reglab/housing_qa huggingface dataset:
9-B ME Rev Stat § 411 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 41: GENERAL POWERS|9-B §411. Applicability of chapter

 §411. Applicability of chapter The provisions of this chapter set forth the powers granted to all financial institutions organized pursuant to chapters 31 and 32. The powers, privileges, duties and restrictions conferred and imposed in the charter or act of incorporation of any trust company, savings bank or savings and loan association organized under the prior laws of this State are abridged, enlarged or modified so that every such charter or act of incorporation conforms to this Title. Notwithstanding anything in a charter or act of incorporation of such an institution, every such institution possesses the powers, rights and privileges and is subject to the duties, restrictions and liabilities conferred and imposed by this Title.   [PL 1997, c. 398, Pt. I, §1 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I1 (AMD).
9-B ME Rev Stat § 412 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 41: GENERAL POWERS|9-B §412. General corporate powers

 §412. General corporate powers A financial institution organized under chapter 31 or 32 shall have the power:   [PL 1975, c. 500, §1 (NEW).]1.  To exist perpetually or as provided for in its organizational documents;   [PL 1997, c. 398, Pt. I, §2 (AMD).] 2.  To sue and be sued in its corporate name, and to participate in any judicial, administrative, arbitrative or other proceeding;   [PL 1975, c. 500, §1 (NEW).] 3.  To adopt and alter a corporate seal, and to use the same or a facsimile thereof;   [PL 1975, c. 500, §1 (NEW).] 4.  To elect, appoint or hire officers, agents and employees of the institution, and to define their duties and fix their compensation;   [PL 1975, c. 500, §1 (NEW).] 5.  To make and alter bylaws not inconsistent with its articles of incorporation or with the laws of this State for the administration and regulation of the affairs of the institution;   [PL 1975, c. 500, §1 (NEW).] 6.  To cease its corporate activities and surrender its corporate franchise;   [PL 1975, c. 500, §1 (NEW).] 7.  To make donations irrespective of corporate benefit for any charitable, philanthropic, scientific, educational, civic betterment or public welfare purpose, as a majority of the directors shall deem appropriate;   [PL 1975, c. 500, §1 (NEW).] 8.  To establish and carry out pension plans, pension trusts, profit sharing plans, stock option plans, stock bonus plans and other incentive plans for any or all of its directors, officers, and employees; and to pay pensions and similar payments to its directors, officers or employees, and their families;   [PL 1975, c. 500, §1 (NEW).] 9.  To reimburse, indemnify and purchase liability insurance for directors, officers, and employees as provided in Title 13-C, chapter 8, subchapter 5; and   [RR 2001, c. 2, Pt. B, §14 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).] 10.  To join the Federal Reserve System or the Federal Home Loan Bank or any cooperative league or other entity organized for the purpose of protecting and promoting the welfare of financial institutions and their depositors; and to comply with all conditions of membership therein.   [PL 1997, c. 398, Pt. I, §2 (AMD).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I2 (AMD). RR 2001, c. 2, §B14 (COR). RR 2001, c. 2, §B58 (AFF).
9-B ME Rev Stat § 412-A (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 41: GENERAL POWERS|9-B §412-A. Capital

 §412-A. Capital 1.  Requirement.  Every financial institution shall establish and maintain adequate levels of capital as set forth in rules adopted by the superintendent. These rules must address, at a minimum, composition of capital, capital levels that must be maintained and procedures that must be followed to restore capital if it becomes impaired or falls below the minimum standards. Minimum capital levels established by the superintendent may be no less stringent than those applicable to federally chartered institutions with similar charters.   [PL 1991, c. 34, §8 (NEW).] 2.  Exception.  The superintendent may approve, in writing, capital levels below the required minimum as considered necessary or appropriate under the particular circumstances of a financial institution.   [PL 1991, c. 34, §8 (NEW).] 3.  Notification.   [PL 2005, c. 82, §8 (RP).] 3-A.  Approval.  Any issuance considered as capital under subsection 1 or under rules adopted under subsection 1 must be submitted to the superintendent for the superintendent's approval at least 10 days prior to issuance and include any documentation the superintendent considers necessary.   [PL 2005, c. 82, §9 (NEW).] SECTION HISTORY PL 1991, c. 34, §8 (NEW). PL 1997, c. 398, §I3 (AMD). PL 2005, c. 82, §§8,9 (AMD).
9-B ME Rev Stat § 413 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 41: GENERAL POWERS|9-B §413. Borrowing

 §413. Borrowing A financial institution may borrow money on such terms and conditions as it may determine, issue its notes, bonds and other obligations and secure any of its obligations by mortgage, pledge or other encumbrance of all or any part of its property.   [PL 1997, c. 398, Pt. I, §4 (AMD).]1.  Capital notes or debentures.   [PL 1997, c. 398, Pt. I, §5 (RP).] 2.  Mortgage-backed securities.   [PL 1997, c. 398, Pt. I, §6 (RP).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §19 (AMD). PL 1997, c. 22, §11 (AMD). PL 1997, c. 398, §§I4-6 (AMD).
9-B ME Rev Stat § 414 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 41: GENERAL POWERS|9-B §414. Deposits in financial institutions (REPEALED)

 §414. Deposits in financial institutions (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I7 (RP).
9-B ME Rev Stat § 415 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 41: GENERAL POWERS|9-B §415. Participation in public agencies

 §415. Participation in public agencies To the extent authorized by the superintendent pursuant to regulations, a financial institution has the power to participate in a public agency created under the laws of this State or of the United States, the purpose of which is to afford advantages or safeguards to financial institutions, depositors or investors and to comply with all requirements and conditions imposed upon such participants.   [PL 1997, c. 398, Pt. I, §8 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I8 (AMD).
9-B ME Rev Stat § 416 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 41: GENERAL POWERS|9-B §416. Powers of federally chartered institutions

 §416. Powers of federally chartered institutions Notwithstanding any other provisions of law, a financial institution has the power to engage in any activity that financial institutions chartered by or otherwise subject to the jurisdiction of the Federal Government may be authorized to engage in by federal legislation or regulations issued pursuant to such legislation. In the event any law of this State is preempted or declared invalid pursuant to applicable federal law, by a court of competent jurisdiction or by the responsible federal chartering authority with respect to any power that may be exercised by a financial institution chartered by or otherwise subject to the jurisdiction of the Federal Government, that law is invalid with respect to financial institutions authorized to do business in this State. The superintendent may adopt rules to ensure that such powers are exercised in a safe and sound manner with adequate consumer protections. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II-A.   [PL 1997, c. 207, §1 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 207, §1 (AMD).
9-B ME Rev Stat § 417 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 41: GENERAL POWERS|9-B §417. Equity interest in Maine financial institutions

 §417. Equity interest in Maine financial institutions A financial institution authorized to do business in this State may acquire more than 5% of the equity interest of any other financial institution authorized to do business in this State or of a Maine financial institution holding company with the prior approval of the superintendent.   [PL 1997, c. 398, Pt. I, §9 (AMD).]SECTION HISTORY PL 1983, c. 55, §1 (NEW). PL 1983, c. 597, §1 (AMD). PL 1997, c. 398, §I9 (AMD).
9-B ME Rev Stat § 418 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 41: GENERAL POWERS|9-B §418. Acting as agent

 §418. Acting as agent A financial institution or a financial institution not authorized to do business in this State may act as agent for a financial institution, out-of-state financial institution, a financial institution organized under provisions of law of another state, federal association or national bank in accordance with this section.   [PL 1995, c. 628, §21 (NEW).]1.  Activities.  A financial institution acting as agent may receive deposits, renew time deposits, close loans, service loans and receive payments on loans and other obligations. The list of permitted agency activities may be expanded through rulemaking. Rules adopted pursuant to this section are major substantive rules as defined in Title 5, chapter 375, subchapter II-A.   [PL 1995, c. 628, §21 (NEW).] 2.  Limitations on activities.  The agreement to act as agent must limit the activities to those specifically permitted under this section or as expanded through rulemaking. The institution acting as agent pursuant to an agency agreement may not be considered a branch of the contracting institution, nor is the contracting institution considered a branch of the institution acting as agent.   [PL 1995, c. 628, §21 (NEW).] 3.  Notice required.  A financial institution entering into an agency agreement shall file notice with the superintendent, in the form and manner prescribed by the superintendent, prior to engaging in the activities permitted under this section.   [PL 1995, c. 628, §21 (NEW).] 4.  Relationship terms.  An agency relationship between institutions must be on terms that are consistent with safe and sound banking practices and the superintendent may adopt rules to supplement the requirements of this section.   [PL 1995, c. 628, §21 (NEW).] SECTION HISTORY PL 1995, c. 628, §21 (NEW).
9-B ME Rev Stat § 419 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 41: GENERAL POWERS|9-B §419. Investment powers

 §419. Investment powers 1.  Investment and equity securities.  A financial institution is authorized to purchase, sell, underwrite and hold investment securities and equity securities, consistent with safe and sound banking practices. For purposes of this section, the term "investment securities" includes credit instruments such as commercial paper, banker's acceptances, certificates of deposit, repurchase agreements and overnight federal funds, in addition to marketable obligations in the form of bonds, notes, debentures or other similar instruments that are commonly regarded as investment securities. A financial institution's holding of equity securities is limited to 100% of its total capital unless a higher limit is authorized by the superintendent. The purchase of speculative securities or equities is prohibited, except that a financial institution may make venture capital investments up to 20% of the institution's total capital unless a higher limit is authorized by the superintendent.   [PL 1997, c. 398, Pt. I, §10 (NEW).] 2.  Written investment policy.  A financial institution's governing body shall establish a written investment policy, which it shall review and ratify at least annually, that addresses, at a minimum, the following:   A. Investment quality parameters;   [PL 1997, c. 398, Pt. I, §10 (NEW).]B. Investment mix and diversification;   [PL 1997, c. 398, Pt. I, §10 (NEW).]C. Investment maturities; and   [PL 1997, c. 398, Pt. I, §10 (NEW).]D. Delegation of authority to officers and committees responsible for administering the portfolio.   [PL 1997, c. 398, Pt. I, §10 (NEW).][PL 1997, c. 398, Pt. I, §10 (NEW).] SECTION HISTORY PL 1997, c. 398, §I10 (NEW).
9-B ME Rev Stat § 419-A (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 41: GENERAL POWERS|9-B §419-A. Property ownership

 §419-A. Property ownership In addition to real estate owned for offices and facilities pursuant to chapter 33, a financial institution may acquire all property, real, personal and mixed, by mortgage foreclosure, purchase or by any other means and may hold the property for investment purposes and may improve, develop, lease, contract, convey and otherwise exercise control over the property.   [PL 1997, c. 398, Pt. I, §10 (NEW).]SECTION HISTORY PL 1997, c. 398, §I10 (NEW).
9-B ME Rev Stat § 421 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 42: DEPOSITS IN GENERAL|9-B §421. Applicability of chapter; tax exemption

 §421. Applicability of chapter; tax exemption 1.  Applicability.  The sections of this chapter govern deposits or accounts in financial institutions subject to the provisions of this Title.   [PL 1997, c. 398, Pt. I, §11 (AMD).] 2.  Tax exemption.  All interest-bearing deposits or accounts of whatever type in financial institutions subject to the provisions of this Title are exempt from municipal taxation to said institution, and to the depositors or members of such institution.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I11 (AMD).
9-B ME Rev Stat § 421-A (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 42: DEPOSITS IN GENERAL|9-B §421-A. General deposit powers

 §421-A. General deposit powers Unless otherwise prohibited by state law, a financial institution may establish the types and terms, including the minimum and maximum amounts that it may accept and the frequency and computation method of paying interest, of deposits that it solicits and accepts. A financial institution may refuse deposits at its pleasure and a financial institution may pledge or hypothecate any of its assets as security for deposits.   [PL 1997, c. 398, Pt. I, §12 (NEW).]SECTION HISTORY PL 1997, c. 398, §I12 (NEW).
9-B ME Rev Stat § 422 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 42: DEPOSITS IN GENERAL|9-B §422. Insurance of deposits or accounts

 §422. Insurance of deposits or accounts 1.  Requirement.  A financial institution organized under the laws of this State or a branch of an out-of-state financial institution authorized to do business in this State shall take any action necessary to have its deposits or accounts insured by the FDIC. For purposes of this section, a branch of an out-of-state financial institution does not include a branch of a foreign bank that is not eligible for insurance of accounts by the FDIC.   [PL 1997, c. 398, Pt. I, §13 (AMD).] 2.  Transition period.   [PL 1981, c. 155, §1 (RP).] 3.  Failure to obtain insurance.   [PL 1981, c. 155, §1 (RP).] 4.  Applicable law.  A financial institution that has its deposits or accounts insured pursuant to this section shall comply with all statutes and regulations governing the insurance of deposits or accounts by the FDIC. This section may not be construed as repealing, modifying or impairing any powers, duties, rights or responsibilities under the provisions of this Title of the superintendent or of the financial institution so insured.   [PL 1997, c. 398, Pt. I, §13 (AMD).] 5.  Exception.  A financial institution organized pursuant to Part 12 is not required to have its deposits or accounts insured by the FDIC.   [PL 1997, c. 398, Pt. I, §13 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1975, c. 670 (AMD). PL 1977, c. 621 (AMD). PL 1981, c. 155, §1 (AMD). PL 1995, c. 628, §22 (AMD). PL 1997, c. 398, §I13 (AMD).
9-B ME Rev Stat § 422-A (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 42: DEPOSITS IN GENERAL|9-B §422-A. Cash reserves on deposits and accounts

 §422-A. Cash reserves on deposits and accounts 1.  Requirement.  A financial institution organized under the laws of this State and a credit union organized under the laws of this State shall maintain reserves on deposits or accounts as required from time to time by the Federal Reserve Act, Section 19(b), as amended, and any regulations promulgated under it; except that the amount of reserves shall be 100% of the requirements, notwithstanding the Federal Reserve Act, Section 19(b)(8) of that Act.   [PL 1981, c. 155, §2 (NEW).] 2.  Transition period.  Reserves held by a financial institution or credit union to meet the requirements of this section must be in the form prescribed by the Federal Reserve Act, Section 19(c), as amended, and any regulations promulgated under it.   A.   [PL 1997, c. 398, Pt. I, §14 (RP).]B.   [PL 1997, c. 398, Pt. I, §14 (RP).]C.   [PL 1997, c. 398, Pt. I, §14 (RP).]D.   [PL 1997, c. 398, Pt. I, §14 (RP).][PL 1997, c. 398, Pt. I, §14 (AMD).] 3.  Assessment for deficiency.  Any deficiency in the cash reserve established pursuant to this section may be subject to an assessment for such period of time as the deficiency may exceed 2% of the required reserves. Any such penalty may be assessed at a rate not to exceed 10% per year.   [PL 1981, c. 155, §2 (NEW).] 4.  Failure to make up deficiency.  If any financial institution or credit union fails to make up a reserve deficiency with a corresponding excess reserve in the reserve computation period immediately following the period in which the deficiency occurred, the superintendent may declare that no loans or investments be made except those loans secured by deposit accounts or investments made in bonds or other obligations issued by the United States or any of its instrumentalities, or issued or guaranteed by this State or issued by any of its instrumentalities, agencies or political subdivisions which is not in default on any of its outstanding funded obligations.   [PL 1981, c. 155, §2 (NEW).] 5.  Reports.  The superintendent may require any financial institution or credit union to furnish such reports as he deems appropriate to properly supervise compliance with the requirements of this section.   [PL 1981, c. 155, §2 (NEW).] SECTION HISTORY PL 1981, c. 155, §2 (NEW). PL 1997, c. 398, §I14 (AMD).
9-B ME Rev Stat § 423 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 42: DEPOSITS IN GENERAL|9-B §423. Demand deposits (REPEALED)

 §423. Demand deposits (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1981, c. 155, §3 (AMD). PL 1981, c. 198 (AMD). PL 1981, c. 553, §2 (AMD). PL 1981, c. 709 (AMD). PL 1983, c. 34 (AMD). PL 1997, c. 398, §I15 (RP).
9-B ME Rev Stat § 424 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 42: DEPOSITS IN GENERAL|9-B §424. NOW accounts (REPEALED)

 §424. NOW accounts (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §§19-A (AMD). PL 1981, c. 155, §4 (AMD). PL 1997, c. 398, §I16 (RP).
9-B ME Rev Stat § 425 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 42: DEPOSITS IN GENERAL|9-B §425. Computation of dividends and interest on deposits and accounts (REPEALED)

 §425. Computation of dividends and interest on deposits and accounts (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I17 (RP).
9-B ME Rev Stat § 426 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 42: DEPOSITS IN GENERAL|9-B §426. Savings deposits or accounts: written notice of withdrawal

 §426. Savings deposits or accounts: written notice of withdrawal 1.  Withdrawal notice may be required.  A financial institution may at any time, by resolution of its governing body, require written notice by a savings depositor not to exceed 90 days prior to the repayment of deposits or accounts, or may require similar notice before repaying deposits in excess of $50, or certain classes of savings deposits or accounts.   [PL 1997, c. 398, Pt. I, §18 (AMD).] 2.  Deposit not payable during waiting period.  In the event such notice is required, no such deposit or account shall be due or payable during the required period after the notice shall have been given. If not withdrawn within 15 days after the expiration of the required period following notice, such deposit or account shall not be due and payable under that notice.   [PL 1975, c. 500, §1 (NEW).] 3.  Deposits prior to expiration of waiting period.  The institution may receive any deposit or deposits before expiration of the required period, subject to such regulations as may be imposed by the superintendent.   [PL 1975, c. 500, §1 (NEW).] 4.  Interest earned until actual withdrawal.  The written notice of withdrawal required pursuant to this section does not constitute a withdrawal from the deposit or account until the amounts noticed have been actually withdrawn by the depositor giving such written notice, and interest is earned on these amounts for the period prior to actual withdrawal.   [PL 1997, c. 398, Pt. I, §18 (AMD).] 5.  Exception.   [PL 1997, c. 398, Pt. I, §19 (RP).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §§I18,19 (AMD).
9-B ME Rev Stat § 428 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 42: DEPOSITS IN GENERAL|9-B §428. Inactive deposits or accounts

 §428. Inactive deposits or accounts All moneys in unclaimed accounts in each financial institution authorized to do business in this State must be disposed of according to Title 33, chapter 45.   [PL 2019, c. 498, §4 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1975, c. 771, §112 (AMD). PL 1977, c. 707, §2 (RPR). PL 2001, c. 211, §13 (AMD). PL 2019, c. 498, §4 (AMD).
9-B ME Rev Stat § 431 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 43: LOANS IN GENERAL|9-B §431. Applicability of chapter

 §431. Applicability of chapter The sections of this chapter govern loans made by financial institutions subject to the provisions of this Title.   [PL 1997, c. 398, Pt. I, §20 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I20 (AMD).