An Act To Amend the Maine Banking Laws · LR 1922(02)
Maine Legislature, Session 121, LD 1534
Committee Amendment CA_A_S141 (Senate)

COMMITTEE AMENDMENT "fl" to S. P. 512, L.D. 1534, Bill, "An 
Act To Amend the Maine Banking Laws" 
Amend the bill in section 4 in subsection 35 in the 5th line 
(page 1, line 44 in L.D.) by inserting after the following: 
"institution" the following: 
'or credit union' 
Further amend the bill in section 4 in subsection 35 in the 
10th line (page 1, line 49 in L.D.) by inserting after the 
following: 
"institution" the following: 
'or credit union' 
Further amend the bill in section 4 in subsection 35 in the 
13th line (page 2, 
line 2 in L.D.) 
by inserting after the 
following: 
"institution" the following: 
'or credit union' 
Further amend the bill in section 4 in subsection 35 in the 
3rd line from the end (page 2, line 11 in L.D.) by inserting 
after the following: 
"institution" the following: 
'or credit 
union' 
Further amend the bill in section 5 in subsection 37-A in 
the last line (page 2, line 21 in L.D.) by inserting after the 
following: 
"accounts." the following: 
'''Share account" also 
includes a share or deposit account held by or offered to a 
nonmember in a cOmmunity development credit union.' 
COMM/rrEE AMENDMENT 
COMMITTEE AMENDMENT "A, to S.P. 512, L.D. 1534 
Further amend the bill in section 19 in subsection 2 in the 
2nd 
line 
(page 
6, 
line 
in 
L.D.) 
by 
striking out 
the 
following: 
"share" 
Further amend the bill in section 33 in that part designated 
"§844." in subsection 5 in the 3rd line (page 9, line 40 in L.D.) 
by striking out the following: 
"$50,000,000" and inserting in 
its place the following: 
'$100,000,000' 
Further amend the bill in section 42 in that part designated 
"§871-A." in subsection 1 in paragraph H in the 7th line (page 
14, line 44 in L.D.) by striking out the following: 
"anthing" 
and inserting in its place the following: 
'anything' 
Further amend the bill in section 42 in that part designated 
"§871-A." in subsection 1 in paragraph H in the 3rd line from the 
end (page 15, line 5 in L.D.) by striking out the following: 
"division" and inserting in its place the following: 
'divisions' 
Further amend the bill in section 42 in that part designated 
"§871-A." in subsection 1 in paragraph J in the 4th and 5th lines 
(page 
15, 
lines 
and 
in 
L.D.) 
by 
striking out 
the 
following: 
"where the original certificate of organization is 
recorded" 
Further amend the bill in section 42 in that part designated 
"§871-A." in subsection 1 in paragraph J in the blocked paragraph 
in the 3rd line (page 15, line 35 in L.D.) by striking out the 
following: 
", after recording" 
Further amend the bill in section 42 in that part designated 
"§871-A. " in subsection 2 in paragraph D in the 9th line (page 
16, line 26 in L.D.) 
by striking out the following: 
"share 
liabilities" and inserting in its place the following: 
'shares' 
Further amend the bill in section 42 in that part designated 
"§871-A." in subsection 2 in paragraph F in subparagraph (2) by 
striking out all of division (c) and inserting in its place the 
following: 
, ( c) 
Taxes legally due and owing to the United 
States, any state or any subdivision of the United 
States or any state;' 
Further amend the bill in section 42 in that part designated 
"§871-A." in subsection 2 in paragraph J in the 4th and 5th lines 
(page 
18, 
lines 
and 
~n L.D.) 
by 
striking out 
the 
following: 
"where the original certificate of organization is 
recorded" 
COMMITTEE AMENDMENT 
· . 
...... ,' 
COMMITTEE AMENDMENT "A" to S.P. 512, L.D. 1534 
Further amend the bill in section 42 in that part designated 
"§871-A." in subsection 2 in paragraph J in the blocked paragraph 
in the 3rd line (page 19, line 16 in L.D.) by striking out the 
following: 
"after recording" 
SUMMARY 
This amendment does the following. 
1. It makes technical changes in the bill to reflect the 
appropr iate terms used in the Maine banking laws and deletes 
unnecessary references to the recording of documents with the 
Secretary of State. 
2. It increases the threshold asset size for a credit union 
from 
$50,000,000 to $100,000,000 for 
the 
requirement that 
a 
credi t union employ an independent public accountant to conduct 
an annual audit of the credit union. 
FISCAL '\OTf HEQrJRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 05105103 }tivae. 
Office of Fiscal and Program Review 
LD 1534 
An Act To Amend the Maine Banking Laws 
· 
' 
LR 1922(02) 
Fiscal Note for Bill as Amended by Committee Amendment ,IrS· ( '...f , 
Committee: Insurance and Financial Services 
Fiscal Detail and Notes 
Fiscal Note Required: Yes 
Fiscal Note 
Minor cost increase - Other Special Revenue Funds 
Minor revenue increase - General Fund 
Any additional costs in implementing this bill can be absorbed by the Department of Professional and Financial 
Regulation utilizing existing resources. The bill's modifications to the penalty for non-payment of financial instituti( 
assessments may result in a minor increase in general fund revenues. 
LR1922(2) - Fiscal Note - Page 1 of 1