reglab/housing_qa huggingface dataset:
9-B ME Rev Stat § 843 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 84: MANAGEMENT AND OPERATIONS|9-B §843. Officers and employees

 §843. Officers and employees 1.  Election.     A. The directors, at their first meeting after the annual meeting of the members, shall elect from their own number the board officers specified in the bylaws.   [PL 1983, c. 51, §5 (AMD).]B. Those persons elected in paragraph A shall be the officers of the corporation, and shall hold office until their successors are elected and qualified.   [PL 1975, c. 500, §1 (NEW).][PL 1983, c. 51, §5 (AMD).] 2.  Bond.     A. The treasurer and all other officers and employees of a credit union having access to the cash or negotiable securities in its possession shall each give bond, including faithful performance clause, to the credit union in such amount and with such surety or sureties and conditions as the superintendent may prescribe, and shall file with the superintendent an attested copy thereof.   [PL 1975, c. 500, §1 (NEW).]B. The treasurer and any other officers and employees required to give bond may be included in one or more blanket or schedule bonds.   [PL 1975, c. 500, §1 (NEW).][PL 1975, c. 500, §1 (NEW).] 3.  Compensation.  The treasurer, or any other officer serving in the capacity of general manager, may be compensated in such amount as the board of directors may from time to time determine.   [PL 1975, c. 500, §1 (NEW).] 4.  Benefits.  A credit union may provide employee benefits, including retirement benefits, to its employees and officers. The kind and amount of these benefits must be reasonable given the credit union's size and financial condition and the duties of the employees and officers. A credit union investing to fund an employee benefit plan obligation is not subject to the investment limitations of section 862 and may purchase an investment that would otherwise be impermissible if the investment is directly related to the credit union's obligation or potential obligation under the employee benefit plan and the credit union holds the investment only for as long as it has an actual or potential obligation under the employee benefit plan. The superintendent may adopt rules to implement this subsection. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.   [PL 2005, c. 468, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1983, c. 51, §5 (AMD). PL 2005, c. 468, §1 (AMD).
9-B ME Rev Stat § 845 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 84: MANAGEMENT AND OPERATIONS|9-B §845. Credit committee

 §845. Credit committee 1.  Powers and duties.  If a credit committee is appointed pursuant to section 842, subsection 2, the credit committee shall:   A. Hold meetings at least once in each month;   [PL 1975, c. 500, §1 (NEW).]B. Act on all applications for loans to members;   [PL 1975, c. 500, §1 (NEW).]C. Approve in writing all personal loans granted and the security, if any, pledged for personal loans; and   [PL 2003, c. 322, §34 (AMD).]D. Submit to the board of directors all applications for loans to be secured by mortgages of real estate, with its recommendations on the applications, which must include a signed appraisal as to its best judgment of the value of the real estate involved.   [PL 2003, c. 322, §34 (AMD).][PL 2003, c. 322, §34 (AMD).] 2.  Loan officers.     A. The board of directors may appoint one or more loan officers.   [PL 1991, c. 386, §23 (AMD).]B. The board of directors may delegate to the loan officer or officers the authority that is within the limits established under a written loan policy. The authority granted to any loan officer must be included in the minutes of the meetings of the board of directors.   [PL 1991, c. 386, §23 (AMD).]C. Each loan officer shall furnish to the board of directors or credit committee a record of each application acted upon by that loan officer at the next meeting of the board of directors or committee after the date of filing of the application. If there is a credit committee, all applications not approved by the loan officer must be reviewed by the credit committee. The approval of a majority of the members who are present at the meeting when such review is undertaken is required to reverse the loan officer's decision, provided a majority of the full committee is present. If there is no credit committee, a member, upon written request, has the right of review by the board of directors of a loan application that has been denied. A loan officer may not disburse funds of the credit union for any loan approved by that loan officer in the capacity as loan officer.   [PL 1991, c. 649 (AMD).][PL 1991, c. 649 (AMD).] 3.  Personal loans.  No personal loan, other than those approved by loan officers, shall be made unless a majority of the members of the credit committee who are present at a meeting when the loan application is considered vote to approve said loan. A quorum of the credit committee at such meeting shall be at least 2/3 of the members of the committee.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1991, c. 386, §23 (AMD). PL 1991, c. 649 (AMD). PL 2003, c. 322, §34 (AMD).
9-B ME Rev Stat § 846 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 84: MANAGEMENT AND OPERATIONS|9-B §846. Meetings of the members

 §846. Meetings of the members 1.  Time and notice.  The annual meeting of the members of a credit union must be held at such time and place as the board of directors may determine, but not later than 180 days after the close of the fiscal year. Special meetings may be called at any time by a majority of the directors, and must be called by the clerk upon written request of 25 members or 5% of the total members entitled to vote as of the date of request, whichever number is greater. Notwithstanding this section, the maximum number of members required to call a special meeting may not exceed 500. Notice of all meetings of the members must be given in the manner prescribed in the bylaws. A credit union may adopt bylaws that allow annual and special meetings to be conducted by means of remote communication or authorize members to participate in a meeting by means of remote communication as described in section 325, subsection 3, paragraph F or Title 13‑C, section 709.   [PL 2021, c. 188, §3 (AMD).] 2.  Voting.  A member may not be entitled to vote by proxy, except in a vote for dissolution or merger, or have more than one vote; and a member under the age of 18 may be entitled to vote, subject to conditions prescribed in the bylaws. A fraternal organization, voluntary association, partnership or corporation having membership in a credit union may cast one vote at any of the meetings of the credit union by a duly delegated agent.   [PL 2007, c. 79, §10 (AMD).] 3.  Lending limitations; dividends.  The members at each annual meeting may fix the maximum amount to be loaned to any one member and, upon recommendation of the board of directors, may declare dividends in accordance with section 833.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1983, c. 51, §6 (AMD). PL 1995, c. 512, §2 (AMD). PL 2003, c. 322, §35 (AMD). PL 2007, c. 79, §10 (AMD). PL 2021, c. 188, §3 (AMD).
9-B ME Rev Stat § 847 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 84: MANAGEMENT AND OPERATIONS|9-B §847. Expulsion of members

 §847. Expulsion of members 1.  Grounds for expulsion.  A manager or chief executive officer of a credit union may expel from the credit union any member who has not carried out the member's engagement with the credit union, or who has been convicted of a criminal offense, or who neglects or refuses to comply with the provisions of this Part or the bylaws or the official policies of the credit union, or who has deceived the credit union or a committee of the credit union with regard to the use of borrowed money. The expelled member must be informed of the grounds for the expulsion and may appeal the expulsion to an expulsion committee established by the credit union. The board of directors of the credit union shall establish an expulsion committee to review expulsion appeals by members, and all decisions of the expulsion committee are final.   [PL 2017, c. 143, §9 (AMD).] 2.  Return of paid-in shares.  The amounts paid in on shares by members who have withdrawn or have been expelled shall be paid to them in the order of withdrawal or expulsion, but only as funds therefor become available and after deducting any amounts due from such members to the credit union.   [PL 1975, c. 500, §1 (NEW).] 3.  Liability unaffected by expulsion.  Such expulsion shall not operate to relieve a member from any outstanding liability to the credit union.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 2017, c. 143, §9 (AMD).
9-B ME Rev Stat § 848 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 84: MANAGEMENT AND OPERATIONS|9-B §848. Amendment of bylaws and charter

 §848. Amendment of bylaws and charter 1.  Procedure.  Amendments of the bylaws may be adopted, and amendments of the charter requested, by the affirmative vote of 2/3 of the members of the board of directors at any duly held meeting thereof, if the members of the board have been given at least 7 days' notice of said meeting and the notice has contained a copy of the proposed amendment or amendments.   [PL 1975, c. 500, §1 (NEW).] 2.  Superintendent's approval.  No amendments to the bylaws or charter of a credit union shall become effective without the written approval of the superintendent.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 851 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 85: LOANS|9-B §851. Loans in general

 §851. Loans in general 1.  Authorization.  A credit union may make, sell, purchase, arrange, participate in, invest in and otherwise deal in loans to its members for any purpose in accordance with the provisions of this chapter.   [PL 2003, c. 322, §36 (AMD).] 2.  Applicability of other sections.  In addition, a credit union is subject to sections 432, 433, 435 and 436.   [PL 2003, c. 322, §36 (AMD).] 3.  Approvals required.  The credit committee provided for in section 845 shall approve all loans to members made by the credit union. In addition, the approval of the credit union's board of directors or executive committee shall be required for all loans other than personal loans to members.   [PL 1975, c. 500, §1 (NEW).] 4.  Written loan policy.  The board of directors 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 2003, c. 322, §36 (NEW).]B. Loan mix and diversification;   [PL 2003, c. 322, §36 (NEW).]C. Loan quality parameters; and   [PL 2003, c. 322, §36 (NEW).]D. Delegation of authority to officers and committees responsible for administering the portfolio.   [PL 2003, c. 322, §36 (NEW).][PL 2003, c. 322, §36 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §L9 (AMD). PL 2003, c. 322, §36 (AMD).
9-B ME Rev Stat § 852 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 85: LOANS|9-B §852. Loan applications

 §852. Loan applications 1.  General procedures.  All applications for loans shall be made in writing, and shall state the purpose for which the loan is desired and the security, if any, offered.   [PL 1975, c. 500, §1 (NEW).] 2.  Real estate mortgage loans.   [PL 2003, c. 322, §37 (RP).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 2003, c. 322, §37 (AMD).
9-B ME Rev Stat § 853 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 85: LOANS|9-B §853. Unsecured loans (REPEALED)

 §853. Unsecured loans (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §29 (AMD). PL 1983, c. 51, §7 (RP).
9-B ME Rev Stat § 854 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 85: LOANS|9-B §854. Loans

 §854. Loans 1.  Authorization; limitations.  It is the duty of the board of directors to establish the policies of the credit union with respect to the granting of loans and the extending of lines of credit, including the maximum amount that may be loaned to any one member. A loan may not be made to any member in an aggregate amount in excess of 10% of the credit union's total assets. Any loan made in violation of this subsection is subject to the remedies prescribed in section 465-A.   [PL 1991, c. 681, §4 (AMD).] 2.  Exception.  Loans fully secured by a pledge of shares of a credit union may be made without limitation as to amount.   [PL 1983, c. 51, §8 (RPR).] 3.  Rulemaking.  The superintendent may adopt rules to administer and carry out this section, including rules to define or further define terms used in this section and to establish limits or requirements other than those specified in this section. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.   [PL 2003, c. 322, §38 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1983, c. 51, §8 (RPR). PL 1991, c. 681, §4 (AMD). PL 2003, c. 322, §38 (AMD).
9-B ME Rev Stat § 856 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 85: LOANS|9-B §856. Loans to other credit unions

 §856. Loans to other credit unions Subject to the approval of its board of directors, a credit union may make loans to other credit unions located in this State; provided that the aggregate loans outstanding at any one time to any one credit union shall not exceed 10% of the share capital and surplus of the lending credit union.   [PL 1975, c. 500, §1 (NEW).]SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 857 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 85: LOANS|9-B §857. Lines of credit (REPEALED)

 §857. Lines of credit (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1979, c. 133, §1 (RP).
9-B ME Rev Stat § 857-A (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 85: LOANS|9-B §857-A. Lines of credit

 §857-A. Lines of credit 1.  Authorization; limitations.  Subject to the limitations set forth in sections 854 and 855, the credit committee of a credit union may approve a line of credit to a member upon written application by the member, and advances may be made to that member within the limits of that extension of credit. A line of credit given pursuant to this section must be reviewed periodically by a loan officer or the credit committee in accordance with the policy established under section 854.   [PL 1995, c. 512, §3 (AMD).] 2.  Repayment.  Repayment of advances made pursuant to a line of credit shall be on such terms as shall be mutually agreed upon by the member and the credit union.   [PL 1979, c. 133, §2 (NEW).] SECTION HISTORY PL 1979, c. 133, §2 (NEW). PL 1987, c. 405, §31 (AMD). PL 1995, c. 512, §3 (AMD).
9-B ME Rev Stat § 858 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 85: LOANS|9-B §858. Federal funds loans or sales

 §858. Federal funds loans or sales A credit union may lend or sell to any member bank of the Federal Reserve System, or to any bank, savings bank or savings and loan association whose deposits are insured by the Federal Deposit Insurance Corporation.   [PL 1997, c. 398, Pt. L, §10 (AMD).]SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §L10 (AMD).
9-B ME Rev Stat § 861 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 86: INVESTMENTS|9-B §861. Investments in general

 §861. Investments in general 1.  Applicable law.  In addition to the loans a credit union is authorized to make pursuant to chapter 85, a credit union may invest its funds in accordance with the provisions of this chapter.   [PL 1975, c. 500, §1 (NEW).] 2.  Director approval required.  Investments pursuant to this chapter shall only be made with the approval of the board of directors or executive committee of the credit union.   [PL 1975, c. 500, §1 (NEW).] 3.  Written investment policy.  A credit union's board of directors shall establish a written investment policy, which must be reviewed and ratified at least annually, that addresses at a minimum the following:   A. Investment quality parameters;   [PL 2003, c. 322, §39 (NEW).]B. Investment mix and diversification;   [PL 2003, c. 322, §39 (NEW).]C. Investment maturities; and   [PL 2003, c. 322, §39 (NEW).]D. Delegation of authority to officers and committees responsible for administering the portfolio.   [PL 2003, c. 322, §39 (NEW).][PL 2003, c. 322, §39 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 2003, c. 322, §39 (AMD).
9-B ME Rev Stat § 863 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 86: INVESTMENTS|9-B §863. Real estate for office facilities

 §863. Real estate for office facilities 1.  Authorizing.  A credit union may invest in real estate by the purchase of improved or unimproved real estate, and in the erection or improvement of buildings thereon together with fixtures and equipment, for the purpose of providing offices for the transaction of its business. Such buildings may include space for rental purposes.   [PL 1975, c. 500, §1 (NEW).] 2.  Limitation.  The cost to the credit union of lands, buildings, fixtures and equipment described in subsection 1 may not exceed 60% of the credit union's total surplus at the time the investment is made; except that the superintendent may, for good cause shown, upon application by the credit union in writing, approve an amount in excess of 60% of total surplus, subject to such conditions as the superintendent considers necessary.   [PL 2017, c. 143, §10 (AMD).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 2017, c. 143, §10 (AMD).
9-B ME Rev Stat § 864 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 86: INVESTMENTS|9-B §864. Service corporations

 §864. Service corporations 1.  Authorization.  A credit union may invest, individually or with other credit unions or other entities, in service corporations as defined in section 131.   [PL 1993, c. 99, §2 (RPR).] 2.  Limitations.  A credit union may invest 20% of its net worth in any service corporation only if:   A. The service corporation is structured to limit the credit union's exposure to loss; and   [PL 2005, c. 82, §11 (AMD).]B. The service corporation primarily serves credit unions and the membership of affiliated credit unions. A service corporation formed after July 31, 1994 primarily serves credit unions and the membership of affiliated credit unions within the meaning of this paragraph if at least 75% of the services provided within this State are to credit unions and members of credit unions; except that for a service corporation formed after October 1, 2017, when determining whether a service corporation primarily serves credit unions and the membership of affiliated credit unions within the meaning of this paragraph, the superintendent shall consider the relevant federal laws and regulations in effect at the time of formation of the service corporation.   [PL 2017, c. 288, Pt. C, §1 (AMD); PL 2017, c. 288, Pt. C, §4 (AFF).]The superintendent may approve an amount less than or in excess of 20%, subject to such terms and conditions as the superintendent determines necessary. The aggregate investment of a credit union in all service corporations may not exceed 50% of its net worth.   [PL 2017, c. 143, §11 (AMD); PL 2017, c. 288, Pt. C, §1 (AMD); PL 2017, c. 288, Pt. C, §4 (AFF).] 3.  Applicability of section 445.   [PL 2017, c. 143, §12 (RP).] 4.  Records.  The books and accounts of a service corporation involving any credit union must be kept in such manner and form as the superintendent may prescribe, and any agreement between a credit union and a service corporation must provide that the books and accounts of the service corporation may be examined by the superintendent or the superintendent's designee.   [PL 2017, c. 143, §13 (NEW).] 5.  Application; notice required.  A credit union or credit unions seeking to organize as or invest in a service corporation shall notify the superintendent in writing at least 30 days prior to organizing as or investing in the service corporation.   [PL 2017, c. 143, §13 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1993, c. 99, §2 (AMD). PL 1993, c. 99, §3 (AMD). PL 1993, c. 655, §1 (AMD). PL 2005, c. 82, §11 (AMD). PL 2017, c. 143, §§11-13 (AMD). PL 2017, c. 288, Pt. C, §1 (AMD). PL 2017, c. 288, Pt. C, §4 (AFF).
9-B ME Rev Stat § 865 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 86: INVESTMENTS|9-B §865. Additional authority

 §865. Additional authority Credit unions organized under private or special laws shall have the authority granted by this chapter, in addition to such other investment authority as they now possess.   [PL 1975, c. 500, §1 (NEW).]SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 871 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS|9-B §871. Dissolution (REPEALED)

 §871. Dissolution (REPEALED)SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1979, c. 429, §14 (AMD). PL 2003, c. 322, §41 (RP).
9-B ME Rev Stat § 871-B (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS|9-B §871-B. Applicability of chapter

 §871-B. Applicability of chapter Notwithstanding any other provisions of law, the provisions of this chapter apply and supersede the provisions of laws relating to the dissolution, merger and conversion of credit unions organized under the laws of this State.   [PL 2003, c. 322, §42 (NEW).]SECTION HISTORY PL 2003, c. 322, §42 (NEW).
9-B ME Rev Stat § 872-A (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 8: CREDIT UNIONS|Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS|9-B §872-A. Authority for expedited mergers, consolidations and acquisitions

 §872-A. Authority for expedited mergers, consolidations and acquisitions Notwithstanding any other provision of law, or any charter, certificate of organization, articles of association, articles of incorporation or bylaw of any participating credit union, the superintendent may authorize a merger or consolidation of 2 or more credit unions or may authorize a credit union to purchase any of the assets of, or assume any of the liabilities of, any other credit union following approval of a plan of merger, consolidation or acquisition by a majority vote of the boards of directors of the participating credit unions and upon receipt by the superintendent of certified copies of the authorizing resolutions adopted by the respective boards of directors. That merger, consolidation or acquisition shall become effective immediately if the superintendent believes that the action is necessary for the protection of members of the credit union or the public. Any person aggrieved by a merger, consolidation or acquisition pursuant to this section is entitled to judicial review of the superintendent's order in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter VII.   [PL 1989, c. 646 (NEW).]SECTION HISTORY PL 1989, c. 646 (NEW).