An Act to Authonze State Special Purpose Depository Institut10ns for Digital Assets
Maine Legislature, Session 131, LD 0990
Committee Amendment CA_A_S87 (Senate)
Amends: 9-B MRSA §1231, 9-B MRSA §1234, 9-B MRSA §1236

COMMITTEE AMENDl\IBNT "A " to S P 409, L D 990, "An Act to Authonze 
State Special Purpose Depository Institut10ns for Digital Assets" 
Amend the bill by stnkmg out everythmg after the enactmg clause and msertmg the 
followmg 
'Sec. 1. 9-B MRSA §1231, as amended by PL 2023, c 30, §7, is further amended 
to read 
§1231 General authority and purpose 
A fmancial mstitut10n engaged m the busmess of bankmg that does not accept retatl 
deposits, except for retatl deposits permitted m accordance with section 1236, subsection 
band for which msurance of deposits by the FDIC is not reqmred may be orgamzed 
pursuant to chapter 31 Unless otherwise mdicated m this chapter, an unmsured bank has 
all the powers, nghts, duties and obbgat10ns as a fmancial mstitution under this Title An 
unmsured bank is not a nondepository trust company or a merchant bank 
Sec. 2. 9-B MRSA §1234, as enacted by PL 1997, c 398, Pt J, §2, is amended to 
read 
§1234. Cash reserves on deposits and accounts 
An unmsured bank shall mamtam reserves m accordance with section 422-A except 
that an unmsured bank that accepts retatl deposits ofvrrtual currency as defined m Title 32, 
section 6102, subsection 15 shall mamtam reserves as provided m section 1236, subsect10n 
The supermtendent may estabhsh by rule or order addit10nal reserve reqmrements for 
unmsured banks 
Sec. 3. 9-B MRSA §1236, as enacted by PL 1997, c 398, Pt J, §2, is repealed and 
the followmg enacted m its place 
§1236. Deposits 
1. Retail deposit activities. Except as provided m subsection 2, an umnsured bank 
may not engage m retail deposit activities The supermtendent shall define deposit activities 
Page-I -131LR1742(02) 
COMMITTEE AMENDMENT 
. 
oC:> 
~ 
IO 
COMMITTEE AMENDMENT" II "to s p 409, L D 990 [s~ (57) 
that do not constitute retail deposit activities by rule, takmg account of the size or nature of 
depositors and deposit accounts 
2. Deposits of virtual currency. Notw1thstandmg any prov1s1on of law to the 
contrary, an unmsured bank may receive deposits of vrrtual currency as def med m Title 3 2, 
section 6102, subsect10n 15 or other d1g1tal assets, mcludmg retail deposits, as long as the 
unmsured bank mamtams reserves at the 100% level for those deposits 
Sec. 4. 
Appropr1at1ons and allocations. The followmg appropnat1ons and 
allocations are made 
PROFESSIONAL AND FINANCIAL REGULATION, DEPARTMENT OF 
Admm1strat1ve Services - Professional and Fmanc1al Regulation 0094 
Imt1at1ve Allocates funds for technology-related costs associated with estabhshmg one 
Prmc1pal Bank Exammer pos1t1on 
OTHER SPECIAL REVENUE FUNDS 
All Other 
OTHER SPECIAL REVENUE FUNDS TOTAL 
Fmanc1al Instltutmns - Bureau of 0093 
2023-24 
$2,282 
$2,282 
2024-25 
$2,993 
$2,993 
ImtJ.at1ve Allocates funds for one Prmc1pal Bank Exammer position to manage and address 
regulatory issues relatmg to vrrtual currency or other d1g1tal assets 
OTHER SPECIAL REVENUE FUNDS 
POSITIONS - LEGISLATIVE COUNT 
Personal Services 
All Other 
OTHER SPECIAL REVENUE FUNDS TOTAL 
PROFESSIONAL AND FINANCIAL 
REGULATION, DEPARTMENT OF 
DEPARTMENT TOTALS 
OTHER SPECIAL REVENUE FUNDS 
DEPARTMENT TOTAL-ALL FUNDS 
2023-24 
000 
$86,206 
$27,063 
$113,269 
2023-24 
$115,551 
$115,551 
2024-25 
000 
$121,068 
$23,587 
$144,655 
2024-25 
$147,648 
$147,648 
Amend the bill by relettermg or renumbermg any nonconsecutive Part letter or sect10n 
number to read consecutively 
SUMMARY 
This amendment 1s the mmonty report of the committee and replaces the bill The 
amendment authorizes an unmsured bank to take retail deposits of vrrtual currency or other 
COMMITTEE AMENDMENT 
~0'?, 
I 
COMMITTEE AMENDivIENT "A- ., to s p 409, L D 990 Cs~ ~1) 
d1g1tal assets as long as the uninsured bank mamtams reserves at the 100% level for the 
total of those deposits The amendment adds an appropriations and allocations section 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
' 
Approved 04/30/23 ;f;Yae 
LD990 
LR 1742(02) 
An Act-to Authorize State Special Purpose Depository Institutions for Digital Assets 
Fiscal Note for Bill as Amended by Committee Amendment 'f'.r' ( s-81) 
Committee: Health Coverage, Insurance and Financial Services 
Fiscal Note Required: Yes 
Fiscal Note 
FY 2023-24 
FY 2024-25 
Pro1ect1ons 
FY 2025-26 
ProJections 
FY 2026-27 
Appropnat10ns/ Allocaf1ons 
Other Special Revenue Funds 
Fiscal Detail and Notes 
$115,551 
$147,648 
$134,977 
$142,746 
This btll mcludes Other Special Revenue Fund allocat10ns of $113,269 m fiscal year 2023-24 and $144,655 m fiscal 
year 2024-25 to the Bureau of Fmancial Inst1tut10ns w1thm the Department of Profess10nal and Fmanc1al Regulat10n 
to estabhsh a Pnncipal Bank Exammer posit10n effective October 1, 2023 to manage and address regulatory issues 
relatmg to virtual currency or other digital assets and allocat10ns of $2,282 m fiscal year 2023-24 and $2,993 m fiscal 
year 2024-25 to the Admm1strative Services Div1S1on for technology-related costs associated with the Pnnc1pal Bank 
Exammer pos1t10n 
LR1742(02) - Fiscal Note - Page 1 of 1