reglab/housing_qa huggingface dataset:
9-B ME Rev Stat § 431-A (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-A. Loan powers

 §431-A. Loan powers 1.  General loan authority.  Unless otherwise prohibited by state law, a financial institution may make, sell, purchase, arrange, participate in, invest in or otherwise deal in loans or extensions of credit, as defined in section 439-A, for any purpose.   [PL 1997, c. 398, Pt. I, §21 (NEW).] 2.  Written loan policy.  A financial institution's governing body shall establish a written loan policy, which must be reviewed and ratified at least annually, that addresses at a minimum, the following:   A. Individual lending officer authority;   [PL 1997, c. 398, Pt. I, §21 (NEW).]B. Loan mix and diversification;   [PL 1997, c. 398, Pt. I, §21 (NEW).]C. Loan quality parameters; and   [PL 1997, c. 398, Pt. I, §21 (NEW).]D. Delegation of authority to officers and committees responsible for administering the portfolio.   [PL 1997, c. 398, Pt. I, §21 (NEW).][PL 1997, c. 398, Pt. I, §21 (NEW).] SECTION HISTORY PL 1997, c. 398, §I21 (NEW).
9-B ME Rev Stat § 432 (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 §432. Interest on loans

 §432. Interest on loans 1.  Interest absent in writing.  The maximum legal rate of interest on a loan made by a financial institution, in the absence of an agreement in writing establishing a different rate, shall be 6 percent per year.   [PL 1975, c. 500, §1 (NEW).] 2.  Interest: noncommercial or consumer loans.     A. The legal rate of interest, whether set forth in writing or not, on a noncommercial or consumer loan, shall be established in accordance with and subject to the limitations set forth in Title 9-A.   A loan made by a financial institution which is secured by a first mortgage on real estate shall not be within the interest limitations set forth in Title 9-A; provided that the security interest in real estate is not given for purpose of evading said Title 9-A.   [PL 1975, c. 500, §1 (NEW).][PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 433 (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 §433. Fair credit extension

 §433. Fair credit extension Every financial institution authorized to do business in this State shall be subject to and shall comply with the provisions of Title 5, sections 4595 to 4598 providing for the fair extension of credit by lenders in this State.   [PL 1975, c. 500, §1 (NEW).]SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 434 (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 §434. Loan participations and purchases (REPEALED)

 §434. Loan participations and purchases (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1987, c. 785, §1 (AMD). PL 1997, c. 398, §I22 (RP).
9-B ME Rev Stat § 435 (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 §435. Minority of borrower

 §435. Minority of borrower 1.  Limitation on disability.  The disability of minority of any person otherwise eligible for a loan, or guaranty or insurance of a loan, pursuant to the Act of Congress entitled the "Servicemen's Readjustment Act", 38 U.S.C. § 1801 et seq., as amended, and of the minor spouse of any eligible veteran, in connection with any transaction entered into pursuant to said Act of Congress, shall not affect the binding effect of any obligation incurred by such eligible person or spouse as an incident to any such transaction, including incurring of indebtedness and acquiring, encumbering, selling, releasing or conveying property, or any interest therein, if all or part of any such obligation be guaranteed or insured by the Government or the Administrator of Veterans' Affairs pursuant to said Act and amendments thereto; or if the Administrator be the creditor, by reason of a loan or a sale pursuant to said Act and amendments.   [PL 1975, c. 500, §1 (NEW).] 2.  No additional rights.  This section shall not create, or render enforceable any other or greater rights or liabilities than would exist if neither such person nor such spouse was a minor.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 437 (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 §437. Repayment of noncommercial and consumer loans (REPEALED)

 §437. Repayment of noncommercial and consumer loans (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I23 (RP).
9-B ME Rev Stat § 438 (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 §438. Federal funds loans or sales (REPEALED)

 §438. Federal funds loans or sales (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1979, c. 429, §9 (AMD). PL 1997, c. 398, §I24 (RP).
9-B ME Rev Stat § 439 (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 §439. Attorneys (REPEALED)

 §439. Attorneys (REPEALED)SECTION HISTORY PL 1979, c. 531 (NEW). PL 1983, c. 150, §2 (AMD). PL 1985, c. 311, §6 (RP).
9-B ME Rev Stat § 441 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 44: SERVICES AND INCIDENTAL ACTIVITIES|9-B §441. Applicability of chapter

 §441. Applicability of chapter The provisions of this chapter govern the services and incidental activities offered by financial institutions.   [PL 1997, c. 398, Pt. I, §27 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I27 (AMD).
9-B ME Rev Stat § 441-A (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 44: SERVICES AND INCIDENTAL ACTIVITIES|9-B §441-A. General powers

 §441-A. General powers Unless otherwise prohibited or limited by this Title or rules adopted by the superintendent, a financial institution has and may exercise all powers necessary or convenient to effect the purposes for which the financial institution is organized or to further the businesses in which the financial institution is lawfully engaged.   [PL 1997, c. 398, Pt. I, §28 (NEW).]SECTION HISTORY PL 1997, c. 398, §I28 (NEW).
9-B ME Rev Stat § 442 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 44: SERVICES AND INCIDENTAL ACTIVITIES|9-B §442. Trustee, self-employment retirement plans

 §442. Trustee, self-employment retirement plans 1.  Authorization; limitation.  Financial institutions may act as trustee under a retirement plan established pursuant to the Act of Congress entitled "Self-employed Individuals Retirement Act of 1962," as amended; an individual retirement arrangement pursuant to the "Employee Retirement Income Security Act of 1974," as amended; a simplified employee pension plan pursuant to the "Revenue Act of 1978," as amended; or any similar qualified retirement plan pursuant to federal law. This section in no way limits the authority granted to trust departments of financial institutions.   [PL 1997, c. 398, Pt. I, §29 (AMD).] 2.  Loss of status as qualified plan.  In the event that any such retirement plan, which in the judgment of the institution constitutes a qualified plan under either said Self-employed Individuals Retirement Act of 1962; the Employee Retirement Income Security Act of 1974; a simplified employee pension plan pursuant to the "Revenue Act of 1978," as amended; or any similar qualified retirement plan pursuant to federal law, and the regulations promulgated thereunder at the time the trust or account was established and accepted by the institution, is determined subsequently not to be such a qualified plan or ceases subsequently to be such a qualified plan, in whole or in part, the institution may nevertheless continue to act as trustee of any deposit theretofore made under such plan and to dispose of the same in accordance with the directions of the depositor and the beneficiaries thereof.   [PL 1985, c. 588, §2 (AMD).] 3.  Segregation not required.  No institution, with respect to the deposits made under this section, shall be required to segregate such deposits from its other deposits except as may be required under federal law establishing such plans; provided that the institution shall keep appropriate records showing in proper detail all transactions engaged in under the authority of this section.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1977, c. 39 (AMD). PL 1985, c. 588, §§1,2 (AMD). PL 1997, c. 398, §I29 (AMD).
9-B ME Rev Stat § 444 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 44: SERVICES AND INCIDENTAL ACTIVITIES|9-B §444. Credit cards (REPEALED)

 §444. Credit cards (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I33 (RP).
9-B ME Rev Stat § 445 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 44: SERVICES AND INCIDENTAL ACTIVITIES|9-B §445. Service corporations

 §445. Service corporations 1.  Authorization.  A financial institution may establish, acquire or invest in the equity interest, obligations or other securities of a service corporation, as defined in section 131, or otherwise participate in or utilize the service of such a corporation. A service corporation may be owned by one or more institutions engaged in the business of banking.   [PL 2005, c. 82, §10 (AMD).] 2.  Limitations.  The stock of a service corporation formed pursuant to this section may be owned only by institutions engaged in the business of banking. The maximum amount of investment in any one such service corporation may not exceed 20% of the institution's total capital and reserves or its total surplus account. The aggregate investment of a financial institution in all service corporations may not exceed 50% of its total capital and reserves or its total surplus account. For purposes of applying the legal lending limit prescribed in this Title, a financial institution's investment in a service corporation, if majority owned, must be consolidated with the financial institution on a line-for-line basis proportionate to the financial institution's ownership interest in the service corporation.   [PL 1997, c. 22, §13 (AMD).] 3.  Records.  The books and accounts of a service corporation involving any financial institution shall be kept in such manner and form as the superintendent may prescribe; and any agreement between a financial institution and such corporation shall provide that such books and accounts may be examined by the superintendent or his designee.   [PL 1975, c. 500, §1 (NEW).] 4.  Ownership.   [PL 1997, c. 22, §14 (RP).] 5.  Exception for debt-acquired real property.   [PL 1997, c. 22, §15 (RP).] 6.  Notice required.  A financial institution seeking to invest in one or more service corporations shall notify the superintendent in writing at least 30 days prior to such investment.   A. [PL 2017, c. 143, §3 (RP).] B. [PL 2017, c. 143, §3 (RP).]   [PL 2017, c. 143, §3 (AMD).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §§20,21 (AMD). PL 1983, c. 63, §§3-4 (AMD). PL 1991, c. 386, §§12-15 (AMD). PL 1997, c. 22, §12 (AMD). PL 1997, c. 22, §13 (AMD). PL 1997, c. 22, §14 (AMD). PL 1997, c. 22, §15 (AMD). PL 1997, c. 22, §16 (AMD). PL 2005, c. 82, §10 (AMD). PL 2017, c. 143, §3 (AMD).
9-B ME Rev Stat § 446 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 44: SERVICES AND INCIDENTAL ACTIVITIES|9-B §446. Closely-related activities (REPEALED)

 §446. Closely-related activities (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §§21-A (AMD). PL 1997, c. 22, §§17,18 (AMD). PL 1997, c. 398, §I34 (RP).
9-B ME Rev Stat § 447 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 44: SERVICES AND INCIDENTAL ACTIVITIES|9-B §447. Real estate appraisals; copies

 §447. Real estate appraisals; copies A financial institution that imposes a fee on a person for the cost of an appraisal of any real estate shall furnish to the person, at no cost, one copy of the appraisal upon request, if the request is made within 90 days after the financial institution has provided notice of action taken on the application for credit or the date of the closing, whichever is later, or 90 days after the application is withdrawn.   [PL 1999, c. 150, §8 (AMD).]SECTION HISTORY PL 1987, c. 265, §2 (NEW). PL 1999, c. 150, §8 (AMD).
9-B ME Rev Stat § 451 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 45: RECORDS AND REPORTS|9-B §451. Applicability of chapter

 §451. Applicability of chapter The provisions of this chapter apply to financial institutions organized under chapters 31 and 32 and establish minimum record-keeping requirements for these financial institutions.   [PL 1997, c. 398, Pt. I, §36 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I36 (AMD).
9-B ME Rev Stat § 452 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 45: RECORDS AND REPORTS|9-B §452. Maintenance of records; accounting and assets

 §452. Maintenance of records; accounting and assets 1.  Safekeeping of assets and records.  Every financial institution shall make provisions to secure the safekeeping of the financial institution's assets and its books, accounts and records and shall keep them separate and apart from the assets or property of others. A financial institution may use the services of other entities when reasonably appropriate to accomplish the duties imposed by this section.   [PL 1997, c. 398, Pt. I, §37 (AMD).] 2.  Books and accounting.  The clerk or treasurer of every financial institution, or such other officer as may be designated in the bylaws or by a duly recorded vote of its directors, shall cause the books and accounts of the financial institution to be kept in accordance with generally accepted accounting principles unless the superintendent otherwise prescribes. The superintendent may prescribe the manner and form of keeping such books and accounts, which need not be uniform.   [PL 1997, c. 398, Pt. I, §37 (AMD).] 3.  Assets.   [PL 1997, c. 398, Pt. I, §37 (RP).] 4.  Fair value.  The superintendent may require any of the assets of a financial institution to be charged down to such sum as in the superintendent's judgment represents its fair value.   [PL 1997, c. 398, Pt. I, §37 (AMD).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I37 (AMD).
9-B ME Rev Stat § 453 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 45: RECORDS AND REPORTS|9-B §453. Annual audits

 §453. Annual audits 1.  Selection of auditor.  The governing body of a financial institution subject to the provisions of this Title shall employ an independent public accountant or accountants at least annually.   [PL 1997, c. 398, Pt. I, §38 (AMD).] 2.  Duties of the auditor.  The accountant or auditor selected in subsection 1 shall analyze the books, accounts, notes, mortgages, securities and operating systems of the institution in such manner as in his judgment will result in an audit which, together with the internal auditing and accounting procedures of the institution, comports with generally accepted accounting standards for the protection of depositors, members or stockholders and the efficient operation of the institution. The accountant or auditor shall make a written report of the condition of the institution to the president and chairman of the board, for the board, in such manner and to such extent as said accountant or auditor may deem necessary or proper, and said accountant or auditor shall supply such additional information obtained from his audit as the board may direct.   [PL 1975, c. 500, §1 (NEW).] 3.  Superintendent's comment on audit.  The superintendent shall, in the course of his regular official examination of the institution and at such other times as he deems advisable, investigate the work of such accountant or auditor to determine its adequacy for the purposes set forth in subsection 2. In determining the adequacy of such an audit, the superintendent shall take into account the internal auditing and accounting procedures established by such institution. If the superintendent determines that the audit is inadequate, he shall report forthwith his findings, with instructions, in writing to the directors, who shall, within 30 days thereafter, comply therewith.   [PL 1975, c. 500, §1 (NEW).] 4.  Audit limiting liability.  Whenever the directors of a financial institution shall have provided for such audit or audits by the method prescribed and, in the case of the employment, election or appointment of an accountant or auditor by them, shall have taken such action to remedy conditions as may be deemed reasonably necessary in the light of the information disclosed by any report of said accountant or auditor, and shall have complied with all reasonable recommendations of the superintendent relative thereto within the time hereinbefore prescribed, they shall not be personally liable for any loss suffered by such institution due to any subsequent wrongdoing by any officer or employee of the institution, in the absence of other facts indicating negligence on the part of said directors.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I38 (AMD).
9-B ME Rev Stat § 454 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 45: RECORDS AND REPORTS|9-B §454. Destruction of deposit records

 §454. Destruction of deposit records Any statement of account rendered by a financial institution to a depositor or any account book or passbook that has been written up by the financial institution to show the condition of the depositor's account and accompanied by vouchers that are the basis for debit entries to the account are deemed finally adjusted and settled and are conclusively presumed to be correct after a period of 6 years from rendition if the depositor has not questioned the correctness of the account. The depositor is thereafter barred from questioning the account. This section may not be construed to relieve the depositor from the duty now imposed by law of exercising due diligence in the examination of such account and vouchers, if any, when rendered by the financial institution and of immediate notification to the financial institution upon discovery of any error in such account, nor from the legal consequences of neglect of such duty, nor to prevent the application of Title 11 to cases governed by Title 11. Accordingly, financial institutions are not required to preserve or keep their records or files relating to these accounts and vouchers for a longer period than 6 years.   [PL 1997, c. 398, Pt. I, §39 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I39 (AMD).
9-B ME Rev Stat § 461 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 46: PROHIBITIONS|9-B §461. Applicability of chapter

 §461. Applicability of chapter The provisions of this chapter setting forth acts and practices that are prohibited apply to all financial institutions, universal banks, limited purpose banks, credit unions and financial institution holding companies subject to the laws of this State and are in addition to the prohibitions in this Title.   [PL 1999, c. 546, §1 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1999, c. 218, §24 (AMD). PL 1999, c. 546, §1 (AMD).
9-B ME Rev Stat § 462 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 46: PROHIBITIONS|9-B §462. Interlocks of directors, corporators and officers

 §462. Interlocks of directors, corporators and officers 1.  Prohibited interlocks.  Except as provided in subsections 2 and 3, no person who is a director, corporator, officer or employee of a financial institution, credit union or financial institution holding company authorized to do business in this State shall serve as a director, corporator, officer or employee of any other such financial institution, credit union or financial institution holding company authorized to do business in this State.   [PL 1975, c. 500, §1 (NEW).] 2.  Exceptions.  The prohibitions contained in subsection 1 shall not apply to the situation where directors, officers or employees of subsidiaries of financial institutions and subsidiaries of financial institution holding companies who may also be directors, officers or employees of the parent financial institution holding company, or of other subsidiaries of such holding company.   [PL 1975, c. 500, §1 (NEW).] 3.  Grandfather provision.  The prohibitions contained in subsection 1 shall not apply to any person who is presently serving in such multiple offices until October 3, 1976.   [PL 1975, c. 500, §1 (NEW).] 4.  Waiver.  The superintendent may grant a waiver of the prohibition contained in subsection 1 upon request by an affected party. A waiver may be granted only in situations involving a financial institution, credit union or financial institution holding company and a limited purpose bank and for good cause shown when there is no conflict resulting from competition between institutions. The superintendent may withdraw a waiver granted under this subsection upon reasonable written notice to the affected party.   [PL 1999, c. 546, §2 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1999, c. 546, §2 (AMD).
9-B ME Rev Stat § 463 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS|Chapter 46: PROHIBITIONS|9-B §463. Stock in Maine financial institutions (REPEALED)

 §463. Stock in Maine financial institutions (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §22 (AMD). PL 1977, c. 152, §3 (AMD). PL 1979, c. 663, §42 (AMD). PL 1983, c. 55, §2 (RP).