reglab/housing_qa huggingface dataset:
9-B ME Rev Stat § 873 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS|9-B §873. Conversion: federal to State charter; out of state to State charter

 §873. Conversion: federal to State charter; out of state to State charter 1.  Eligibility.  A credit union organized pursuant to provisions of federal law or organized under the laws of another state may become subject to this Part and receive a charter as a state-chartered credit union by making application in writing to the superintendent for such conversion. The superintendent may approve or disapprove such conversion in accordance with the criteria set forth in section 253 as long as, as a condition precedent to such approval, the credit union shows compliance with all applicable federal laws and regulations and laws and regulations of the state under which it is organized relating to such conversion.   [PL 2009, c. 228, §9 (AMD).] 2.  Issuance of charter.  Upon receiving approval from the superintendent, the credit union must be issued a charter under this Part, which fact must be certified by the superintendent to the Secretary of State; and, from and after the issuance of such charter, the credit union must be subject to the provisions of this Part and all rules issued under this Part.   [PL 2009, c. 228, §9 (AMD).] 3.  Applicability of other sections.  A credit union converting to a state charter pursuant to this section is subject to the provisions contained in sections 357 and 358 governing resulting institutions.   [PL 1997, c. 398, Pt. L, §13 (AMD).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §L13 (AMD). PL 2009, c. 228, §9 (AMD).
9-B ME Rev Stat § 874 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS|9-B §874. Conversion: State to federal charter

 §874. Conversion: State to federal charter A credit union organized under the general or special laws of this State may convert to a federally chartered credit union. The credit union must notify and provide the superintendent with a copy of the application filed with the National Credit Union Administration within 3 days of filing with the National Credit Union Administration. Approval of the members of the credit union for the conversion must be obtained in the manner set forth in section 342, subsection 6. Upon obtaining the approval, the credit union shall provide to the superintendent all necessary approvals and charters required by the National Credit Union Administration and all federal laws and regulations applicable to the conversion. The superintendent shall notify the Secretary of State that the conversion has been effected. A copy of the approval or charter must accompany the notification.   [PL 2007, c. 79, §11 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1985, c. 647, §10 (AMD). PL 2003, c. 322, §43 (AMD). PL 2007, c. 79, §11 (AMD).
9-B ME Rev Stat § 875 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS|9-B §875. Conversion: change in type of state charter

 §875. Conversion: change in type of state charter A credit union subject to the laws of this State may convert its charter to do business as a credit union into a charter to do business as a financial institution organized under chapter 32 if any plan of conversion authorized by this section is adopted and approved in accordance with the requirements of section 343.   [PL 1997, c. 398, Pt. K, §8 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §K8 (AMD).
9-B ME Rev Stat § 876 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS|9-B §876. Acquisitions

 §876. Acquisitions A credit union organized under the laws of this State may acquire all or substantially all the assets of, or assume the liabilities of, any other credit union organized under provisions of the laws of this State, another state or federal laws or any financial institution authorized to do business in this State; provided that such purchase or sale pursuant to this section be executed in accordance with the requirements of section 355 and be subject to the provisions of sections 357 and 358.   [PL 2001, c. 211, §22 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §30 (RPR). PL 2001, c. 211, §22 (AMD).
9-B ME Rev Stat § 877 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS|9-B §877. Fees for mergers, conversions and acquisitions

 §877. Fees for mergers, conversions and acquisitions An application made pursuant to sections 872, 872-A, 873, 875 or 876 may not be considered complete unless accompanied by an application fee payable to the Treasurer of State to be credited and used as provided in section 214. The superintendent shall establish the amount of the application fee, which may not exceed $2,000.   [PL 1999, c. 218, §26 (AMD).]SECTION HISTORY PL 1975, c. 666, §31 (NEW). PL 1999, c. 218, §26 (AMD).
9-B ME Rev Stat § 881 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 88: PROHIBITIONS|9-B §881. Prohibited practices

 §881. Prohibited practices All credit unions organized pursuant to or subject to the laws of this State, and the directors and officers of such credit unions, shall be subject to the prohibitions and restrictions provided for in chapter 46, except that the superintendent may, upon application and for good cause shown, permit an officer or director of one credit union to hold office in another credit union.   [PL 1975, c. 500, §1 (NEW).]SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 882 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 88: PROHIBITIONS|9-B §882. Use of term "credit union"

 §882. Use of term "credit union" 1.  Use of term authorized.  A person, if duly authorized under the laws of this State, another state or the United States to conduct the business of banking as a credit union, may use as a part of the name or title under which it conducts business in this State the term "credit union." The superintendent may require the filing of supporting documentation relating to this paragraph in the form and manner and containing any information the superintendent may prescribe.   [PL 2005, c. 82, §12 (NEW).] 2.  Use of term prohibited.  Except as provided in subsection 1, a person may not use the term "credit union" as part of the name or title under which business is conducted or as a designation of such a business without prior written approval of the superintendent. In determining whether to grant written permission, the superintendent shall consider whether the business to be conducted is similar to the business of banking and whether using those terms or any derivatives of those terms could be deceptive or otherwise injurious to public interest.   [PL 2005, c. 82, §12 (NEW).] 3.  Violation; penalty.  A person who violates any provision of this section is subject to a civil penalty of not more than $10,000 for each violation.   [PL 2005, c. 82, §12 (NEW).] 4.  Exception.  This section does not prohibit the use of any name by a person who received written permission from the superintendent to use the name prior to the effective date of this section.   [PL 2005, c. 82, §12 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1985, c. 647, §11 (AMD). PL 1997, c. 108, §14 (AMD). PL 2005, c. 82, §12 (RPR).
9-B ME Rev Stat § 911 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 9: INDUSTRIAL BANKS|Chapter 91: INDUSTRIAL BANKS|9-B §911. Definition

 §911. Definition "Industrial bank" means a corporation organized under Title 9, Part 5 as repealed on October 1, 1975 and which was, on or before June 1, 1967, making loans and selling certificates of investment, either of fixed or uncertain term, and receiving payments in installments or otherwise, with or without an allowance of interest upon these installments.   [RR 1997, c. 2, §38 (COR).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). RR 1997, c. 2, §38 (COR).
9-B ME Rev Stat § 912 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 9: INDUSTRIAL BANKS|Chapter 91: INDUSTRIAL BANKS|9-B §912. Capital and management

 §912. Capital and management 1.  Stock: classes; par value.  The capital stock of an industrial bank shall have a par value $100 for each share, and only one class of such stock shall be created.   [PL 1975, c. 500, §1 (NEW).] 2.  Management.  Except as otherwise provided in this chapter, the management and operations of an industrial bank must be conducted in accordance with the provisions of Title 13-C.   [RR 2001, c. 2, Pt. B, §17 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). RR 2001, c. 2, §B17 (COR). RR 2001, c. 2, §B58 (AFF).
9-B ME Rev Stat § 913 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 9: INDUSTRIAL BANKS|Chapter 91: INDUSTRIAL BANKS|9-B §913. Powers

 §913. Powers In addition to the powers conferred upon corporations by the general corporations law of this State, an industrial bank shall have the power to:   [PL 1975, c. 500, §1 (NEW).]1.  Borrow and lend.  Borrow and to lend money, and discount notes and bills of exchange including trade acceptances;   [PL 1975, c. 500, §1 (NEW).] 2.  Investments.  Purchase, invest in, hold and sell such notes, bonds and securities as are legal for investments in accordance with the provisions of chapter 55.   [PL 1975, c. 500, §1 (NEW).] 3.  FHA insured loans.  Make such loans as are eligible for insurance pursuant to Title I of the National Housing Act, as amended, and to apply for and obtain insurance on said loans pursuant to said Act.   [PL 1979, c. 663, §55 (AMD).] 4.  Certificates of investment.  Sell certificates of investment, either of fixed or of uncertain term; and   [PL 1979, c. 663, §55 (AMD).] 5.  Branches.  Establish branch or agency offices in accordance with chapter 33; provided that the powers set forth in subsection 4 may only be exercised at branch or agency offices authorized and doing business on or before June 1, 1967.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1979, c. 663, §55 (AMD).
9-B ME Rev Stat § 914 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 9: INDUSTRIAL BANKS|Chapter 91: INDUSTRIAL BANKS|9-B §914. Insurance of certificates of investment

 §914. Insurance of certificates of investment Every industrial bank shall comply with the requirements of section 422, relating to insurance of deposits, and shall be deemed a "financial institution" for purposes of that section.   [PL 1975, c. 500, §1 (NEW).]SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 915 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 9: INDUSTRIAL BANKS|Chapter 91: INDUSTRIAL BANKS|9-B §915. Mergers, consolidations and acquisitions

 §915. Mergers, consolidations and acquisitions 1.  Mergers and consolidations.  An industrial bank may merge or consolidate with another industrial bank or a financial institution organized under the laws of this State except that any such merger or consolidation must be executed pursuant to the provisions of section 352 or 354 and is subject to the provisions of sections 357 and 358.   [PL 1997, c. 398, Pt. L, §14 (AMD).] 2.  Acquisitions.  An industrial bank may sell all or substantially all of its assets and liabilities to a financial institution organized under the laws of this State, or purchase all or substantially all of the assets and assume the liabilities of, another industrial bank; provided that such purchase or sale shall be executed pursuant to the provisions of section 355 and shall be subject to the provisions of sections 357 and 358.   [PL 1975, c. 500, §1 (NEW).] 3.  Mergers into other corporations.  Nothing contained in subsection 1 or 2 may be construed as prohibiting an industrial bank from merging or consolidating with, being acquired by, or selling its assets to a corporation or entity that is not enumerated in subsection 1 or 2; as long as the merger, consolidation, acquisition or sale is executed in accordance with the provisions of Title 13-C, and timely notice of that action is given to the superintendent; and as long as upon the effective date of the action, the industrial bank forfeits its charter as an industrial bank and ceases all activities as an industrial bank, which fact must be certified by the superintendent to the Secretary of State.   [RR 2001, c. 2, Pt. B, §18 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §L14 (AMD). RR 2001, c. 2, §B18 (COR). RR 2001, c. 2, §B58 (AFF).
9-B ME Rev Stat § 916 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 9: INDUSTRIAL BANKS|Chapter 91: INDUSTRIAL BANKS|9-B §916. Liquidations and conservation of assets

 §916. Liquidations and conservation of assets Industrial banks shall be subject to the provisions of chapter 36 relating to voluntary and involuntary liquidations, and the provisions of said chapter relating to conservation and segregation of assets.   [PL 1975, c. 500, §1 (NEW).]SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 917 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 9: INDUSTRIAL BANKS|Chapter 91: INDUSTRIAL BANKS|9-B §917. Superintendent's authority

 §917. Superintendent's authority 1.  Supervision and examination.  An industrial bank authorized to conduct business in this State shall be subject to the provisions of Part 2.   [PL 1975, c. 500, §1 (NEW).] 2.  Interest rate ceilings.  The superintendent shall have the power and authority to establish rate ceilings which shall govern the interest paid by an industrial bank on certificates of investment and other deposit accounts offered by such company. Regulations promulgated by the superintendent establishing such ceilings shall seek to maintain competitive equality among all financial institutions in this State.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 918 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 9: INDUSTRIAL BANKS|Chapter 91: INDUSTRIAL BANKS|9-B §918. Unlawful acts

 §918. Unlawful acts No industrial bank authorized to do business in this State shall:   [PL 1975, c. 500, §1 (NEW).]1.  Loan limitations; rates of loan to capital and surplus.  Hold at any one time the direct obligation or obligations of any one person, firm or corporation for more than 4% of the amount of total capital and reserves of such industrial bank or the indirect obligation or obligations of any one person, firm or corporation for more than 15% of the amount of total capital and reserves of such industrial bank. Nothing in this section shall be construed to limit the holdings of an industrial bank in the obligations of the United States or the State of Maine, and in amounts authorized by a vote of a majority of the directors or the executive committee. For the purpose of this section, bills of exchange, including trade acceptances, shall be deemed to be the direct obligations of the acceptors thereof and the indirect obligations of the drawers thereof.   [PL 1975, c. 500, §1 (NEW).] 2.  Deposit of funds in other financial institutions.  Deposit any of its funds with any other financial institution, unless such institution has been designated as such depository by a vote of a majority of the directors or of the executive committee, exclusive of any director who is an officer, director or trustee of the depository so designated; or   [PL 1979, c. 663, §56 (AMD).] 3.  Borrowing limitations.  Be at any time indebted for borrowed money to an amount in excess of 100% of its total capital and reserves, except that by vote of a majority of its entire board of directors or executive committee setting forth the reasons therefor, and upon receiving the written consent of the superintendent thereto, it may borrow money to redeem its certificates of investment or prevent loss by sale of assets, and may redeem rediscount notes, or pledge bonds, notes or other securities as collateral therefor. Copies of all votes authorizing such excess borrowing shall be promptly forwarded by the secretary to the superintendent. Rediscount shall be considered as borrowed money for the purpose of this section.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1979, c. 663, §56 (AMD).
9-B ME Rev Stat § 919 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 9: INDUSTRIAL BANKS|Chapter 91: INDUSTRIAL BANKS|9-B §919. Use of name "industrial bank"

 §919. Use of name "industrial bank" No person, firm or corporation shall use, hold itself out as being, or advertise with the name "industrial bank", except that industrial banks which were properly authorized and doing business on or before June 1, 1967, may use such name at and in connection with their principal office and any branches which were so authorized and doing business on or before said date, and may continue to sell certificates of investment, either fixed or uncertain, and to receive payments in installments or otherwise, with or without an allowance of interest upon such installments, if doing business in such certificates on or before said date.   [PL 1975, c. 500, §1 (NEW).]SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 1012 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES|9-B §1012. Registration

 §1012. Registration 1.  Requirements.  Any company that controls one or more Maine financial institutions shall register with the superintendent in accordance with procedures established by him.   [PL 1975, c. 500, §1 (NEW).] 2.  Time limitation.  Unless the superintendent allows an additional time, registration must be completed within 180 days after October 1, 1975, or after the company acquires control of a Maine financial institution, whichever is later.   [RR 1997, c. 2, §39 (COR).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). RR 1997, c. 2, §39 (COR).
9-B ME Rev Stat § 1014 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES|9-B §1014. Closely-related activities

 §1014. Closely-related activities 1.  Permissible activities.  A Maine financial institution holding company may engage in any closely related activity or any other activity with the prior permission of the superintendent.   [PL 1997, c. 398, Pt. K, §9 (AMD).] 2.  Termination of nonpermissible activities.  A financial institution holding company that is engaged in an activity that is not permissible for Maine financial institution holding companies to engage in may nevertheless acquire control of a Maine financial institution with the approval of the superintendent as provided in section 1013; provided that before the acquisition is consummated such financial institution holding company shall cease to engage in that activity in Maine, unless it is exempted from the prohibitions of subsection 1 by reason of subsection 3.   [PL 1975, c. 500, §1 (NEW).] 3.  Exemptions.  The prohibitions of subsection 1 do not apply with respect to any activity in which a Maine financial institution holding company was lawfully engaged in on October 1, 1975, unless the superintendent, after notice and opportunity for a hearing, determines that termination of the activity is necessary to assure the safety and soundness of a subsidiary financial institution. Any expansion of such activity in this State would be subject to such conditions as the superintendent may require.   [RR 1997, c. 2, §40 (COR).] 4.  Impermissible activity.  The establishment or acquisition of control of a Maine financial institution does not constitute an activity permitted by this section. A financial institution holding company which seeks to establish or acquire control of a Maine financial institution is subject to the provisions of sections 1013 and 1015.   [PL 1983, c. 252 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1983, c. 252 (AMD). PL 1987, c. 90, §2 (AMD). RR 1997, c. 2, §40 (COR). PL 1997, c. 398, §K9 (AMD).
9-B ME Rev Stat § 1016 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES|9-B §1016. Reports and examinations

 §1016. Reports and examinations The superintendent may require any financial institution holding company that controls a Maine financial institution to furnish such reports as the superintendent considers appropriate to the proper supervision of such companies. Unless the superintendent determines otherwise, reports prepared for Federal authorities or, in the case of a foreign bank or foreign bank holding company, reports prepared for the home country regulatory authorities and translated to English may be submitted by such holding company in satisfaction of the requirements of this section. If such information and reports are inadequate in the superintendent's judgment for that purpose, the superintendent may examine such financial institution holding company and any subsidiary doing business in Maine. Section 214 applies with respect to any such examination.   [PL 1997, c. 182, Pt. A, §13 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 182, §A13 (AMD).
9-B ME Rev Stat § 1017 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES|9-B §1017. Conformity with Federal procedures

 §1017. Conformity with Federal procedures To the maximum extent consistent with the effective discharge of the superintendent's responsibilities, the forms established under this chapter for registration, applications and reports must conform with those established under either the Bank Holding Company Act of 1956 or section 408 of the National Housing Act, or the federal International Banking Act of 1978 and regulations promulgated under the federal International Banking Act of 1978.   [PL 1997, c. 182, Pt. A, §13 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 182, §A13 (AMD).
9-B ME Rev Stat § 1018 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES|9-B §1018. Exclusion

 §1018. Exclusion The superintendent may exclude financial institution holding companies or other companies from the provisions of this chapter when control of a Maine financial institution arises out of the acquisition of shares in a fiduciary capacity, or in connection with an underwriting of securities or proxy solicitation, or in securing or collecting a debt. When control of a Maine financial institution arises in connection with securing or collecting a debt, the acquiring institution or company may be excluded from the provisions of this chapter if the acquiring institution or company divests the securities within 2 years of acquisition. The superintendent may grant requests for up to 3 one-year extensions.   [PL 1993, c. 538, §4 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1993, c. 538, §4 (AMD).