An Act To Enhance the Supervisory Powers of the Department of Professional and Financial Regulation, Bureau of Financial Institutions Fiscal Detail and Notes
Maine Legislature, Session 122, LD 0949
Committee Amendment CA_A_S79 (Senate)

COMMITTEE AMENDMENT ·A· to S.P. 324, L.D. 
Act To 
Enhance 
the Supervisory Powers of the 
Professional 
and 
Financial 
Regulation, 
Bureau 
Institutions" 
949, Bill, "An 
Department of 
of 
Financial 
Amend the bill by inserting after the title and before the 
enacting clause the following: 
. Emergency preamble. Whereas, acts of the Legislature do not 
become effective until 90 days after adjournment unless enacted 
as emergencies; and 
Whereas, the Superintendent of Financial 
identified certain enforcement powers essential 
of Maine-chartered financial institutions that· 
included in the banking laws; and 
Institutions has 
to the regulation 
are not currently 
Whereas, these 
powers 
should 
be 
made 
available 
to 
the 
superintendent as 
soon as possible so that, in the event a 
Maine-chartered 
financial 
institution 
encounters 
serious 
financial difficulties, the superintendent may use the new powers 
for the protection of depositors, beneficiaries of fiduciary 
accounts, creditors and the public; and 
Whereas, pressures of market forces in Maine and across the 
nation 
may 
adversely 
affect 
Maine-chartered 
financial 
institutions 
and 
may 
warrant 
responsive 
action 
by 
the 
superintendent including the use of these new enforcement powers; 
and 
Page l-LR0444(2) 
COMMITTEE AMENDMENT 
,. 
~ 
COMMITTEE AMENDMENT ,A, to S.P. 324, L.D. 949 
Whereas, in the judgment of the Legislature, these facts 
create an emergency within the meaning of the Constitution of 
Maine 
and 
require 
the 
following 
legislation 
as 
immediately 
necessary for the preservation of the public peace, health and 
safety; now, therefore,' 
Further amend the bill in section 7 in that part designated 
"§469." by striking out all of subsection 4 (page 11, lines 9 to 
in L.D.) and inserting in its place the following: 
'4. 
Rules. 
The superintendent may adopt rules defining a 
change in the composition of all or substantially all of a 
financial institution's assets and setting forth the factors to 
consider in determining what constitutes a fundamental change in 
assets. 
Rules adopted pursuant to this subsection are routine 
technical rules as defined in Title 5, chapter 375, subchapter 
2-A. ' 
Further amend the bill by inserting after section 10 the 
following: 
'Emergency clause. 
In view of the emergency cited in the 
preamble, this Act takes effect when approved.' 
Further amend the bill by relettering or renumbering any 
nonconsecutive 
Part 
letter 
or 
section 
number 
to 
read 
consecutively. 
SUMMARY 
This amendment clarifies the rule-making authority of the 
Superintendent of Financial Institutions by making the language 
in that subsection referring to a change in asset composition of 
a financial institution consistent with the rest of the section 
of 
law. 
The 
amendment 
also 
adds 
an emergency preamble 
and 
emergency clause to the bill. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 03/28/05 ~ac.. 
LD949 
0444(02) 
An Act To Enhance the Supervisory Powers of the Department of Professional and Financial 
Regulation, Bureau of Financial Institutions 
Fiscal Detail and Notes 
Fiscal Note for Bill as Amended by Committee Amendment A 
Committee: Insurance and Financial Services 
Fiscal Note Required: Yes 
Fiscal Note 
Minor cost increase - Other Special Revenue Funds 
Any additional costs to the Bureau of Financial Institutions within the Department of Professional and Financial 
Regulation, can be absorbed by the Bureau utilizing existing resources. 
LR0444(2) - Fiscal Note - Page 1 of 1