMD).]

3. Publication of notice. After determining that the application required in subsection 2 is complete, the superintendent may advise the organizers to publish, within 15 days of such advice, a notice, in such form as the superintendent may prescribe. If required, such notice shall appear at least once a week for 3 successive weeks in one or more newspapers of general circulation in the county where the credit union is to be established, or in such other newspapers as the superintendent may designate. Such published notice shall set forth the information in the application for permission to organize, and such additional information as the superintendent may require. The superintendent may require individual notice to any person, organization or corporation, and may require that one of such publications contain the information required under section 252, subsection 2 . [PL 1975, c. 500, §1 (NEW).]

4. Permission from superintendent. A. In accordance with section 252 , the superintendent shall determine whether a certificate to commence business and permission to organize should be granted. [PL 1975, c. 500, §1 (NEW).] B. In addition to the criteria set forth in sections 253 and 817 , the superintendent shall consider the following criteria in determining whether permission to organize should be granted; namely that: (1) The character, responsibility and general fitness of the persons named in such certificate are such as to reasonably assure the proper conduct of the affairs and operation of a credit union; (2) The proposed field of membership provides a common bond of interest and a potential membership such as will reasonably assure success of the credit union; and (3) The proposed credit union will not jeopardize materially the financial stability of any existing credit union. [PL 1997, c. 108, §4 (AMD).] [PL 1997, c. 108, §4 (AMD).]
9-B M.R.S. § 877 — ME Code / Title 9-B / Part 8 / Chapter 87 / Section 877
9-B §877. Fees for mergers, conversions and acquisitions
Status: in_force

An application made pursuant to sections 872 , 872‑A , 873 , 875 or 876 may not be considered complete unless accompanied by an application fee payable to the Treasurer of State to be credited and used as provided in section 214 . The superintendent shall establish the amount of the application fee, which may not exceed $2,000. [PL 1999, c. 218, §26 (AMD).]
9-A M.R.S. § 5-108 — ME Code / Title 9-A / Chapter 5 / Section 5-108
9-A §5-108. 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 1973, c. 762, §1 (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 1973, c. 762, §1 (NEW).] [PL 1973, c. 762, §1 (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 1973, c. 762, §1 (NEW).]

3. For the purpose of this section, a change or practice expressly permitted by this Act is not in and of itself unconscionable in the absence of other practices and circumstances. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 1231 — ME Code / Title 9-B / Part 12 / Chapter 123 / Section 1231
9-B §1231. General authority and purpose
Status: in_force

A financial institution engaged in the business of banking that does not accept retail deposits and for which insurance of deposits by the FDIC is not required may be organized pursuant to chapter 31 . Unless otherwise indicated in this chapter, an uninsured bank has all the powers, rights, duties and obligations as a financial institution under this Title. An uninsured bank is not a nondepository trust company or a merchant bank. [PL 2023, c. 30, §7 (AMD).]
9-A M.R.S. § 13-120 — ME Code / Title 9-A / Chapter 13 / Section 13-120
9-A §13-120. Effective date
Status: in_force

This Article takes effect January 1, 2011. [PL 2009, c. 497, §1 (AMD).]
9-A M.R.S. § 11-107 — ME Code / Title 9-A / Chapter 11 / Section 11-107
9-A §11-107. General requirements of disclosure
Status: in_force

1. The merchant shall disclose to the consumer the information required by this Article. In a transaction involving more than one merchant, only one merchant need make the disclosure but all merchants are bound by the disclosure. [PL 1991, c. 787 (NEW).]

2. The disclosure must be made during or before consummation of the rental-purchase agreement. [PL 1991, c. 787 (NEW).]

3. The disclosure must be made clearly and conspicuously, in a clear and coherent manner, in writing, in type size not less than 8-point standard type and appropriately divided and captioned by various sections. A copy of the rental-purchase agreement must be provided to the consumer. If more than one consumer executes a rental-purchase agreement, the merchant shall provide a copy of the agreement to each consumer. The disclosure required under section 11‑108 must be made above the line for the consumer's signature. If disclosures are made on more than one page, the contract complies with this subsection if the consumer signs each page of the contract. [PL 2001, c. 287, §4 (AMD).]

4. If a disclosure becomes inaccurate as a result of any act, occurrence or agreement by the consumer after delivery of the required disclosure, the inaccuracy is not a violation of this Article. [PL 1991, c. 787 (NEW).]

5. A merchant may disclose information that is not required by this Article if the additional information is not stated, used or placed in a manner that contradicts, obscures or distracts attention from the required information. [PL 2001, c. 287, §5 (NEW).]
9-A M.R.S. § 11-114 — ME Code / Title 9-A / Chapter 11 / Section 11-114
9-A §11-114. Consumer's right to acquire ownership when 50% of payments equals cash price
Status: in_force

1. The total number of rental payments necessary to acquire ownership of the property under any rental-purchase agreement may not exceed 2 times the cash price of the property. When 50% of all rental payments made by a consumer equals the cash price of the property disclosed to the consumer pursuant to section 11‑108, subsection 1, paragraph E , the consumer acquires ownership of the property and the rental-purchase agreement terminates. [PL 1991, c. 787 (NEW).]

2. At any time after tendering an initial lease payment, a consumer may acquire ownership of the property that is the subject of the rental-purchase agreement by tendering an amount equal to the amount by which the cash price of the rented property exceeds 50% of all rental payments made by the consumer. [PL 1991, c. 787 (NEW).]

3. It is not a violation of this section for the merchant and the consumer to agree in writing to allow the consumer to acquire ownership of the property for a lesser amount than the maximum limits set forth in subsections 1 and 2 . [PL 1991, c. 787 (NEW).]
9-B M.R.S. § 325 — ME Code / Title 9-B / Part 3 / Chapter 32 / Section 325
9-B §325. Corporators and members
Status: reserved

1. Corporators of mutual financial institutions. A. The persons named in the articles of incorporation constitute the original board of corporators of a mutual financial institution. Membership on this board continues until terminated pursuant to the articles of incorporation or bylaws or by death, resignation or disqualification as provided in this section. [RR 2009, c. 1, §10 (COR).] B. [PL 2009, c. 19, §2 (RP).] C. All corporators must be residents of the geographic area that the financial institution serves or an area proximate to this geographic area. A person may not continue as a corporator after ceasing to be a resident of the financial institution's geographic area or an area proximate to this geographic area. [PL 1997, c. 398, Pt. D, §10 (AMD).] D. Any corporator failing to attend the annual meeting of the board of corporators for 2 successive years ceases to be a member of the board unless reelected by a vote of the remaining corporators. [PL 1997, c. 398, Pt. D, §10 (AMD).] E. The number of corporators may be fixed or altered by the bylaws of the financial institution, and vacancies may be filled by election at any annual meeting. [PL 1997, c. 398, Pt. D, §10 (AMD).] F. The superintendent has the power to comment upon the sociological composition, as defined in section 131 , of the board of corporators of any mutual or cooperative financial institution. This comment may be made in the form and manner the superintendent considers appropriate. [PL 1997, c. 398, Pt. D, §10 (AMD).] [RR 2009, c. 1, §10 (COR).]

2. Members of a cooperative financial institution; qualifications and voting rights. A. The members of a cooperative financial institution organized pursuant to this chapter must be those in whose names accounts are established and persons borrowing from or assuming or obligated upon a loan held by such institution or purchasing property and assuming the secured loan held by such institution. [PL 1997, c. 398, Pt. D, §11 (AMD).] B. A single membership in a cooperative financial institution may be held by 2 or more persons, and a joint and survivorship relationship and successor relationship, whether investors or borrowers, constitutes a single membership. [PL 1997, c. 398, Pt. D, §11 (AMD).] C. Each member 18 years of age or over is entitled to one vote at any meeting of the cooperative financial institution, regardless of the number of shares or accounts standing in that member's name, provided that only one vote is allowed on an account held by 2 or more persons. A member may not vote by proxy at any meeting, unless otherwise provided in this Title. The bylaws may prohibit voting by persons who have become members within 6 months of the date when the vote is cast. When accounts or shares are pledged, the pledgor may vote the accounts or shares so pledged. [PL 1997, c. 398, Pt. D, §11 (AMD).] D. Membership terminates when the amount of a member's shares or accounts has been paid in full to that member, or when the transfer of membership to other persons has been recorded on the books of the financial institution, or when that member's status as a borrower from the institution terminates. [PL 1997, c. 398, Pt. D, §11 (AMD).] [PL 1997, c. 398, Pt. D, §11 (AMD).]

3. Powers and duties of corporators and members. A. Corporators or members shall hold regular annual meetings, at a time fixed in the bylaws of the institution, for the purpose of electing directors of the institution and for the transaction of any other business which may properly be brought before such meeting. [PL 1975, c. 500, §1 (NEW).] B. Special meetings of the corporators or members may be called at any time by the president of the institution, or in any other manner provided for in the bylaws. [PL 1975, c. 500, §1 (NEW).] C. Notice of the annual meeting or any special meeting shall be given by public advertisement in a newspaper or newspapers of general circulation in the county or counties where each office of the institution is located, or in such other newspapers as the superintendent may designate; provided that corporators shall also be sent notice by mail at their last known address. The notice shall be published on at least 2 different days and in such manner as to be reasonably conspicuous. The last publication of notice shall be at least 7 days prior to such annual or special meeting. Notice of any special meeting shall state the purpose for which such meeting is called. [PL 1975, c. 666, §15 (RPR).] D. The bylaws must prescribe the number of corporators or members that constitute a quorum at any annual or special meeting. The bylaws may also provide for voting by proxy. [PL 1997, c. 398, Pt. D, §12 (AMD).] E. Meetings of the corporators or members must be held at the institution's principal office, at such other place in the area of this State served by the institution as the notice designates or by means of remote communication under paragraph F . [PL 2021, c. 188, §1 (AMD).] F. The board of directors may authorize, subject to guidelines and procedures as the board may adopt, a meeting of corporators or members to be conducted by means of remote communication with no fixed place or may authorize a corporator or member or holder of a proxy of a corporator or member who is not physically present at a meeting of corporators or members to join the meeting by means of remote communication. A corporator or member or holder of a proxy of a corporator or member in a meeting of corporators or members held remotely or who joins a meeting of corporators or members by means of remote communication may: (1) Participate in the meeting; (2) Be deemed present in person at the meeting; and (3) Vote at the meeting if the institution has implemented reasonable measures: (a) To verify that a person who has joined by means of remote communication a meeting of corporators or members is a corporator, member or holder of a proxy of a corporator or member; (b) To provide a corporator, member or holder of a proxy of a corporator or member who has joined by means of remote communication a meeting of corporators or members a reasonable opportunity to participate in the meeting and to vote on matters submitted to the corporators and members, including an opportunity to communicate with, read and hear the proceedings, substantially concurrently with the proceedings; and (c) To maintain a record of the presence of and a vote or any other action taken by a corporator, member or holder of a proxy of a corporator or a member who has joined by means of remote communication a meeting of corporators and members. [PL 2021, c. 188, §2 (NEW).] [PL 2021, c. 188, §§1, 2 (AMD).]

4. Articles of incorporation. The corporators or members have the right to amend the institution's articles of incorporation in any manner not inconsistent with this Title, as long as the amendments are submitted to the superintendent for the superintendent's written approval prior to their taking effect. [RR 2025, c. 1, Pt. D, §22 (COR).]

5. Bylaws. Bylaws may be amended and added to by the corporators or members or directors of the institution except to the extent limited by the articles of incorporation or unless such power has been reserved by the articles of incorporation or granted by the corporators to the board of directors. Amendments to the bylaws shall be submitted to the superintendent and shall become effective 10 days after such submission unless the superintendent shall otherwise indicate to the institution. [PL 1977, c. 155, §1 (AMD).]
9-B M.R.S. § 857-A — ME Code / Title 9-B / Part 8 / Chapter 85 / Section 857-A
9-B §857-A. Lines of credit
Status: in_force

1. Authorization; limitations. Subject to the limitations set forth in sections 854 and 855 , the credit committee of a credit union may approve a line of credit to a member upon written application by the member, and advances may be made to that member within the limits of that extension of credit. A line of credit given pursuant to this section must be reviewed periodically by a loan officer or the credit committee in accordance with the policy established under section 854 . [PL 1995, c. 512, §3 (AMD).]

2. Repayment. Repayment of advances made pursuant to a line of credit shall be on such terms as shall be mutually agreed upon by the member and the credit union. [PL 1979, c. 133, §2 (NEW).]
9-A M.R.S. § 6-105 — ME Code / Title 9-A / Chapter 6 / Section 6-105
9-A §6-105. Administrative powers with respect to supervised financial organizations
Status: in_force

1. With respect to supervised financial organizations, all powers of the administrator under this Act must be exercised by the Superintendent of Financial Institutions. [PL 1995, c. 309, §12 (AMD); PL 1995, c. 309, §29 (AFF); PL 2001, c. 44, §11 (AMD); PL 2001, c. 44, §14 (AFF).]

2. [PL 1995, c. 309, §12 (RP); PL 1995, c. 309, §29 (AFF).]

3. An administrator, as defined in section 1‑301, subsection 2 , and any official or agency of this State having supervisory authority over a supervised financial organization are authorized and directed to consult and assist one another in maintaining compliance with this Act. They may jointly pursue investigations, prosecute suits and take other official action, as they determine appropriate, if either of them otherwise is empowered to take the action. [PL 1995, c. 309, §12 (AMD); PL 1995, c. 309, §29 (AFF).]

4. In carrying out the responsibilities assigned under section 1‑301, subsection 2 , the Superintendent of Financial Institutions shall designate an employee within the Bureau of Financial Institutions and shall assign to that employee the responsibility of promoting the purposes and policies of the Maine Consumer Credit Code with respect to supervised financial organizations. [PL 1995, c. 309, §12 (NEW); PL 1995, c. 309, §29 (AFF); PL 2001, c. 44, §11 (AMD); PL 2001, c. 44, §14 (AFF).]
9-A M.R.S. § 6-114 — ME Code / Title 9-A / Chapter 6 / Section 6-114
9-A §6-114. Consumer's remedies not affected
Status: in_force

The grant of powers to the administrator in this Article does not affect remedies available to consumers under this Act or under other principles of law or equity. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 465-A — ME Code / Title 9-B / Part 4 / Chapter 46 / Section 465-A
9-B §465-A. Loans to stockholders, directors or officers
Status: in_force

1. Authorization. A financial institution authorized to do business in this State may make loans to its principal stockholders, policy-making officers or directors, or to any related interest of those persons, subject to the limitations contained in this section. [PL 1991, c. 681, §3 (NEW).]

2. Terms and credit worthiness. A financial institution may not make a loan to any of its principal stockholders, policy-making officers or directors, or to any related interest of that person, unless the loan is made on substantially the same terms, including interest rates and collateral, as those generally available to the public, or to employees of the financial institution pursuant to a benefit or compensation program, and does not involve more than the normal risk of repayment or present other unfavorable features. [PL 1997, c. 22, §19 (AMD).]

3. Prior approval. A financial institution may not grant a loan to any of its principal stockholders, policy-making officers or directors, or to any related interest of that person, in an amount that, when aggregated with the amount of all other loans to that person and all related interests of that person, exceeds the higher of $25,000 or 5% of the financial institution's capital or unimpaired surplus, unless: A. The loan has been approved in advance by a majority of the entire board of directors of the financial institution; and [PL 1991, c. 681, §3 (NEW).] B. Any interested party has abstained from participating directly or indirectly in the voting. [PL 1991, c. 681, §3 (NEW).] A financial institution may not make a loan to any one of its principal stockholders, policy-making officers or directors, or to any related interest of that person, in an amount that, when aggregated with the amount of all other loans to that person and all related interests of that person, exceeds $500,000 except in compliance with the requirements of this subsection. [PL 1991, c. 681, §3 (NEW).]

4. Participation in discussion. Participation by any principal stockholder, policy-making officer or director in the discussion or any attempt to influence the voting by the board of directors regarding a loan to the interested principal stockholder, policy-making officer or director, or any related interest of that person, constitutes indirect participation in the voting by the board of directors on the loan. [PL 1991, c. 681, §3 (NEW).]

5. Lines of credit. Lines of credit to principal stockholders, policy-making officers or directors, or to any related interest of those persons, must be approved pursuant to the requirements of subsection 3 . A loan granted under a line of credit approved pursuant to subsection 3 does not require prior approval pursuant to that subsection as long as the loan is granted within the term of the approved line of credit. [PL 1991, c. 681, §3 (NEW).]

6. Liability for making. Every principal stockholder, officer, agent or employee of a financial institution who authorizes or assists in procuring or granting or who causes the granting of a loan in violation of this section or section 854 , to the extent that the financial institution is subject to the provisions of section 439‑A or 854 , or who pays or willfully permits the payment of any funds of that institution on such a loan; every director of a financial institution who votes on a loan in violation of any of the provisions of this section; and every director, principal stockholder, officer, agent or employee who knowingly permits or causes any of those actions to be done is personally responsible for payment of the loan and is guilty of a Class E crime. For purposes of this subsection, "agent" or "employee" does not include an individual who is incidentally involved in the preparation of documents or title work related to a loan. [PL 1997, c. 398, Pt. L, §7 (AMD).]

7. Violations. A loan granted in violation of this section is due and payable immediately, without demand, whether or not it appears on its face to be a time loan. If the superintendent finds a loan outstanding in violation of this section or section 439‑A or 854 , the superintendent shall notify the president, clerk or treasurer of the financial institution to cause that loan to be paid immediately. If the loan is not paid within 30 days or such further time as the superintendent determines, the superintendent shall report the facts to the Attorney General, who shall commence a civil action in the name and for the benefit of the financial institution for the collection of the loan. The Attorney General may employ special counsel to prosecute the civil action. The financial institution shall pay all expenses of special counsel, to be recovered in a civil action in the name of the State. [PL 1991, c. 681, §3 (NEW).]

8. Rulemaking. The superintendent may adopt rules to administer and carry out this section. [PL 1991, c. 681, §3 (NEW).]
9-A M.R.S. § 13-111 — ME Code / Title 9-A / Chapter 13 / Section 13-111
9-A §13-111. Nationwide mortgage licensing system and registry information challenge process
Status: in_force

The administrator shall establish a process by which mortgage loan originators may challenge information entered into the nationwide mortgage licensing system and registry by the administrator. [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-B M.R.S. § 441 — ME Code / Title 9-B / Part 4 / Chapter 44 / Section 441
9-B §441. Applicability of chapter
Status: in_force

The provisions of this chapter govern the services and incidental activities offered by financial institutions. [PL 1997, c. 398, Pt. I, §27 (AMD).]
9-B M.R.S. § 862 — ME Code / Title 9-B / Part 8 / Chapter 86 / Section 862
9-B §862. Deposits, notes and bonds
Status: in_force

A credit union may invest in: [PL 1975, c. 500, §1 (NEW).]

1. Deposits in insured institutions. Deposits or share accounts in any financial institution or credit union, as long as deposits or shares in the financial institution or credit union are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration; [PL 2003, c. 322, §40 (AMD).]

2. Legal investments for savings banks. [PL 1987, c. 405, §32 (RP).]

2-A. Other legal investments for credit unions. A credit union may legally invest in the following. A. Credit unions are authorized to invest in government unit bonds: (1) The bonds and other obligations of the United States or the bonds and other obligations or participation certificates issued by any agency, association, authority or instrumentality created by Congress or any executive order; (2) The bonds and other obligations issued or guaranteed by any state or by any instrumentality or agency of any state, or by any political subdivision of any state; provided that such securities are rated within the 3 highest grades by any rating service approved by the superintendent; (3) The bonds and other obligations issued or guaranteed by this State, or issued by an instrumentality or agency of this State or any political subdivision of this State which is not in default on any of its outstanding funded obligations; and (4) The bonds and other obligations issued or guaranteed by the Dominion of Canada, or issued or guaranteed by any province or political subdivision of a province; provided that such securities are rated within the 3 highest grades by any rating service approved by the superintendent and are payable in United States funds. [PL 1987, c. 405, §33 (NEW).] B. Credit unions are allowed to invest in the bonds and other obligations of any United States corporation, provided that such securities are rated within the 3 highest grades by any rating service approved by the superintendent. Not more than 2% of the shares of a credit union shall be invested in the securities of any one such corporation and the total of all such investments shall not exceed 20% of the shares of a credit union. [PL 1987, c. 405, §33 (NEW).] C. Credit unions are authorized to invest in the following: (1) The bonds, debentures, acceptances and commercial paper of any financial institution authorized to do business within this State, incorporated under the laws of this State or the United States and of any financial institution holding company registered under chapter 101 . For the purposes of this subsection, the out-of-state owners of Maine financial institutions or financial institution holding companies are not to be considered Maine financial institutions or financial institution holding companies; (2) The bonds, debentures, acceptances and commercial paper of banks or bank holding companies principally domiciled outside the State, provided that the bank's or holding company's bonds and debentures are rated in the 3 highest grades by a rating service approved by the superintendent. In the case of commercial paper, the commercial paper should be rated in the 2 highest grades. In the case of acceptances, the bank's or holding company's ratings of its other obligations so listed should be within the above parameter. These banks should also be insured by the Federal Deposit Insurance Corporation and holding companies should be registered under the Bank Holding Company Act of 1956; and (3) Capital notes or debentures issued by any savings bank or savings and loan association chartered under the laws of any state, or of the United States, or of the Commonwealth of Puerto Rico, provided that these institutions are insured by the Federal Deposit Insurance Corporation or Federal Savings and Loan Insurance Corporation or issued by a thrift institution holding company registered under the United States Housing Act, Section 408. These obligations shall be rated in the 3 highest grades by a rating service approved by the superintendent. A credit union shall not acquire obligations described in this paragraph both by way of investment as security for loans in excess of 30% of its shares; nor shall it acquire such obligations of any one bank or thrift, or bank or thrift holding company, not principally domiciled in this State in excess of 5% of its shares. [PL 1987, c. 405, §33 (NEW).] D. A credit union may invest in mutual funds or trusts, provided that all of the investments of those mutual funds or trusts are permissible investments under this section. [PL 1987, c. 405, §33 (NEW).] E. A credit union may invest in United States or State Government guaranteed loans. [PL 1997, c. 398, Pt. L, §11 (AMD).] F. The superintendent may by rule, issued pursuant to section 251 , raise or lower the limitations as to percentage of securities prescribed under this section or prescribe such additional limitations as in the superintendent's judgment conditions warrant. [RR 2025, c. 1, Pt. D, §41 (COR).] [RR 2025, c. 1, Pt. D, §41 (COR).]

3. Notes of liquidating credit union; limitation. The purchase of notes from a liquidating credit union; provided that such purchase shall not exceed 5% of the purchasing credit union's share capital and surplus; and [PL 1983, c. 51, §10 (AMD).]

4. Sale of assets. [PL 2001, c. 211, §20 (RP).]

5. Federal Home Loan Bank and National Credit Union Administration Central Liquidity Facility membership. A credit union may become a member and stockholder of the following: A. A Federal Home Loan Bank within the Federal Home Loan Bank district where that credit union is located; and [PL 1995, c. 512, §4 (NEW).] B. The National Credit Union Administration Central Liquidity Facility, subject to the conditions and limitations prescribed under the Federal Credit Union Act, 12 United States Code, Sections 1751 to 1795k (1988). [PL 1995, c. 512, §4 (NEW).] [PL 1995, c. 512, §4 (AMD).]

This section may not be construed to authorize a credit union to purchase or invest in the stock of any corporation, except for the purchase of stock in the Federal Home Loan Bank or the National Credit Union Administration Central Liquidity Facility for purposes of establishing membership in those systems. [PL 1995, c. 512, §5 (AMD).]
9-A M.R.S. § 10-301 — ME Code / Title 9-A / Chapter 10 / Section 10-301
9-A §10-301. Escrow of funds
Status: in_force

Each loan broker shall place fees from consumers, other than bona fide 3rd-party fees, in an escrow account separate from any operating accounts of the business, pending completion of services offered. With respect to loan brokers offering to arrange for or obtain extensions of credit for consumers, or provide advice or assistance to arrange for or obtain extensions of credit, "completion of services offered" means procurement of credit under the terms agreed to by the parties. [PL 2005, c. 274, §7 (AMD).]
9 M.R.S. § 2301 — ME Code / Title 9 / Part 5 / Chapter 201 / Section 2301
9 §2301. Industrial loan companies
Status: in_force

All corporations chartered and doing business as "industrial loan companies" pursuant to this section and former sections 2302, 2303, 2341 to 2345 and 2381 and 2382 and that were not accepting certificates of investment prior to June 1, 1967 are hereby made corporations organized under Title 13‑C and such "industrial loan companies" are subject to Title 9‑A to the extent that the activities of such companies are within the provisions of Title 9‑A . [PL 2003, c. 688, Pt. A, §9 (AMD).]
9 M.R.S. § 5013 — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5013
9 §5013. Unauthorized use of names
Status: in_force

1. Use of name; written consent. A person or entity may not, for the purpose of soliciting contributions from persons or entities in this State, use the name of any other person or entity in a misleading manner. This prohibition includes, but is not limited to, the publication of endorsements purported to have been made by public or private individuals who have not, in fact, provided written authorization for the use of their names for this purpose. [PL 2011, c. 286, Pt. A, §10 (AMD).]

2. Publication. Nothing contained in this section shall prevent the publication of names of contributors without their written consents in an annual or other periodic report issued by a charitable organization for the purpose of reporting on its operations and affairs to its membership or for the purpose of reporting contributions to contributors. [PL 1977, c. 488, §1 (NEW).]
9-A M.R.S. § 16-102 — ME Code / Title 9-A / Chapter 16 / Section 16-102
9-A §16-102. License required
Status: in_force

A person may not engage in the business of securing, making or extending a private education loan or holding a private education loan without having first obtained a license as a supervised lender from the administrator pursuant to section 2‑301 . [PL 2021, c. 357, §2 (NEW).]
9-B M.R.S. § 915 — ME Code / Title 9-B / Part 9 / Chapter 91 / Section 915
9-B §915. Mergers, consolidations and acquisitions
Status: in_force

1. Mergers and consolidations. An industrial bank may merge or consolidate with another industrial bank or a financial institution organized under the laws of this State except that any such merger or consolidation must be executed pursuant to the provisions of section 352 or 354 and is subject to the provisions of sections 357 and 358 . [PL 1997, c. 398, Pt. L, §14 (AMD).]

2. Acquisitions. An industrial bank may sell all or substantially all of its assets and liabilities to a financial institution organized under the laws of this State, or purchase all or substantially all of the assets and assume the liabilities of, another industrial bank; provided that such purchase or sale shall be executed pursuant to the provisions of section 355 and shall be subject to the provisions of sections 357 and 358 . [PL 1975, c. 500, §1 (NEW).]

3. Mergers into other corporations. Nothing contained in subsection 1 or 2 may be construed as prohibiting an industrial bank from merging or consolidating with, being acquired by, or selling its assets to a corporation or entity that is not enumerated in subsection 1 or 2 ; as long as the merger, consolidation, acquisition or sale is executed in accordance with the provisions of Title 13‑C , and timely notice of that action is given to the superintendent; and as long as upon the effective date of the action, the industrial bank forfeits its charter as an industrial bank and ceases all activities as an industrial bank, which fact must be certified by the superintendent to the Secretary of State. [RR 2001, c. 2, Pt. B, §18 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
9-A M.R.S. § 13-108 — ME Code / Title 9-A / Chapter 13 / Section 13-108
9-A §13-108. Standards for license renewal
Status: in_force

1. Minimum standards. The minimum standards for license renewal for mortgage loan originators include the following: A. The mortgage loan originator continues to meet the minimum standards for license issuance under section 13‑105, subsections 1 to 5 ; [PL 2009, c. 362, Pt. B, §1 (NEW).] B. The mortgage loan originator has satisfied the annual continuing education requirements described in section 13‑109 ; and [PL 2009, c. 362, Pt. B, §1 (NEW).] C. The mortgage loan originator has paid all required fees for renewal of the license. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

2. Failure to satisfy minimum standards of license renewal. If a mortgage loan originator fails to satisfy the minimum standards for license renewal, that individual's license expires. The administrator may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the nationwide mortgage licensing system and registry. [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-A M.R.S. § 11-103 — ME Code / Title 9-A / Chapter 11 / Section 11-103
9-A §11-103. Supplementary general principles of law applicable
Status: in_force

Unless displaced by the particular provisions of this Article, the "Uniform Commercial Code" and the principles of law and equity, including the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy or other validating or invalidating cause, supplement the provisions of this Article. [PL 1991, c. 787 (NEW).]
9-B M.R.S. § 256 — ME Code / Title 9-B / Part 2 / Chapter 25 / Section 256
9-B §256. Judicial review of superintendent's action
Status: in_force

Any person or organization affected adversely by a rule, regulation, amendment, order or decision on an application promulgated by the superintendent, or affected adversely by the denial of a request for a hearing, may appeal from that action. Judicial review of any final action of the superintendent shall be in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter VII . [PL 1977, c. 694, §165 (RPR).]
9-B M.R.S. § 1019-A — ME Code / Title 9-B / Part 10 / Chapter 101 / Section 1019-A
9-B §1019-A. Notification of superintendent; purchase of own shares
Status: in_force

A Maine financial institution holding company shall provide the superintendent with prior notification regarding the following transactions: [PL 1991, c. 386, §27 (AMD).]

1. Issuance of stock, capital notes or debentures. The issuance of equity interest, capital notes or debentures with an original maturity of 3 years or greater. Notice must be provided at least 10 days prior to issuance and must contain a copy of any United States Securities and Exchange Commission filings, private placement memoranda or other documents describing the proposed issue to potential investors; [PL 2005, c. 82, §13 (AMD).]

2. Purchase of own capital stock. The purchase of shares of any type of its own equity interest. Notice must contain such information as required by the superintendent; and [PL 2005, c. 82, §13 (AMD).]

3. Exception requiring approval. The issuance of equity interest or capital notes by a Maine financial institution holding company that is not required to file notice with the United States Securities and Exchange Commission. Issuance under this subsection also requires prior approval of the superintendent. A Maine financial institution holding company may not purchase or redeem its equity interests without the superintendent's prior written approval if the gross consideration for purchase or redemption, when aggregated with the net consideration paid by the company for all such purchases or redemptions during the preceding 12 months, is equal to 10% or more of the company's consolidated net worth. [PL 2005, c. 82, §14 (NEW).]
9-A M.R.S. § 11-109 — ME Code / Title 9-A / Chapter 11 / Section 11-109
9-A §11-109. Prohibited practices
Status: in_force

A rental-purchase agreement may not contain: [PL 1991, c. 787 (NEW).]

1. A confession of judgment; [PL 1991, c. 787 (NEW).]

2. A negotiable instrument; [PL 1991, c. 787 (NEW).]

3. A security interest or any other claim of a property interest in any goods except those goods delivered by the merchant pursuant to the rental-purchase agreement; [PL 1991, c. 787 (NEW).]

4. A wage assignment; [PL 1991, c. 787 (NEW).]

5. A waiver by the consumer of claims or defenses; [PL 1991, c. 787 (NEW).]

6. A provision authorizing the merchant or a person acting on the merchant's behalf to enter on the consumer's premises or commit any breach of the peace in repossession of goods; [PL 1991, c. 787 (NEW).]

7. A provision requiring the purchase from the merchant of a liability damage waiver or insurance for the merchandise; [PL 1991, c. 787 (NEW).]

8. A provision requiring the payment of a late charge unless a rental payment is more than 3 days late for an agreement that is renewed on a weekly basis or more than 5 days late for an agreement that is renewed less frequently than on a weekly basis; [PL 1991, c. 787 (NEW).]

9. A provision requiring a payment at the end of the rental-purchase agreement period in excess of or in addition to a regular periodic payment in order for the consumer to acquire ownership of the property or payment of rental payments in excess of the total amount necessary to acquire ownership of the property; [PL 1991, c. 787 (NEW).]

10. A penalty for early termination of a rental-purchase agreement or for the return of an item at any time; [PL 1991, c. 787 (NEW).]

11. A provision for payment by a cosigner of the rental-purchase agreement of any fees or charges that could not be assessed to the consumer as part of the rental-purchase agreement; or [PL 1991, c. 787 (NEW).]

12. An offer of insurance from the merchant to the consumer. [PL 1991, c. 787 (NEW).]
9-B M.R.S. § 871-A — ME Code / Title 9-B / Part 8 / Chapter 87 / Section 871-A
9-B §871-A. Dissolution
Status: in_force

1. Voluntary dissolution. This subsection governs the voluntary dissolution of a credit union. A. A recommendation may be made that a credit union be dissolved and voluntarily liquidated by majority vote of either the entire membership of the credit union entitled to vote or the board of directors of the credit union. Within 10 days after recommendation, the credit union shall notify the superintendent, the federal agency that insures the credit union accounts and the credit union members in writing of the recommendation and the reasons for dissolution. If the entire membership votes to dissolve and voluntarily liquidate the credit union, then no additional votes of the entire membership need be taken. If the board of directors of the credit union votes to dissolve and voluntarily liquidate the credit union, then a special meeting of the credit union's entire membership must be called, no sooner than 10 days after notice has been mailed to the superintendent. A majority of the entire membership of the credit union entitled to vote must vote to dissolve and voluntarily liquidate the credit union. Members may cast their votes by proxy on forms prepared by the board of directors and mailed with the meeting notice. [PL 2003, c. 322, §42 (NEW).] B. Whenever there is a recommendation of dissolution pursuant to paragraph A , the board of directors shall provide the superintendent with a plan of dissolution. The plan of dissolution must set forth the method and schedule for terminating the business of the credit union and may provide for a restriction on withdrawal of shares or withdrawal of share certificates. Before the 2nd membership vote required in paragraph A may be taken, the board must receive the superintendent's approval of the plan of dissolution. [PL 2003, c. 322, §42 (NEW).] C. The superintendent may approve the dissolution of a credit union recommended by a majority of the entire board of directors but approved by less than a majority of all members if the superintendent finds, upon the written and verified application of the board, that: (1) The board mailed written notice of the meeting to consider dissolution to all members qualified to vote; (2) The notice disclosed the purpose of the meeting and that approval of dissolution might be sought pursuant to this paragraph; (3) A majority of the votes cast by the members were in favor of dissolution; and (4) The board has an acceptable plan of dissolution. [PL 2003, c. 322, §42 (NEW).] D. If the superintendent approves dissolution, either by vote of the board or vote of the members, the credit union shall immediately cease to do business, except for the express purposes of liquidation including the discharging of debts, collecting on loans, distributing assets and every other act necessary to wind up and liquidate the business. It may sue and be sued for the purpose of enforcing such debts and obligations until its affairs are fully adjusted. [PL 2003, c. 322, §42 (NEW).] E. The board of directors shall use the assets of the credit union to pay claims in the following order: (1) Claimants whose claims are secured must receive their security. To the extent their respective claims exceed the value of the security for those claims, as determined to the satisfaction of the receiver, they each have an unsecured claim against the credit union having priority as provided in subparagraph (2); and (2) Unsecured claims against the liquidation estate that are proved to the satisfaction of the receiver have priority in the following order: (a) Administrative costs and expenses of liquidation; (b) Claims for wages and salaries, including vacation, severance and sick leave pay; (c) Taxes legally due and owing to the United States or any state or subdivision of the United States or state; (d) Debts due and owing to the State and the United States, including the National Credit Union Administration; (e) General creditors, and secured creditors to the extent that the secured creditors' respective claims exceed the value of the security for those claims; (f) Pro rata distribution to members in proportion to the respective amount of their deposits and shares; (g) In a case involving liquidation of a corporate credit union, membership capital of the corporate credit union; (h) In a case involving liquidation of a designated community development credit union, any outstanding secondary capital accounts issued pursuant to state law; and (i) In a case involving liquidation of a corporate credit union, paid-in capital. [PL 2003, c. 322, §42 (NEW).] F. Priorities for payment of claims under paragraph E are to be based on the circumstances that exist on the date of the liquidation. [PL 2003, c. 322, §42 (NEW).] G. If the repudiation or disaffirmance of any contract or lease gives rise to a claim for damages, the claim must be considered a general creditor claim under paragraph E , subparagraph (2), division (e) and not a cost or expense of liquidation under paragraph E , subparagraph (2), division (a). [PL 2003, c. 322, §42 (NEW).] H. All unsecured claims of any category or class or priority described in paragraph E , subparagraph 2, divisions (a) to (i) must be paid in full, or provisions made for such payment, before any claims of lesser priority are paid. If there are insufficient funds to pay all claims of a category or class, payment must be made pro rata. Notwithstanding anything to the contrary in this section, the receiver may, at any time, and from time to time, prior to the payment in full of all claims of a category or class with higher priority, make such distributions to claimants in priority categories described in paragraph E , subparagraph (2), divisions (a) to (e) as the receiver believes are reasonably necessary to conduct the liquidation, as long as the receiver determines that adequate funds exist or will be recovered during the liquidation to pay in full all claims of any higher priority. If a surplus remains after making distribution in full on all allowed claims described in paragraph E , subparagraph (2), divisions (a) to (i), the surplus must be distributed pro rata to the credit union's members. [PL 2003, c. 322, §42 (NEW).] I. A credit union liquidating voluntarily may not continue in existence for more than 3 years after approval of dissolution, unless an extension is granted by the superintendent for good cause shown in an application filed prior to expiration of the 3-year period. [PL 2003, c. 322, §42 (NEW).] J. After all debts, liabilities and obligations of the credit union are paid or discharged or otherwise adequately provided for, the credit union shall file articles of dissolution with the Secretary of State. Articles of dissolution must set forth: (1) The name and address of the credit union; (2) The date dissolution was approved; (3) A statement of how dissolution was approved; (4) A report of liquidating activities; and (5) Such other information as the superintendent may require. Dissolution is effective upon the superintendent's acceptance of articles of dissolution for filing with the bureau. At the time of the superintendent's acceptance of the filing, the credit union ceases to exist, except for the purposes of suits or other proceedings provided for by law. [PL 2003, c. 322, §42 (NEW).] [PL 2003, c. 322, §42 (NEW).]

2. Involuntary dissolution. This subsection governs the involuntary dissolution of a credit union. A. If, upon examination of a credit union, the superintendent determines that the credit union is insolvent or that the credit union is operating in an unsafe or unsound manner, the superintendent may appoint a receiver who shall proceed to close the credit union. The credit union shall remain in existence for the purpose of winding up its affairs. [PL 2003, c. 322, §42 (NEW).] B. The person appointed by the superintendent as a receiver may be the superintendent, a deputy or any other person, including the agency insuring the credit union's accounts pursuant to section 836 , as the superintendent may choose, and a certified copy of the order making such an appointment is evidence of the appointment. The receiver need not post a bond. The receiver has the power and authority provided in this Title and any other powers and authority as may be expressed in the order of the superintendent. [PL 2003, c. 322, §42 (NEW).] C. If the superintendent or a deputy is appointed receiver, no additional compensation need be paid, but any reasonable and necessary expenses of the superintendent or deputy as receiver must be paid by the credit union. If another person is appointed, then the compensation of the receiver must be paid from the assets of that credit union. [PL 2003, c. 322, §42 (NEW).] D. In the event that the federal agency insuring the credit union's shares or accounts pursuant to section 836 accepts an appointment as receiver, the agency shall acquire both legal and equitable title to all assets, rights or claims and to all real and personal property of the credit union to the extent necessary for the agency to perform its duties as receiver under applicable federal law to effectuate the appointment. If the agency pays or makes available for payment the insured shares of a credit union by reason of actions taken pursuant to this section, the agency is subrogated to the rights of all the members of the credit union, whether or not it has become receiver of the credit union, in the same manner and to the same extent as it would be subrogated in the receivership of a credit union operating under a federal charter and insured by the agency. [PL 2003, c. 322, §42 (NEW).] E. Upon taking possession of the property and business of a credit union under this chapter, the receiver: (1) May collect money due to the credit union and do all acts necessary to conserve its assets and business and shall proceed to liquidate its affairs; (2) Shall collect all debts due and claims belonging to the credit union and may sell or compound all bad or doubtful debts; (3) May sell, for cash or other consideration or as provided by law, all or any part of the real and personal property of the credit union; (4) May take, in the name of the credit union, a mortgage on the real property from a bona fide purchaser to secure the whole or part of the purchase price; (5) May borrow money and issue evidence of indebtedness for the money. To secure the repayment of the indebtedness, the receiver may mortgage, pledge, transfer in trust or hypothecate any or all of the property of the credit union, whether real, personal or mixed, superior to any charge for expenses of liquidation; and (6) May represent the credit union in lawsuits under the receiver's own name as receiver of the credit union. [PL 2003, c. 322, §42 (NEW).] F. The receiver shall use the assets of the credit union to pay claims in the following order: (1) Claimants whose claims are secured must receive their security. To the extent their respective claims exceed the value of the security for those claims, as determined to the satisfaction of the receiver, they each have an unsecured claim against the credit union having priority as provided in subparagraph (2); and (2) Unsecured claims against the liquidation estate that are proved to the satisfaction of the receiver have priority in the following order: (a) Administrative costs and expenses of liquidation; (b) Claims for wages and salaries, including vacation, severance and sick leave pay; (c) Taxes legally due and owing to the United States, any state or any subdivision of the United States or any state; (d) Debts due and owing to the State and the United States, including the National Credit Union Administration; (e) General creditors, and secured creditors to the extent that the secured creditors' respective claims exceed the value of the security for those claims; (f) Pro rata distribution to members in proportion to the respective amount of their deposits and shares; (g) In a case involving liquidation of a corporate credit union, membership capital of the corporate credit union; (h) In a case involving liquidation of a designated community development credit union, any outstanding secondary capital accounts issued pursuant to state law; and (i) In a case involving liquidation of a corporate credit union, paid-in capital. [PL 2003, c. 322, §42 (NEW).] G. Priorities for payment of claims under paragraph F are based on the circumstances that exist on the date of the liquidation. [PL 2003, c. 322, §42 (NEW).] H. If the repudiation or disaffirmance of any contract or lease gives rise to a claim for damages, the claim must be considered a general creditor claim under paragraph F , subparagraph (2), division (e) and not a cost or expense of liquidation under paragraph F , subparagraph (2), division (a). [PL 2003, c. 322, §42 (NEW).] I. All unsecured claims of any category or class or priority described in paragraph F , subparagraph (2), divisions (a) to (i) must be paid in full, or provisions made for such payment, before any claims of lesser priority are paid. If there are insufficient funds to pay all claims of a category or class, payment must be made pro rata. Notwithstanding anything to the contrary in this section, the receiver may, at any time, and from time to time, prior to the payment in full of all claims of a category or class with higher priority, make such distributions to claimants in priority categories described in paragraph F , subparagraph (2), divisions (a) to (e) as the receiver believes are reasonably necessary to conduct the liquidation, as long as the receiver determines that adequate funds exist or will be recovered during the liquidation to pay in full all claims of any higher priority. If a surplus remains after making distribution in full on all allowed claims described in paragraph F , subparagraph (2), divisions (a) to (i), the surplus must be distributed pro rata to the credit union's members. [PL 2003, c. 322, §42 (NEW).] J. After all debts, liabilities and obligations of the credit union are paid or discharged or otherwise adequately provided for, the receiver shall file articles of dissolution with the Secretary of State. Articles of dissolution must set forth: (1) The name and address of the credit union; (2) The date dissolution was ordered; (3) A statement of how dissolution was ordered; (4) A report of liquidating activities; and (5) Such other information as the superintendent may require. Dissolution is effective upon the superintendent's acceptance of articles of dissolution for filing with the bureau. At that time the credit union ceases to exist, except for the purposes of suits or other proceedings provided for by law. [PL 2003, c. 322, §42 (NEW).] [PL 2003, c. 322, §42 (NEW).]
9-B M.R.S. § 468 — ME Code / Title 9-B / Part 4 / Chapter 46 / Section 468
9-B §468. Restrictions on transactions with affiliates
Status: in_force

1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. "Covered transaction" means, with respect to an affiliate of a financial institution: (1) A loan or extension of credit to the affiliate; (2) A purchase of or an investment in securities issued by the affiliate; (3) A purchase of assets, including assets subject to agreement to repurchase, from the affiliate unless exempted by rule or order of the superintendent; (4) The acceptance of securities issued by the affiliate as collateral security for a loan or extension of credit to any person; or (5) The issuance of a guarantee, acceptance or letter of credit, including an endorsement or standby letter of credit, on behalf of an affiliate. [PL 1997, c. 398, Pt. I, §40 (NEW).] B. "Transaction with an affiliate" means any transaction by a financial institution or its subsidiary with any person if any of the proceeds of the transaction are used for the benefit of, or transferred to, an affiliate. [PL 1997, c. 398, Pt. I, §40 (NEW).] C. "Affiliate" has the same meaning as given in section 131, subsection 1‑A , except that a subsidiary of a financial institution is not an affiliate of that financial institution. [PL 1997, c. 660, Pt. A, §6 (NEW).] [PL 1997, c. 660, Pt. A, §6 (AMD).]

2. Authorization. A financial institution and its subsidiaries may engage in a transaction with an affiliate subject to the following conditions: A. The terms and circumstances, including credit standards, are substantially the same, or at least as favorable to the institution or its subsidiary, as those prevailing at the time for comparable transactions with or involving other nonaffiliated companies; or [PL 1997, c. 398, Pt. I, §40 (NEW).] B. In the absence of comparable transactions, the terms and circumstances, including credit standards, would in good faith be offered to, or would apply to, nonaffiliated companies. [PL 1997, c. 398, Pt. I, §40 (NEW).] [PL 1997, c. 398, Pt. I, §40 (NEW).]

3. Covered transactions. In addition to the requirements of subsection 2 , a financial institution and its subsidiaries may engage in a covered transaction with an affiliate subject to the following limitations: A. In the case of an individual affiliate, the aggregate amount of covered transactions may not exceed 10% of the financial institution's total capital; [PL 1997, c. 398, Pt. I, §40 (NEW).] B. In the case of all affiliates, the aggregate amount of covered transactions may not exceed 20% of the financial institution's total capital; [PL 1997, c. 398, Pt. I, §40 (NEW).] C. A financial institution and its subsidiaries may not purchase a low-quality asset from an affiliate; [PL 1997, c. 398, Pt. I, §40 (NEW).] D. Any covered transactions and any other transactions between a financial institution and its affiliates permitted by the superintendent pursuant to subsection 6 must be on terms and conditions that are consistent with safe and sound banking practices; and [PL 1997, c. 398, Pt. I, §40 (NEW).] E. Each loan or extension of credit to, or guarantee, acceptance or letter of credit issued on behalf of, an affiliate by a financial institution or its subsidiary must be fully secured at the time of the transaction by eligible collateral. [PL 1997, c. 398, Pt. I, §40 (NEW).] [PL 1997, c. 398, Pt. I, §40 (NEW).]

4. Prohibited transactions. The following transactions are prohibited. A. A financial institution or its subsidiary may not purchase as fiduciary any securities or other assets from any affiliate unless this purchase is permitted under the instrument creating the fiduciary relationship, the purchase is pursuant to court order or the purchase is pursuant to law of the jurisdiction governing the fiduciary relationship. [PL 1997, c. 398, Pt. I, §40 (NEW).] B. A financial institution or its subsidiary, whether acting as principal or fiduciary, may not knowingly purchase or otherwise acquire, during the existence of any underwriting or selling syndicate, any security if a principal underwriter of that security is an affiliate of the financial institution, unless the purchase or acquisition of this security has been approved, before this security is initially offered for sale to the public, by a majority of the governing body of the financial institution who are not officers or employees of the financial institution or any affiliate of the financial institution. [PL 1997, c. 398, Pt. I, §40 (NEW).] [PL 1997, c. 398, Pt. I, §40 (NEW).]

5. Violations. Any transaction made in violation of this section is subject to the remedies prescribed in section 465‑A . [PL 1997, c. 398, Pt. I, §40 (NEW).]

6. Rulemaking. The superintendent may, by rule or order, define or further define terms used in this section and establish limits, requirements or exceptions to this section other than those specified in this section, if the superintendent determines such action is necessary for the protection of depositors or the public and is consistent with the purposes of this section. For institutions organized pursuant to Part 12, the superintendent may, by rule or order, define or further define the terms used in this section and establish limits, requirements or exceptions to this section other than those specified in this section, if the superintendent determines that such action is consistent with the powers and limitations accorded institutions organized pursuant to Part 12 . Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1997, c. 660, Pt. A, §7 (AMD).]
9-A M.R.S. § 13-119 — ME Code / Title 9-A / Chapter 13 / Section 13-119
9-A §13-119. Rulemaking
Status: in_force

Rules adopted pursuant to this Article are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-A M.R.S. § 3-314 — ME Code / Title 9-A / Chapter 3 / Section 3-314
9-A §3-314. Privacy of consumer financial information
Status: in_force

A creditor shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999) and the applicable implementing federal Privacy of Consumer Information regulations, as adopted by the Office of the Comptroller of the Currency, 12 Code of Federal Regulations, Part 40 (2001); the Board of Governors of the Federal Reserve System, 12 Code of Federal Regulations, Part 216 (2001); the Federal Deposit Insurance Corporation, 12 Code of Federal Regulations, Part 332 (2001); the Office of Thrift Supervision, 12 Code of Federal Regulations, Part 573 (2001); the National Credit Union Administration, 12 Code of Federal Regulations, Part 716 (2001); the Federal Trade Commission, 16 Code of Federal Regulations, Part 313 (2001); or the Securities and Exchange Commission, 17 Code of Federal Regulations, Part 248 (2001), if the creditor is a financial institution as defined in those regulations. This section is not intended to permit the release of health care information except as permitted by Title 22, section 1711‑C or Title 24‑A, chapter 24 . This section does not apply to a supervised financial organization. [PL 2001, c. 262, Pt. A, §1 (NEW).]
9-B M.R.S. § 811 — ME Code / Title 9-B / Part 8 / Chapter 81 / Section 811
9-B §811. Applicable law; powers
Status: in_force

1. Organized under this Title. Every credit union lawfully organized shall be subject to the provisions of this Part and all regulations issued hereunder. [PL 1975, c. 500, §1 (NEW).]

2. Chartered by special Act. Chapters 81 through 88 shall not be construed as repealing, modifying or amending the provisions of any private or special Acts authorizing the organization of or defining the purposes of corporations of a similar nature to credit unions, except that such corporations shall be deemed to have all the powers vested in corporations organized under this Part in addition to those powers under such private or special Acts. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 319 — ME Code / Title 9-B / Part 3 / Chapter 31 / Section 319
9-B §319. Special provisions for subsidiary banks of mutual holding companies
Status: in_force

1. Restriction. A subsidiary bank established pursuant to a reorganization under chapter 105 must be organized as a corporation. [PL 1997, c. 398, Pt. C, §17 (NEW).]

2. Board of directors. With respect to a subsidiary bank established pursuant to a reorganization under chapter 105 from and after the time that subsidiary bank includes stockholders other than the mutual holding company, the articles of incorporation of the subsidiary bank must be amended to provide for proportionate representation of the minority stockholders on the board of directors of the subsidiary bank based on the percentage of common stock owned by the minority stockholders in the aggregate relative to the total amount of common stock then issued and outstanding, except that the minority stockholder representatives on the board of directors of the subsidiary bank may not be fewer than 2. A director or officer of a mutual holding company or subsidiary bank or any affiliate of that company or institution is prohibited from serving as a designated minority stockholder representative on the board of directors of the subsidiary bank. Shares of stock of the subsidiary bank owned directly or indirectly by an individual director or officer of the mutual holding company are deemed to be owned by the mutual holding company for purposes of determining proportionate representation of minority stockholders on the board of directors of the subsidiary bank. Representatives of the mutual holding company that serve on the board of directors of the subsidiary bank must be selected in accordance with chapter 105 . [PL 1997, c. 398, Pt. C, §17 (NEW).]
9-A M.R.S. § 2-501 — ME Code / Title 9-A / Chapter 2 / Section 2-501
9-A §2-501. Additional charges
Status: in_force

1. In addition to the finance charge permitted by the Parts of this Article on maximum finance charges for consumer credit sales and consumer loans, Parts 2 and 4 , a creditor may contract for and receive the following additional charges in connection with a consumer credit transaction or an open-end credit plan: A. Official fees and taxes; [PL 1973, c. 762, §1 (NEW).] B. Charges for insurance as described in subsection 2 ; [PL 1973, c. 762, §1 (NEW).] C. Annual charges, payable in advance, for the privilege of using a credit card, other than a lender credit card, which entitles the user to purchase goods or services from at least 100 persons not related to the issuer of the credit card, under an arrangement pursuant to which the debts resulting from the purchases are payable to the issuer; [PL 1987, c. 129, §45 (AMD).] D. "Closing costs" as defined in section 1‑301, subsection 8 ; [PL 1987, c. 129, §45 (AMD).] E. An annual charge for the privilege of using a retail credit card or lender credit card; [PL 1995, c. 84, §5 (AMD).] F. Charges authorized as permissible additional charges by rule adopted by the administrator, for other benefits conferred on the consumer, if the benefits are of value to the consumer and if the charges are reasonable in relation to the benefits or of a type that is not for credit; and [PL 1993, c. 618, §4 (AMD).] G. Delinquency charges under section 2‑502 and deferral charges under section 2‑503 . [PL 2003, c. 100, §1 (RPR).] [PL 2003, c. 100, §1 (AMD).]

2. An additional charge may be made for insurance written in connection with the transaction, including vendor's single interest insurance with respect to which the insurer has no right of subrogation against the consumer but excluding other insurance protecting the creditor against the consumer's default or other credit loss, A. With respect to insurance against loss of or damage to property, or against liability, if the creditor furnishes a clear and specific statement in writing to the consumer setting forth the cost of the insurance if obtained from or through the creditor and stating that the consumer may choose the person through whom the insurance is to be obtained; and [PL 1973, c. 762, §1 (NEW).] B. With respect to consumer credit insurance providing life, accident or health coverage or involuntary unemployment coverage, if the insurance coverage is not a factor in the approval by the creditor of the extension of credit, and this fact is clearly disclosed in writing to the consumer, and if, in order to obtain the insurance in connection with the extension of credit, the consumer gives specific affirmative written indication of the desire to do so after written disclosure to the consumer of the cost of the insurance. [PL 1995, c. 329, §1 (AMD).] [PL 1995, c. 329, §1 (AMD).]

3. Unless otherwise provided for in Article 8‑A , charges permitted under this section and any other charges specifically excluded from the definition of "finance charge" in section 1‑301, subsection 19 , are permissible charges in addition to, and excluded from the calculation of, maximum finance charges set forth in Parts 2 and 4 . Unless otherwise expressly prohibited by this Act, including prohibitions found in Article 8‑A , and except on retail credit card accounts, a creditor may contract for and receive additional charges not authorized by this section or by section 1‑301, subsection 19 , if such additional charges, together with all other finance charges applicable to a consumer credit transaction, do not exceed the applicable maximum finance charge under this Act. [PL 2011, c. 427, Pt. A, §7 (AMD).]

4. Unless otherwise provided for in Article 8‑A , in addition to or in lieu of interest at a periodic rate or rates as provided in section 2‑402 , and in addition to any other charges permitted under this Act, a supervised financial organization or supervised lender may, if the agreement with the consumer governing an open-end credit plan involving the use of a lender credit card so provides, charge and collect as an additional finance charge or interest, in such manner or form as the plan may provide, one or more of the following: A. A daily, weekly, monthly, annual or other periodic charge in such amount as the agreement may provide for the privileges made available to the consumer under the plan; [PL 1995, c. 137, §5 (NEW).] B. A transaction charge or charges in such amount or amounts as the agreement may provide for each separate purchase or loan under the plan; [PL 1995, c. 137, §5 (NEW).] C. A minimum charge for each daily, weekly, monthly, annual or other scheduled billing period under the plan during any portion of which there is an outstanding, unpaid indebtedness under the plan; [PL 1995, c. 137, §5 (NEW).] D. Reasonable fees for services rendered or for reimbursement of expenses incurred in good faith by the creditor or its agents in connection with the plan, or other reasonable fees incident to the application for and the opening, administration and termination of the plan, including, without limitation, commitment, application and processing fees, official fees and taxes, and filing fees, but excluding costs of collections after default, other than reasonable attorney's fees not in excess of 15% of the unpaid debt incurred in connection with a legal action brought by an attorney who is not a salaried employee of the creditor; [PL 1995, c. 137, §5 (NEW).] E. A late or delinquency charge upon any outstanding, unpaid installment payments or portions of those payments under the plan that are not paid in full within 15 days after the scheduled or deferred due date; [PL 1995, c. 137, §5 (NEW).] F. Return-payment charges; [PL 1995, c. 137, §5 (NEW).] G. Documentary evidence charges; [PL 1995, c. 137, §5 (NEW).] H. Stop-payment fees; [PL 1995, c. 137, §5 (NEW).] I. Over-the-limit charges; and [PL 1995, c. 137, §5 (NEW).] J. Automated teller machine charges or similar electronic or interchange fees or charges. [PL 1995, c. 137, §5 (NEW).] 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 2011, c. 427, Pt. A, §8 (AMD).]
9-A M.R.S. § 4-407 — ME Code / Title 9-A / Chapter 4 / Section 4-407
9-A §4-407. Rulemaking
Status: in_force

The Superintendent of Financial Institutions, the Superintendent of Insurance and the Superintendent of Consumer Credit Protection may undertake joint rulemaking, pursuant to this section, Title 9‑B, section 448, subsection 5 and Title 24‑A, section 1443‑A, subsection 3 to carry out the purposes of section 4‑406 , 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 Part, the Superintendent of Financial Institutions, 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 that protects the insurance consuming public. Rules adopted under this Part are routine technical rules pursuant to Title 5, chapter 375, subchapter 2‑A . Nothing in this section is intended to restrict or interfere with the ability of the Bureau of Insurance, the Bureau of Financial Institutions or the Bureau of Consumer Credit Protection to adopt rules with respect to areas in which the respective agencies have independent jurisdiction. [PL 2021, c. 676, Pt. C, §8 (AMD).]
9-B M.R.S. § 1227 — ME Code / Title 9-B / Part 12 / Chapter 122 / Section 1227
9-B §1227. Rules
Status: in_force

The superintendent may prescribe rules governing the activities of merchant banks and implementing this chapter. These rules must take into account the objective of merchant banks to provide needed capital to businesses and the nondepository nature of merchant banks. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-B M.R.S. § 1022 — ME Code / Title 9-B / Part 10 / Chapter 102 / Section 1022
9-B §1022. Authority to incorporate
Status: in_force

Any 5 or more state banks with trust powers, trust companies and national banks with trust powers located in this State are authorized to cause a mutual trust investment company to be organized and incorporated, subject to the approval of the superintendent and subject to such regulations as the superintendent may prescribe. [RR 2025, c. 1, Pt. D, §43 (COR).]
9-A M.R.S. § 6-202 — ME Code / Title 9-A / Chapter 6 / Section 6-202
9-A §6-202. Notification
Status: in_force

1. Persons subject to this Part shall file notification with the administrator before commencing business in this State, and, annually thereafter, on or before January 31st or an alternate date established by the administrator. The notification filings must be made to the administrator and must be in a form and contain information that the administrator considers appropriate for the proper supervision and regulation of such persons. A. [PL 2009, c. 228, §1 (RP).] B. [PL 2009, c. 228, §1 (RP).] C. [PL 2009, c. 228, §1 (RP).] D. [PL 2009, c. 228, §1 (RP).] E. [PL 2009, c. 228, §1 (RP).] F. [PL 2009, c. 228, §1 (RP).] G. [PL 2009, c. 228, §1 (RP).] [PL 2021, c. 245, Pt. B, §2 (AMD).]

2. [PL 2009, c. 228, §1 (RP).]

3. In addition to the notification filings required in subsection 1 , the administrator may require reports and other information at such times and in such form as the administrator considers appropriate for the proper supervision of the persons subject to this Part. [PL 2009, c. 228, §1 (NEW).]

4. If information in a notification required in subsection 1 becomes inaccurate after filing, the administrator must be advised in writing of the new or corrected information. [PL 2009, c. 228, §1 (NEW).]
9-B M.R.S. § 355-A — ME Code / Title 9-B / Part 3 / Chapter 35 / Section 355-A
9-B §355-A. Authority for expedited acquisitions
Status: in_force

Notwithstanding any other provision of law, or any organizational document of any participating institution, the superintendent may order that the acquisition of assets and assumption of liabilities become effective immediately if the superintendent determines that the action is necessary for the protection of depositors or the public. This action may be taken upon receipt of the following: [PL 1997, c. 398, Pt. G, §7 (AMD).]

1. Authorizing resolutions and plan. Certified copies of the authorizing resolutions adopted by the respective governing bodies of the acquiring or assuming financial institution or financial institution holding company, and a copy of the plan of acquisition of assets and assumption of liabilities approved by a majority vote of the governing bodies of the acquiring or assuming financial institution or financial institution holding company and the transferring institution; or [PL 1997, c. 398, Pt. G, §8 (AMD).]

2. Notice. Notice, containing information required by the superintendent, from any other person of intent to acquire the assets and assume the liabilities of a financial institution or financial institution holding company. [PL 1991, c. 34, §3 (NEW).]

Any person aggrieved by an acquisition of assets and assumption of liabilities pursuant to this section is entitled to judicial review of the superintendent's order in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter VII . [PL 1991, c. 34, §3 (NEW).]
9-B M.R.S. § 317-A — ME Code / Title 9-B / Part 3 / Chapter 31 / Section 317-A
9-B §317-A. Officers
Status: in_force

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

1. Appointment. The governing body of a financial institution shall appoint from its members or otherwise one or more officers to manage the day-to-day affairs of the institution. One of these officers must be designated the chief executive officer. The governing body shall report the name of the designated chief executive officer to the superintendent within 10 days of designation. [PL 1997, c. 398, Pt. C, §17 (NEW).]

2. Bonds. The governing body of a financial institution shall require security for the fidelity and faithful performance of duties by its officers, employees and agents in an amount that the governing body considers necessary or that the superintendent requires. This security must consist of a bond executed by one or more surety companies authorized to transact business in this State. The superintendent may increase this amount from time to time as circumstances may require. [PL 1997, c. 398, Pt. C, §17 (NEW).]
9-A M.R.S. § 9-407 — ME Code / Title 9-A / Chapter 9 / Section 9-407
9-A §9-407. Criminal penalties
Status: in_force

Any creditor, any officer or employee of a creditor, or any other person who willfully and knowingly violates this article, or directly or indirectly counsels, aids or abets that violation, shall be punished by a fine of not more than $2,500 for each offense or by imprisonment for not more than 6 months, or by both. [PL 1987, c. 396, §12 (NEW).]
9-B M.R.S. § 375 — ME Code / Title 9-B / Part 3 / Chapter 37 / Section 375
9-B §375. Applicable concentration limits
Status: in_force

Any interstate combination or branch acquisition authorized pursuant to this chapter is subject to the deposit concentration limitations set forth in section 241, subsection 10 . [PL 1995, c. 628, §20 (NEW).]
9-A M.R.S. § 4-112 — ME Code / Title 9-A / Chapter 4 / Section 4-112
9-A §4-112. Administrative action of Superintendent of Insurance
Status: in_force

1. To the extent of required responsibility under Parts 1 , 2 and 3 of this Article, the Superintendent of Insurance shall issue rules with respect to insurers, and with respect to refunds, section 4‑108 , forms, schedules of premium rates and charges, section 4‑203 , and the Superintendent of Insurance's approval or disapproval thereof and, in case of violation, may make an order for compliance. [PL 1997, c. 315, §5 (AMD).]

2. [PL 1985, c. 763, Pt. A, §39 (RP).]
9-B M.R.S. § 416 — ME Code / Title 9-B / Part 4 / Chapter 41 / Section 416
9-B §416. Powers of federally chartered institutions
Status: in_force

Notwithstanding any other provisions of law, a financial institution has the power to engage in any activity that financial institutions chartered by or otherwise subject to the jurisdiction of the Federal Government may be authorized to engage in by federal legislation or regulations issued pursuant to such legislation. In the event any law of this State is preempted or declared invalid pursuant to applicable federal law, by a court of competent jurisdiction or by the responsible federal chartering authority with respect to any power that may be exercised by a financial institution chartered by or otherwise subject to the jurisdiction of the Federal Government, that law is invalid with respect to financial institutions authorized to do business in this State. The superintendent may adopt rules to ensure that such powers are exercised in a safe and sound manner with adequate consumer protections. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1997, c. 207, §1 (AMD).]
9-A M.R.S. § 2-510 — ME Code / Title 9-A / Chapter 2 / Section 2-510
9-A §2-510. Rebate upon prepayment
Status: in_force

1. Except as provided in subsection 2 , upon prepayment in full of the unpaid balance of a precomputed consumer credit transaction, an amount not less than the unearned portion of the finance charge calculated according to this section shall be rebated to the consumer. If the rebate otherwise required is less than $1, no rebate need be made. [PL 1975, c. 433, §1 (RPR).]

2. Upon prepayment in full, but not upon a refinancing, section 2‑504 , of a consumer credit transaction, whether or not precomputed, other than one pursuant to open-end credit, the creditor may collect or retain a minimum charge as permitted by section 2‑201, subsection 6 , and section 2‑401, subsection 7 , if the minimum charge was contracted for and the finance charge at the time of prepayment is less than the minimum charge contracted for. [PL 1975, c. 433, §1 (RPR).]

3. The creditor shall recompute or redetermine the earned finance charge by applying, according to the actuarial method, the annual percentage rate of finance charge required to be disclosed to the consumer pursuant to law to the actual unpaid balances of the amount financed for the actual time that the unpaid balances were outstanding as of the date of prepayment, giving effect to each payment, including payments of any deferral and delinquency charges, as of the date of the payment. The administrator shall adopt rules to simplify the calculation of the unearned portion of the finance charge, including allowance of the use of tables or other methods derived by application of a percentage rate which deviates by not more than 1/2 of 1% from the rate of the finance charge required to be disclosed to the consumer pursuant to law, and based on the assumption that all payments were made as originally scheduled or as deferred. [PL 1979, c. 661, §2 (RPR).]

4. [PL 1979, c. 661, §2 (RP).]

5. [PL 1979, c. 661, §2 (RP).]

6. For transactions in which payments are not scheduled to be made in substantially equal instalments at equal periodic intervals, the administrator shall adopt rules consistent with this section providing for the calculation of the unearned portion of the finance charge. [PL 1975, c. 433, §1 (RPR).]

7. Except as otherwise provided in subsection 3 , this section does not preclude the collection or retention by the creditor of delinquency charges, section 2‑502 . [PL 1979, c. 661, §3 (AMD).]

8. If the maturity is accelerated for any reason and judgment is entered, the consumer is entitled to the same rebate as if payment had been made on the date judgment is entered. [PL 1975, c. 433, §1 (RPR).]

9. Upon prepayment in full of a precomputed consumer credit transaction by the proceeds of consumer credit insurance, section 4‑103 , the consumer or the consumer's estate is entitled to the same rebate as though the consumer had prepaid the agreement on the date the proceeds of insurance are paid to the creditor, but no later than 14 days after satisfactory proof of loss is furnished to the creditor. [RR 2025, c. 1, Pt. C, §13 (COR).]
9-A M.R.S. § 10-306 — ME Code / Title 9-A / Chapter 10 / Section 10-306
9-A §10-306. Privacy of consumer financial information
Status: in_force

A loan broker shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999) and the applicable implementing federal Privacy of Consumer Information regulations, as adopted by the Office of the Comptroller of the Currency, 12 Code of Federal Regulations, Part 40 (2001); the Board of Governors of the Federal Reserve System, 12 Code of Federal Regulations, Part 216 (2001); the Federal Deposit Insurance Corporation, 12 Code of Federal Regulations, Part 332 (2001); the Office of Thrift Supervision, 12 Code of Federal Regulations, Part 573 (2001); the National Credit Union Administration, 12 Code of Federal Regulations, Part 716 (2001); the Federal Trade Commission, 16 Code of Federal Regulations, Part 313 (2001); or the Securities and Exchange Commission, 17 Code of Federal Regulations, Part 248 (2001), if the loan broker is a financial institution as defined in those regulations. This section is not intended to permit the release of health care information except as permitted by Title 22, section 1711‑C or Title 24‑A, chapter 24 . [PL 2005, c. 274, §13 (AMD).]
9-B M.R.S. § 821 — ME Code / Title 9-B / Part 8 / Chapter 82 / Section 821
9-B §821. Powers in general
Status: in_force

In addition to all services to members and to nonmembers as provided in section 817 incidental to the powers granted credit unions elsewhere in this Title, a credit union is empowered to do the acts set forth in this chapter, subject to the conditions and limitations set forth herein. [PL 1997, c. 108, §7 (AMD).]
9-B M.R.S. § 412 — ME Code / Title 9-B / Part 4 / Chapter 41 / Section 412
9-B §412. General corporate powers
Status: in_force

A financial institution organized under chapter 31 or 32 shall have the power: [PL 1975, c. 500, §1 (NEW).]

1. To exist perpetually or as provided for in its organizational documents; [PL 1997, c. 398, Pt. I, §2 (AMD).]

2. To sue and be sued in its corporate name, and to participate in any judicial, administrative, arbitrative or other proceeding; [PL 1975, c. 500, §1 (NEW).]

3. To adopt and alter a corporate seal, and to use the same or a facsimile thereof; [PL 1975, c. 500, §1 (NEW).]

4. To elect, appoint or hire officers, agents and employees of the institution, and to define their duties and fix their compensation; [PL 1975, c. 500, §1 (NEW).]

5. To make and alter bylaws not inconsistent with its articles of incorporation or with the laws of this State for the administration and regulation of the affairs of the institution; [PL 1975, c. 500, §1 (NEW).]

6. To cease its corporate activities and surrender its corporate franchise; [PL 1975, c. 500, §1 (NEW).]

7. To make donations irrespective of corporate benefit for any charitable, philanthropic, scientific, educational, civic betterment or public welfare purpose, as a majority of the directors shall deem appropriate; [PL 1975, c. 500, §1 (NEW).]

8. To establish and carry out pension plans, pension trusts, profit sharing plans, stock option plans, stock bonus plans and other incentive plans for any or all of its directors, officers, and employees; and to pay pensions and similar payments to its directors, officers or employees, and their families; [PL 1975, c. 500, §1 (NEW).]

9. To reimburse, indemnify and purchase liability insurance for directors, officers, and employees as provided in Title 13‑C, chapter 8, subchapter 5 ; and [RR 2001, c. 2, Pt. B, §14 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]

10. To join the Federal Reserve System or the Federal Home Loan Bank or any cooperative league or other entity organized for the purpose of protecting and promoting the welfare of financial institutions and their depositors; and to comply with all conditions of membership therein. [PL 1997, c. 398, Pt. I, §2 (AMD).]
9-B M.R.S. § 439-A — ME Code / Title 9-B / Part 4 / Chapter 43 / Section 439-A
9-B §439-A. Lending limits
Status: in_force

1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. "Loans or extensions of credit" includes all direct or indirect advances of funds to a person that are made on the basis of any obligation of that person to repay the funds or that are repayable from specific property pledged by or on behalf of the person. "Loans or extensions of credit" may include, to the extent specified by the superintendent, any liability of a financial institution to advance funds to or on behalf of a person pursuant to a contractual commitment. [PL 1991, c. 34, §8 (NEW).] B. "Person" has the same meaning as defined in section 131, subsection 30 . In determining loan limitations pursuant to subsection 2 , the superintendent may further define "person," including, through rulemaking, the establishment of standards regarding the aggregation of loans with respect to related persons. [PL 1991, c. 34, §8 (NEW).] [PL 1991, c. 34, §8 (NEW).]

2. Limitations. A financial institution subject to this Title or a service corporation established pursuant to section 445 may not make loans or extensions of credit outstanding at one time to a person in excess of 20% of its total capital. Except as provided in paragraph A , total loans or other extensions of credit in excess of 10% of total capital must be approved by a majority of the governing body or the executive committee of that institution or corporation. Any loan made in violation of this section is subject to the remedies prescribed in section 465‑A . A. The superintendent may grant a partial or full waiver of the voting requirement for loans or other extensions of credit in excess of 10% of total capital for good cause shown. In granting this waiver, the superintendent shall consider capital, management and resources of the financial institution or other relevant factors as determined by the superintendent. [PL 1999, c. 205, §1 (NEW).] B. Any waiver granted pursuant to paragraph A may be withdrawn by the superintendent upon written notice to the financial institution. [PL 1999, c. 205, §1 (NEW).] [PL 1999, c. 205, §1 (AMD).]

3. Exclusions from limitations. The limitations contained in subsection 2 are subject to the following exceptions: A. Loans or extensions of credit arising from the discount of commercial or business paper evidencing an obligation to the person negotiating it with recourse; [PL 1991, c. 34, §8 (NEW).] B. Loans or extensions of credit to municipal corporations located within this State upon their bonds or notes; [PL 1991, c. 34, §8 (NEW).] C. Loans or extensions of credit to the extent that they are secured or covered by guarantees, or by commitments or agreements to take over or purchase the loans or extensions of credit, made by any Federal Reserve Bank, the United States, this State or any department, bureau, board, commission, agency, authority, instrumentality or establishment of the United States or this State, including any corporation owned directly or indirectly by the United States or this State; [PL 1991, c. 34, §8 (NEW).] D. Loans or extensions of credit secured by a segregated deposit account in the lending bank; [PL 1991, c. 34, §8 (NEW).] E. Obligations as endorser, with or without recourse, or as guarantor, conditional or unconditional of dealer-originated obligations; and [PL 1991, c. 34, §8 (NEW).] F. Sales of federal funds, interbank deposits, which do not include certificates of deposit, and clearings. [PL 1991, c. 34, §8 (NEW).] [PL 1991, c. 34, §8 (NEW).]

4. Record of directors' actions. When loans in excess of 10% of total capital are approved, the records of the financial institution or service corporation must show who voted in favor of the loan. These records and those required by section 222 constitute prima facie evidence of the truth of all facts stated in the records in prosecutions and civil actions to enforce the provisions and penalties under section 465‑A . [PL 1991, c. 681, §1 (AMD).]

5. Rulemaking. The superintendent may adopt rules to administer and carry out this section, including rules to define or further define terms used in this section and to establish limits or requirements other than those specified in this section if the superintendent determines that such action is necessary for the protection of depositors, investors or the public. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1997, c. 398, Pt. I, §26 (AMD).]
9-A M.R.S. § 8-511 — ME Code / Title 9-A / Chapter 8-A / Section 8-511
9-A §8-511. Recurring charges to credit card or charge card accounts
Status: in_force

If a sale of goods, services or insurance is charged to a credit card or charge card account on an annual basis without substantially contemporaneous authorizations by the consumer, the seller shall inform the consumer of the voluntary nature of the charge to the credit card or charge card account and of the steps necessary to prevent this charge at least 30 days prior to the annual charge. The card issuer may provide the notice on behalf of the seller. This section does not apply to insurance subject to notice and cancellation rights pursuant to section 4‑204 . [PL 2011, c. 427, Pt. A, §15 (NEW).]
9-A M.R.S. § 6-203 — ME Code / Title 9-A / Chapter 6 / Section 6-203
9-A §6-203. Fees
Status: in_force

1. A person required to file notification shall at the time the person files such notification pay to the administrator an annual fee of $20 for that year and an annual fee of $10 for each branch thereof. [RR 2025, c. 1, Pt. C, §54 (COR).]

2. Persons required to file notification who are sellers, lessors or lenders shall pay an additional fee, at the time and in the manner stated in subsection 1 , of $25 for each $100,000, or part thereof, of the original unpaid balances arising from consumer credit transactions entered into in this State within the preceding calendar year and held either by the seller, lessor or lender for more than 30 days after the inception of the sale, lease or loan giving rise to the obligations, or by an assignee who has not filed notification. [PL 2003, c. 462, §1 (AMD).]

2-A. For purposes of assessing fees under this section, a refinancing of a sale, lease or loan made by the original creditor of the obligation that results in an increase in the amount of an obligation over the unpaid principal balance of the prior sale, lease or loan is considered a new sale, lease or loan to the extent of the amount of the increase, and volume fees must be paid on the amount of the increase. Volume fees must be paid on the full amount of a refinancing of a sale, lease or loan made by a creditor other than the original creditor. [PL 2003, c. 462, §2 (NEW).]

3. Persons required to file notification who are assignees shall pay an additional fee, at the time and in the manner stated in subsection 1 , of $25 for each $100,000, or part thereof, of the unpaid balances at the time of the assignment of obligations arising from consumer credit transactions entered into in this State taken by assignment during the preceding calendar year, but an assignee need not pay a fee with respect to an obligation on which the assignor or other person has already paid a fee. [PL 1983, c. 204, §2 (AMD).]

3-A. Notwithstanding subsections 2 and 3 , lenders who are supervised financial organizations shall pay a volume fee of $20 for each $100,000, or part thereof, of the original unpaid balances arising from or taken by assignment from consumer credit transactions entered into in this State during the previous calendar year. [PL 1993, c. 268, §2 (NEW).]

3-B. Notwithstanding subsections 2 and 3 , lenders regulated by the Bureau of Consumer Credit Protection who are supervised lenders making loans secured by an interest in land shall pay a volume fee on the original unpaid balances arising from consumer credit transactions entered into in this State during the previous calendar year of: A. Fifteen dollars for each $100,000, or part thereof, if the fund balance of the Bureau of Consumer Credit Protection as of October 1st of the previous calendar year exceeds 125% of the office's current annual budget; or [PL 2003, c. 654, §1 (NEW); PL 2007, c. 273, Pt. B, §5 (REV); PL 2007, c. 695, Pt. A, §47 (AFF).] B. Twenty dollars for each $100,000, or part thereof, if the fund balance of the Bureau of Consumer Credit Protection as of October 1st of the previous calendar year does not exceed 125% of the office's current annual budget. [PL 2003, c. 654, §1 (NEW); PL 2007, c. 273, Pt. B, §5 (REV); PL 2007, c. 695, Pt. A, §47 (AFF).] [PL 2003, c. 654, §1 (RPR); PL 2007, c. 273, Pt. B, §5 (REV); PL 2007, c. 695, Pt. A, §47 (AFF).]

3-C. The administrator may adjust the volume fees set out in subsections 2 , 3 and 3‑B by rule not more frequently than annually. In setting the fees, the administrator shall consider the reasonable costs of regulation of all aspects of such transactions and the staffing levels required to administer the responsibilities of the Bureau of Consumer Credit Protection. The fee assessed pursuant to subsections 2 and 3 may not exceed $25 per $100,000, and the fee assessed pursuant to subsection 3‑B may not exceed $20 per $100,000. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2003, c. 654, §2 (NEW); PL 2007, c. 273, Pt. B, §5 (REV); PL 2007, c. 695, Pt. A, §47 (AFF).]

3-D. Notwithstanding subsection 3‑C , the administrator may by rule adjust the fees paid with respect to creditors that are not supervised financial organizations making residential mortgage loans to support the costs of compliance and staff attorney positions. 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. A, §5 (NEW).]

4. [PL 1987, c. 129, §68 (RP).]

4-A. The bureau may charge fees to nonresident individuals and resident or nonresident organizations wishing to purchase educational materials produced and distributed by the bureau. [PL 1977, c. 179, §1 (NEW).]

5. The aggregate of fees provided for by this section is appropriated for the use of the administrator. Any balance of said funds shall not lapse but shall be carried forward to be expended for the same purposes in the following fiscal year. [PL 1973, c. 762, §1 (NEW).]

6. Volume fees. Volume fees paid with respect to consumer credit transactions that are originated by a seller, lessor or lender, other than a supervised financial organization, and that are subsequently assigned to a financial institution, as defined in Title 9‑B, section 131, subsection 17 , or to a credit union, as defined in Title 9‑B, section 131, subsection 12 , within 30 days after the inception of the consumer credit transaction must be allocated within the Department of Professional and Financial Regulation, between the Bureau of Consumer Credit Protection and the Bureau of Financial Institutions in proportion to the reasonable costs of regulation of all aspects of such transactions. The agreement for allocation must be established by the Commissioner of Professional and Financial Regulation, in consultation with the Superintendent of Consumer Credit Protection and the Superintendent of Financial Institutions, not more frequently than every 24 months. [PL 1997, c. 393, Pt. B, §5 (AMD); PL 2001, c. 44, §11 (AMD); PL 2001, c. 44, §14 (AFF); PL 2007, c. 273, Pt. B, §§5, 6 (REV); PL 2007, c. 695, Pt. A, §47 (AFF).]
9-A M.R.S. § 9-305-A — ME Code / Title 9-A / Chapter 9 / Section 9-305-A
9-A §9-305-A. Timely payments from escrow and notice of sale or transfer of mortgage on real estate
Status: in_force

1. Payments from escrow. A creditor, assignee or servicer that holds or controls funds of a consumer in an escrow account for the payment of taxes or insurance premiums shall make timely payments from that escrow account for a consumer credit transaction secured by a mortgage on real estate. A creditor, assignee or servicer is liable to the consumer for actual damages resulting from failure to make timely payments from that escrow account. The creditor, assignee or servicer shall also rectify the results of a failure to make timely payments, including causing corrections of the consumer's credit report and causing the discharge of any liens against the consumer's real estate. [PL 2023, c. 69, §1 (NEW).]

2. Notice of transfer or sale of mortgage on real estate. A creditor, assignee or servicer that holds or controls funds of a consumer in an escrow account for the payment of insurance premiums for a consumer credit transaction secured by a mortgage on real estate shall notify the insurer that provides insurance coverage for the real estate subject to the mortgage upon the sale or transfer of the mortgage. A creditor, assignee or servicer may satisfy the notice requirement in this subsection by providing the insurer with a copy of the notice of the sale or transfer of the mortgage sent to the consumer. [PL 2023, c. 69, §1 (NEW).]
9-A M.R.S. § 3-308 — ME Code / Title 9-A / Chapter 3 / Section 3-308
9-A §3-308. Schedule of payments; balloon payments
Status: in_force

With respect to a consumer credit transaction having a schedule of payments requiring more than one payment of principal other than one pursuant to open-end credit: [PL 1985, c. 113, §2 (RPR).]

1. Except as provided in this section, no creditor may contract for or receive payments of principal and interest pursuant to a schedule of payments under which any one payment is not substantially equal to all other payments, excluding any down payment receivable by the creditor or under which the intervals between any consecutive payments differ substantially; [PL 1985, c. 113, §2 (RPR).]

2. When a consumer's livelihood is dependent upon seasonal or intermittent income, the parties may agree in a separate writing that one or more payments or the intervals between one or more payments may be reduced or expanded in accordance with the needs of the consumer if the payments or intervals are expressly related to the consumer's expected income; [PL 1985, c. 113, §2 (RPR).]

3. A schedule of payments may provide for the deferral of the first periodic payment subsequent to any down payment for a period of not more than 12 months, except that interest or costs may not accrue in connection with the deferral of the first periodic payment if the deferral is for a period of time in excess of 120 days; [PL 2011, c. 87, §1 (AMD).]

4. A schedule of payments may require a final payment not substantially equal to all other periodic payments if the transaction is made for a term of not less than 4 years and if the contract evidencing the consumer credit transaction gives the consumer the right to refinance the amount of the final payment in order to fully amortize the obligation on terms then generally offered by the creditor, if the consumer satisfies reasonable credit standards and if the property satisfies reasonable loan-to-value standards. The administrator shall examine the reasonableness of standards during regular examinations and upon consumer complaint. At least 60 days but not more than 180 days prior to the maturity of the loan, the creditor must notify the consumer in writing of the maturity date and the amount due on the maturity date. The 4-year limitation does not apply to a consumer credit transaction secured by a motor vehicle if the contract evidencing the transaction otherwise conforms to the requirements of this section and also permits the consumer to transfer the motor vehicle to the creditor in lieu of making the final payment without further liability, except that the contract may provide for the assessment against the consumer of one or more of the following: A. A reasonable disposition fee; [PL 2003, c. 543, §1 (NEW).] B. Reasonable charges for excess mileage; [PL 2003, c. 543, §1 (NEW).] C. Reasonable charges for excess wear and tear; and [PL 2003, c. 543, §1 (NEW).] D. Reasonable charges for damage to the motor vehicle; and [PL 2003, c. 543, §1 (NEW).] [PL 2003, c. 543, §1 (AMD).]

5. With respect to any transaction in violation of this section, the consumer shall have the right, at any time, without further cost or obligation, to revise the schedule of payments to conform both the payments and intervals to the average of all payments and intervals. [PL 1985, c. 113, §2 (NEW).]
9-A M.R.S. § 12-107 — ME Code / Title 9-A / Chapter 12 / Section 12-107
9-A §12-107. Powers and functions of the administrator
Status: in_force

1. The powers and functions of the administrator are as set forth in Article 6 , except that references to "consumer credit transactions" in Article 6 are considered to be references to advances made pursuant to legal funding. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

2. The administrator shall maintain a list of all registered companies and make that list available to consumers, attorneys and others on a publicly accessible website. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

3. The administrator shall require a litigation funding provider registered pursuant to section 12‑106 to annually submit certain data, in a form and manner acceptable to the administrator, regarding the number of legal fundings, the amount of legal fundings, the number of legal fundings required to be repaid by the consumer and the amount charged to the consumer, including but not limited to the annual percentage fee charged to the consumer and the itemized fees charged to the consumer. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

4. [PL 2021, c. 245, Pt. C, §1 (RP).]
9-B M.R.S. § 363-A — ME Code / Title 9-B / Part 3 / Chapter 36 / Section 363-A
9-B §363-A. Conservation of assets
Status: in_force

1. Appointment of conservator. Whenever, in the judgment of the superintendent, because of unsafe or unsound practice in conducting the business of a financial institution or other potentially hazardous condition, it is necessary to conserve or revalue the assets of the financial institution or to reorganize and put into sound condition the financial institution for the benefit of depositors, beneficiaries of fiduciary accounts, creditors or the public, the superintendent may issue an order describing the unsafe, unsound or other hazardous condition and appointing one or more conservators for the financial institution, who shall endeavor promptly to remedy the condition or conditions stated in the order. A. The superintendent may require a bond as the superintendent determines proper and issue orders as necessary to carry out the provisions of this section. The superintendent may appoint a deputy superintendent or other person, including the federal corporation insuring the financial institution's accounts pursuant to section 422 , as conservator. [PL 2005, c. 83, §7 (NEW).] B. A conservator, in addition to the powers set forth elsewhere in this chapter and other powers authorized in an order of the superintendent, has all the rights, powers, privileges and authority possessed by the officers, governing body, corporators, members and investors of the financial institution, including the power to remove any officer or member of the governing body if the order of removal is approved in writing by the superintendent. The conservator may, in the name of the financial institution: (1) Prosecute and defend all suits and other legal proceedings; and (2) Execute, acknowledge and deliver all deeds, assignments, releases and other instruments necessary and proper to effectuate any sale of real or personal property or any compromise approved by the superintendent. Any deed or other instrument executed pursuant to this subparagraph is valid and effective for all purposes to the same extent as though fully authorized by the financial institution. [PL 2005, c. 83, §7 (NEW).] C. If a deputy superintendent or other employee of the bureau is appointed conservator, no additional compensation need be paid, but any reasonable and necessary expenses as conservator, including expenses for assistants and counsel, must be paid by the financial institution. If a person other than an employee of the bureau is appointed conservator, then the compensation is determined by the superintendent and must be paid by the financial institution along with any reasonable and necessary expenses of the conservator, including expenses for assistants and counsel. [PL 2005, c. 83, §7 (NEW).] D. In the event that the federal corporation insuring the financial institution's deposits or accounts pursuant to section 422 accepts an appointment as conservator, the corporation acquires both legal and equitable title to all assets, rights or claims and to all real or personal property of the financial institution to the extent necessary for the corporation to perform its duties as conservator or as may be necessary under applicable federal law to effectuate the appointment. If the corporation pays or makes available for payment the insured deposit liabilities of a financial institution by reason of actions taken pursuant to this section, the corporation becomes subrogated to the rights of all the depositors of the financial institution, whether or not it has become conservator of the financial institution, in the same manner and to the same extent as it would be subrogated in the conservation of a financial institution operating under a federal charter and insured by the corporation. [PL 2005, c. 83, §7 (NEW).] [PL 2005, c. 83, §7 (NEW).]

2. Segregation of assets. A conservator appointed under subsection 1 may order that there be segregated and set aside investments that in the conservator's judgment are of slow or doubtful value or that, on account of unusual conditions, cannot be converted into cash at their full fair value. A. Pursuant to the conservator's segregation order, the clerk or treasurer of the financial institution shall withdraw all investments so segregated and the then book value of the investments from the list of investments and book values of assets as shown on the books of the financial institution. [PL 2005, c. 83, §7 (NEW).] B. The clerk or treasurer of the financial institution shall make and keep a complete and accurate list of the investments segregated under this subsection, their book values and any other records with respect to the investments as the superintendent or conservator may from time to time prescribe. [PL 2005, c. 83, §7 (NEW).] As used in this subsection, "investment" or "investments" includes all assets of the financial institution, whether real or personal. [PL 2005, c. 83, §7 (NEW).]

3. Deposit reductions. Simultaneously with the reductions taken pursuant to subsection 2 , the following actions must be taken by the financial institution. A. In the case of a mutual financial institution or cooperative financial institution, each deposit standing in that financial institution must be reduced so as to divide pro rata among the depositors or members the aggregate book value of all investments segregated under subsection 2 . After the order under subsection 2 has been delivered, a depositor or member may not demand or receive on account of a deposit more than the amount remaining to the credit of the deposit after the reduction has been made, and dividends must be computed only on the amounts so remaining, except as otherwise provided in this section. The treasurer or clerk of that financial institution shall withdraw the sum of any deposit reductions from the statements of the amounts due to depositors or members and enter the reductions on individual passbooks as they are presented. The investments and amounts due depositors or members then remaining with changes thereafter made in a usual course of business are deemed to be the investments held by and deposits standing in that financial institution for the purpose of taxation and all other purposes, except as elsewhere provided in this chapter. [PL 2005, c. 83, §7 (NEW).] B. In the case of an investor-owned financial institution, if the liabilities of that financial institution, excluding the outstanding equity interest, exceed its assets, the deficit, after making due allowances for priorities, must be divided pro rata among the depositors and each account charged with its proportionate share of the deficit. A depositor is entitled to withdraw the amount of the depositor's account as fixed and determined in the amounts and at the times the conservator, with the prior written approval of the superintendent, directs. That financial institution shall issue to each depositor a certificate showing the amount of the deficit charged to the depositor's account. The certificate is negotiable and may not bear interest. No dividend, profit, withdrawal or distribution may be made thereafter in liquidation of equity interests in that financial institution until the certificates have been paid in full with interest compounded at the rate of 3% per year; otherwise, the certificates may not be deemed to be a liability of that financial institution. [PL 2005, c. 83, §7 (NEW).] C. Nothing in this subsection permits a conservator or the superintendent to reduce deposits or accounts insured by a federal corporation pursuant to section 422 without written approval of the federal corporation. [PL 2005, c. 83, §7 (NEW).] [PL 2005, c. 83, §7 (NEW).]

4. Sale of segregated investments. Investments segregated under subsection 2 may be sold or exchanged for other securities or investments by a vote of the members of the governing body of the financial institution but must be sold when so ordered by the conservator or the superintendent. All money received from the sales of or as income from the securities or investments must be entered into a special account and held by the financial institution for the benefit of the depositors or members whose deposits were reduced under subsection 3 , to be disposed of as provided in subsection 5 . [PL 2005, c. 83, §7 (NEW).]

5. Repayment of reductions. The members of the governing body of a financial institution from time to time may, and when directed by the superintendent shall, declare pro rata dividends of money received as provided in subsection 4 to be distributed among the depositors or members whose deposits were reduced under subsection 3 , payable to those who would then have been entitled to receive the sums deducted if the sums had continued to be included in the reduced deposits, and payable as other dividends are paid. A. Any depositor or member whose deposit was reduced, any holder of a certificate issued pursuant to subsection 3, paragraph B or the financial institution may file a complaint with the superintendent after one year from the date of the reduction for an order of distribution whenever the condition of the financial institution, taking into account the rights of creditors and of preferred stockholders, if any, warrants the payment. [PL 2005, c. 83, §7 (NEW).] B. The superintendent may at any time declare the repayment under paragraph A to be final. [PL 2005, c. 83, §7 (NEW).] [PL 2005, c. 83, §7 (NEW).]

6. Conservator continuing business. The conservator may continue to operate the financial institution in accordance with the following conditions and limitations. A. All depositors, members and investors of the financial institution may continue to make payments to the financial institution in accordance with the terms and conditions of their contracts. [PL 2005, c. 83, §7 (NEW).] B. The conservator may set aside and make available for withdrawal by depositors or members and payment to other creditors on a ratable basis the amounts as in the opinion of the superintendent may safely be used for that purpose. [PL 2005, c. 83, §7 (NEW).] C. The conservator may receive deposits under the following limitations. The deposits: (1) May not be subject to any limitation as to payment or withdrawal; (2) Must be segregated; (3) May not be used to liquidate any indebtedness of the financial institution existing at the time that the conservator was appointed or any subsequent indebtedness incurred for the purpose of liquidating the indebtedness of the financial institution existing at the time the conservator was appointed; and (4) Must be kept in cash or invested in direct obligations of the United States or deposited with another financial institution. [PL 2005, c. 83, §7 (NEW).] [PL 2005, c. 83, §7 (NEW).]

7. Replacement conservator. The superintendent may, without notice or hearing, replace a conservator with another conservator. [PL 2005, c. 83, §7 (NEW).]

8. Termination of conservatorship. The superintendent by order may terminate the conservatorship according to this subsection. A. The superintendent may terminate the conservatorship at the superintendent's discretion. [PL 2005, c. 83, §7 (NEW).] B. Any interested party may petition the superintendent for termination of the conservatorship 6 months following appointment of the conservator. [PL 2005, c. 83, §7 (NEW).] C. Upon termination of the conservatorship, the powers and duties of the conservator appointed pursuant to subsection 1 cease. [PL 2005, c. 83, §7 (NEW).] D. Upon termination of the conservatorship: (1) The financial institution is returned to its governing body and operates as if the conservator had not been appointed; or (2) A receiver is appointed as provided in section 365 . [PL 2005, c. 83, §7 (NEW).] A certified copy of any order discharging the conservator and returning the financial institution to its governing body is sufficient evidence of termination of conservatorship. [PL 2005, c. 83, §7 (NEW).]

9. Immunity from civil liability. A person serving as a conservator is immune from any civil liability for acts performed within the scope of the conservator's duties in the same manner and to the same extent as employees of governmental entities are under the Maine Tort Claims Act. [PL 2005, c. 83, §7 (NEW).]

9-A. Directors not liable. The members of the board of directors of a financial institution may not be liable to the financial institution's shareholders or creditors for acquiescing in or consenting in good faith to the appointment of a conservator for that financial institution or requiring the financial institution to be acquired by a financial institution holding company or to combine with another financial institution, if grounds exist for appointing a conservator for the financial institution. [PL 2009, c. 228, §5 (NEW).]

10. Judicial review. Any person affected adversely by any act or omission of the superintendent or conservator under this section or section 367‑A may bring an action in the Superior Court of Kennebec County seeking an order annulling, altering or modifying the act or enjoining the performance of the act or requiring action to be taken under any provision of this section. A. The proceedings may be advanced on the docket and receive priority over other cases when the court determines that the interests of justice so require. The person bringing the action has the burden of proof to show that the act or omission is unlawful or arbitrary and capricious. Only the financial institution may bring an action challenging the superintendent's order establishing the conservatorship. The court must uphold the superintendent's order establishing the conservatorship and the appointment of a conservator unless the court finds that the superintendent's action was unlawful or arbitrary and capricious. [PL 2011, c. 559, Pt. A, §6 (AMD).] B. The person must bring the action under paragraph A within 10 business days after receiving notice of the act or omission in person, by registered mail or by publication of a certificate signed by the conservator, by the superintendent or by the president, treasurer or clerk of the financial institution in a newspaper of general circulation in the county where the financial institution has its principal office. [PL 2005, c. 83, §7 (NEW).] C. Notwithstanding paragraph B , action may not be brought more than 30 days after the order of the superintendent under subsection 8 . [PL 2005, c. 83, §7 (NEW).] D. The court may issue injunctions to prevent multiplicity of proceedings seeking to annul, alter or modify the actions of the superintendent or the conservator made under the provisions of this chapter or to prevent undue interference with the regulation and conservation of the financial institution. [PL 2005, c. 83, §7 (NEW).] E. The court, upon application by the superintendent or conservator, has jurisdiction to enforce orders relating to the conservatorship and the financial institution in conservatorship. [PL 2005, c. 83, §7 (NEW).] F. Notwithstanding Title 5, section 8003 , the Maine Administrative Procedure Act does not apply to the procedures described in this subsection. [PL 2005, c. 83, §7 (NEW).] [PL 2011, c. 559, Pt. A, §6 (AMD).]
9-A M.R.S. § 2-303 — ME Code / Title 9-A / Chapter 2 / Section 2-303
9-A §2-303. Revocation or suspension of license
Status: in_force

1. The administrator may file a complaint with the District Court to suspend or revoke a license to make, originate or service supervised loans if the administrator finds reason to believe, after investigation or hearing, or both, that: A. The licensee has violated this Act or any rule or order made pursuant to this Act; or [PL 2011, c. 427, Pt. B, §7 (AMD).] B. Facts or conditions exist that would clearly have justified the administrator in refusing to grant a license had these facts or conditions been known to exist at the time the application for the license was made. [PL 2011, c. 427, Pt. B, §7 (AMD).] An affirmative finding by the District Court of either cause is sufficient to suspend or revoke the license. [PL 2017, c. 106, §6 (AMD).]

1-A. The administrator may refuse to renew a license, after notice and opportunity for a hearing has been provided to the licensee, for any of the reasons set forth in subsection 1 . [PL 2011, c. 427, Pt. B, §7 (AMD).]

2. No revocation or suspension of a license impairs or affects the obligation of any preexisting lawful contract between the licensee and any debtor. [PL 2011, c. 427, Pt. B, §7 (AMD).]

3. The administrator may reinstate a license, terminate a suspension or grant a new license to a person whose license has been revoked if no fact or condition then exists that clearly would have justified the administrator in refusing to grant a license. [PL 2011, c. 427, Pt. B, §7 (AMD).]

4. No revocation, suspension, annulment or withdrawal of a license is lawful unless, prior to the institution of proceedings by the administrator, the administrator gave notice by mail to the licensee of facts or conduct that warrant the intended action and the licensee was given an opportunity to show compliance with all lawful requirements for the retention of the license. [PL 2011, c. 427, Pt. B, §7 (AMD).]
9-A M.R.S. § 8-503 — ME Code / Title 9-A / Chapter 8-A / Section 8-503
9-A §8-503. Conformity with federal law
Status: in_force

Unless the context otherwise indicates, any word or phrase that is not defined in this Article but that is defined in the Federal Truth in Lending Act, Title I of the federal Consumer Credit Protection Act, 15 United States Code, Section 1601 et seq. or its implementing regulation, Regulation Z, 12 Code of Federal Regulations, Section 1026.1 et seq., has the meaning set forth in the Federal Truth in Lending Act and its implementing regulations. [PL 2013, c. 464, §3 (AMD).]
9-B M.R.S. § 851 — ME Code / Title 9-B / Part 8 / Chapter 85 / Section 851
9-B §851. Loans in general
Status: in_force

1. Authorization. A credit union may make, sell, purchase, arrange, participate in, invest in and otherwise deal in loans to its members for any purpose in accordance with the provisions of this chapter. [PL 2003, c. 322, §36 (AMD).]

2. Applicability of other sections. In addition, a credit union is subject to sections 432 , 433 , 435 and 436 . [PL 2003, c. 322, §36 (AMD).]

3. Approvals required. The credit committee provided for in section 845 shall approve all loans to members made by the credit union. In addition, the approval of the credit union's board of directors or executive committee shall be required for all loans other than personal loans to members. [PL 1975, c. 500, §1 (NEW).]

4. Written loan policy. The board of directors shall establish a written loan policy, which must be reviewed and ratified at least annually, that addresses at a minimum the following: A. Individual lending officer authority; [PL 2003, c. 322, §36 (NEW).] B. Loan mix and diversification; [PL 2003, c. 322, §36 (NEW).] C. Loan quality parameters; and [PL 2003, c. 322, §36 (NEW).] D. Delegation of authority to officers and committees responsible for administering the portfolio. [PL 2003, c. 322, §36 (NEW).] [PL 2003, c. 322, §36 (NEW).]
9-B M.R.S. § 1233-A — ME Code / Title 9-B / Part 12 / Chapter 123 / Section 1233-A
9-B §1233-A. Asset pledge
Status: in_force

1. Pledge requirement. The superintendent may require an uninsured bank to pledge readily marketable assets to the superintendent if the superintendent believes that the action is necessary for the protection of the public. 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 uninsured bank has been appointed. The asset pledge requirement may be lifted by the superintendent if the superintendent determines that the condition of the uninsured bank so warrants that action. [PL 2005, c. 83, §14 (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 uninsured bank at the time the asset pledge is imposed. [PL 2005, c. 83, §14 (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 uninsured bank continues business in the ordinary course, the uninsured bank 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, §14 (NEW).]

4. Noncompliance. If an uninsured bank fails to maintain the minimum required asset pledge, the superintendent may determine that the uninsured bank does not meet the capital requirements under section 412‑A and any rules adopted pursuant to section 412‑A . [PL 2005, c. 83, §14 (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, §14 (NEW).]
9-A M.R.S. § 11-122 — ME Code / Title 9-A / Chapter 11 / Section 11-122
9-A §11-122. Privacy of consumer financial information
Status: in_force

A merchant who enters into a rental-purchase agreement with a consumer shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999) and the applicable implementing federal Privacy of Consumer Information regulations, as adopted by the Office of the Comptroller of the Currency, 12 Code of Federal Regulations, Part 40 (2001); the Board of Governors of the Federal Reserve System, 12 Code of Federal Regulations, Part 216 (2001); the Federal Deposit Insurance Corporation, 12 Code of Federal Regulations, Part 332 (2001); the Office of Thrift Supervision, 12 Code of Federal Regulations, Part 573 (2001); the National Credit Union Administration, 12 Code of Federal Regulations, Part 716 (2001); the Federal Trade Commission, 16 Code of Federal Regulations, Part 313 (2001); or the Securities and Exchange Commission, 17 Code of Federal Regulations, Part 248 (2001), if the merchant is a financial institution as defined in those regulations. This section is not intended to permit the release of health care information except as permitted by Title 22, section 1711‑C or Title 24‑A, chapter 24 . This section does not apply to a supervised financial organization. [PL 2001, c. 262, Pt. A, §4 (NEW).]
9-B M.R.S. § 121 — ME Code / Title 9-B / Part 1 / Chapter 12 / Section 121
9-B §121. Bureau of Financial Institutions
Status: in_force

There is created under this Title a Bureau of Financial Institutions, which has the responsibility of administering the provisions of this Title. In addition, in cases in which a financial institution is the creditor, the Bureau of Financial Institutions has the responsibility of administering the provisions of the Maine Consumer Credit Code pursuant to Title 9‑A, section 1‑301, subsection 2 . [PL 2001, c. 44, §3 (AMD); PL 2001, c. 44, §14 (AFF).]
9-B M.R.S. § 223 — ME Code / Title 9-B / Part 2 / Chapter 22 / Section 223
9-B §223. Publication and posting of reports
Status: in_force

1. Condition and income reports. [PL 1995, c. 24, §3 (RP).]

2. Reports posted in offices. Every limited purpose bank shall make available in all of its offices at least 10 days, but not more than 30 days, prior to the annual meeting of its stockholders, corporators, members or other holders of equity interests, its latest condition report or a condition report for its most recently completed fiscal year, and a report of income for the institution's most recently completed fiscal year. In addition to making available its latest condition report or condition report for its most recently completed fiscal year, a limited purpose bank shall make available a report of its fiduciary assets and income. Every federally insured financial institution shall post a notice in its main office that the financial institution's latest condition and income reports are available to the public upon request. [PL 2023, c. 30, §3 (AMD).]
9-B M.R.S. § 312 — ME Code / Title 9-B / Part 3 / Chapter 31 / Section 312
9-B §312. Permission to organize
Status: in_force

1. Incorporators. [PL 1997, c. 398, Pt. C, §3 (RP).]

2. Application. A corporation, limited liability company, limited partnership, limited liability partnership or the organizers of the entity shall apply to the superintendent to seek permission to conduct business as a financial institution. The application must contain the following information: A. The name by which the financial institution is to be known; [PL 1997, c. 398, Pt. C, §4 (RPR).] B. The purpose for which it is to be formed, including whether a certificate of public convenience and advantage is sought to conduct business as a universal bank, a nondepository trust company, a merchant bank or an uninsured bank; [PL 1997, c. 398, Pt. C, §4 (RPR).] C. The city or town within this State where the institution's principal office is to be located; [PL 1997, c. 398, Pt. C, §4 (RPR).] D. The amount of its capital; [PL 1997, c. 398, Pt. C, §4 (RPR).] E. The names, addresses and occupations of the governing body or organizers of the institution; [PL 1997, c. 398, Pt. C, §4 (RPR).] F. The organizational documents appropriate to the proposed institution's organizational structure; and [PL 1997, c. 398, Pt. C, §4 (RPR).] G. Any additional information, including the reasons why an institution of the type specified in paragraph B is needed in the proposed location, as the superintendent may require by rule. Application for permission to conduct business as a financial institution may not be considered complete unless accompanied by an application fee as determined by the superintendent, payable to the Treasurer of State, to be credited and used as provided in section 214 . In no event may that fee be less than $1,000 or greater than $5,000. [PL 1997, c. 398, Pt. C, §4 (RPR).] [PL 1997, c. 398, Pt. C, §4 (RPR).]

3. Publication of notice. After determining that the application required in subsection 2 is complete, the superintendent shall advise the corporation, limited liability company, limited partnership, limited liability partnership or the organizers of the entity to publish, within 15 days of such advice, a notice in such form as the superintendent may prescribe. Such notice must appear at least once a week for 3 successive weeks in one or more newspapers of general circulation in the county where the financial institution is to be established, or in such other newspapers as the superintendent may designate. Such published notice must specify the names, addresses and occupations or businesses of each of the organizers or members of the governing body, the type of financial institution to be organized, and the name of the institution and its location as set forth in the application for permission to conduct business as a financial institution. The superintendent may require individual notice to any person or corporation, and may require that one of such publications contain the information required under section 252, subsection 2 . [PL 1997, c. 398, Pt. C, §5 (AMD).]

4. Permission from superintendent. A. [PL 1987, c. 81, §4 (RP).] B. In determining whether or not a certificate of public convenience and advantage that permits the corporation, limited liability company, limited partnership or limited liability partnership to conduct business as a financial institution should be granted, the superintendent shall make the decision in accordance with the requirements of section 253 , pursuant to the procedures set forth in section 252 . [PL 1997, c. 398, Pt. C, §6 (AMD).] C. A grant of a certificate of public convenience and advantage may include such terms and conditions as the superintendent determines necessary. These may include, but are not limited to, conditions regarding the organizational form of the financial institution under this chapter. [PL 1997, c. 398, Pt. C, §6 (AMD).] [PL 1997, c. 398, Pt. C, §6 (AMD).]

5. Minimum capital required. A. The certificate of public convenience and advantage and the superintendent's order granting permission to organize must set forth the minimum amount of paid-in capital that a financial institution must have to begin business. [PL 1997, c. 398, Pt. C, §7 (AMD).] B. The minimum amount of paid-in capital must be determined by the superintendent, but in no event may it be less than $500,000. [PL 2021, c. 508, §2 (AMD).] C. In determining the minimum paid-in capital required, the superintendent may set different requirements for banks, nondepository trust companies, merchant banks and uninsured institutions and may consider such factors as the population of the city or town where the proposed institution is to be located, competition among financial institutions in that locale, the projected volume and type of business to be conducted, the inherent risks in the business to be conducted and the need to protect depositors and other creditors of the institution. [PL 1997, c. 398, Pt. C, §7 (AMD).] D. All initial and subsequent capital contributions must be in the form of cash, unless otherwise approved by the superintendent. [PL 2005, c. 82, §5 (AMD).] [PL 2021, c. 508, §2 (AMD).]

6. Effect of denial. If the superintendent refuses to issue a certificate of public convenience and advantage, the application may be renewed in the manner provided in this section after one year from the date of the refusal. [PL 1987, c. 81, §6 (AMD).]
9-A M.R.S. § 4-406 — ME Code / Title 9-A / Chapter 4 / Section 4-406
9-A §4-406. Distinguishing insurance products from loan products; identification of insurance producers
Status: in_force

To the extent practicable, sales of insurance products authorized by this Part must take place in a manner that minimizes customer confusion between any noninsurance product offered by the supervised lender or its affiliates and those insurance products. A supervised lender, or its affiliates, is in compliance with this section if it utilizes signs clearly visible to its customers that distinguish insurance products of the supervised lender, or its affiliates, from its noninsurance products and that adequately identify insurance producers and consultants affiliated with the supervised lender. [PL 2021, c. 676, Pt. C, §7 (AMD).]