An Act To Make Technical and Supervisory Amendments to the Laws Governing Banking and Consumer Credit
Maine Legislature, Session 124, LD 1409
Committee Amendment CA_A_H289 (House)
Amends: 9-B MRSA §363-A, 9-B MRSA §365

COMMITTEE AMENDMENT "H " 
to H.P. 985, L.D. 1409, Bill, "An Act To 
Make Technical and Supervisory Amendments to the Laws Governing Banking and 
Consumer Credit" 
Amend the bill by inserting after section 4 the following: 
'Sec. 5. 9-B MRSA §363-A, sub-§9-A is enacted to read: 
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. 
Sec. 6. 9-B MRSA §365, sub-§12 is enacted to read: 
12. 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 receiver 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 receiver for the financial institution.' 
Amend the bill in section 5 in §369 in subsection 2 in the first line (page 5, line 14 in 
L.D.) by striking out the following: "A" and inserting the following: 'Except when the 
Federal Deposit Insurance Corporation is appointed receiver and conducts a receivership 
under federal law, a' 
Amend the bill by striking out all of sections 6 to 9. 
Amend the bill by relettering or renumbering any nonconsecutive Part letter or 
section number to read consecutively. 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT" A" to H.P. 985, L.D. 1409 
SUMMARY 
This amendment does the following. 
1. It rymoves the sections of the bill that proposed changes to the law regarding the 
permissible activities of state-chartered banks and credit unions under existing federal 
parity law. 
2. It removes the section in the bill authorizing credit unions to compensate members 
of their boards of directors. 
3. It clarifies that members of boards of directors of financial institutions are not 
liable to shareholders or creditors for consenting in good faith to the appointment of a 
receiver or conservator for a financial institution or to the acquisition by or combination 
with a financial institution holding company if grounds exist. 
FISC.-\L :;OTE REQURED 
@.ee at~ac~~d) 
COMMITTEE AMENDMENT 
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Approved: 05/12/09 
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LD 1409 
LR 517(02) 
An Act To Make Technical and Supervisory Amendments to the Laws Governing Banking and 
Consumer Credit 
Fiscal Note for Bill as Amended by Committee Amendment "1+" 
Committee: Insurance and Financial Services 
Fiscal Note Required: Yes 
Fiscal Note 
Minor cost increase - Other Special revenue Funds 
Fiscal Detail and Notes 
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Additional costs to the Bureau of Financial Institutions in the Department of Professional and Financial Regulation are 
expected to be minor and can be absorbed utilizing existing budgeted resources, 
LR0517(02) - Fiscal Note - Page 1 of 1