Resolve, To Increase the Financial Stability of Low-income Families in Maine
Maine Legislature, Session 124, LD 1649
Committee: Insurance and Financial Services
Sponsors: SIMPSON, STUCKEY, ALFOND, CRAVEN, BECK, FLEMINGS, PILON, TREAT

MAINE STATE LEGISLATURE 
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124thMAINELEGISLATURE 
SECOND-REGULAR SESSION-2010 
Legislative Document 
No. 1649 
S.P.614 
In Senate, December 21,2009 
Resolve, To Increase the Financial Stability of Low-income Families 
in Maine 
Approved for introduction by a majority of the Legislative Council pursuant to Joint Rule 
203. 
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. 
Reference to the Committee on Insurance and Financial Services suggested and ordered 
printed. 
Presented by Senator SIMPSON of Androscoggin. 
Cosponsored by Representative STUCKEY of Portland and 
9tf)(J~ 
JOY J. O'BRIEN 
Secretary of the Senate 
Senators: ALFOND of Cumberland, CRAVEN of Androscoggin, McCORMICK of Kennebec, 
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SULLIVAN of York, Representatives: BECK of Waterville, FLEMINGS of Bar Harbor, 
PILON of Saco, TREAT of Hallowell. 
Printed on recycled pilper 
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Sec. 1. Working group established. Resolved: That the Commissioner of 
Professional and Financial Regulation shall establish, within exi:>ting budgeted resources, 
a working group, to be known as "the Bank on ME working group," composed of 
municipal officials and representatives of state and federal financial' institutions, credit 
unions, community organizations and state agencies to develop and implement 
c~lIaborative voluntary initiatives that increase the financial stability of low-income 
families in the State by increasing awareness of and access to basic financial services. 
The Bank on ME working group shall: 
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1. D~velop and market starter banking accounts with features that would benefit low-
income families; 
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2. Educate low-income families without bank accounts about the benefits of account 
ownership and encourage those families to open bank accounts; 
3. Educate and assist low-incomefarriilies with basic money management skills; and 
4. Create coalitions of financial institutions, financial regulators, municipal officials 
and nonprofit corporations to market starter banking accounts to I<;>w-:-income families; 
and be it further 
Sec. 2. Report. Resolved: That the Commissioner of Professional and Financial' 
Regulation shall submit a report to the joint standing committee of the Legislature having 
jurisdiction over banking and financial matters by November 3, 2010 .. The report must 
include a summary of the initiatives implemented by the Bc;mk on ME working group 
established pursuant to section 1 and shall recommend to the committee any changes to 
existing law that are necessary to implement the initiatives supported by the Bank on ME 
working group. 
SUMMARY, 
This resolve directs the Commissioner of Professional and Financial Regulation to 
establish, within existing budgeted resources, the Bank on ME working group, composed 
of municipal officials and representatives of state and federal financial institutions, ' 
community organizations and state agencies to develop and implement collaborative 
voluntary initiatives that increase the financial stability of low-income families in the 
Sta,te by increasing awareness of and access to basic financial services. 
The 
commissioner is required to submit a report to the joint standing committee of the 
Legislature having jurisdiction over banking and financial matters by November 3, 2010 ' 
on the progress of the Bank on ME working group and on any changes to existing law' 
that are necessary to implement the initiatives supported by the working group. 
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