reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 16: PRIVATE EDUCATION LENDING › 9-A §16-102. License required

§16-102. License required
A person may not engage in the business of securing, making or extending a private education loan or holding a private education loan without having first obtained a license as a supervised lender from the administrator pursuant to section 2‑301.   [PL 2021, c. 357, §2 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §2 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 16: PRIVATE EDUCATION LENDING › 9-A §16-103. Cosigned private education loan

§16-103. Cosigned private education loan
1.  Information prior to extension of loan.
Prior to the extension of a private education loan that requires a cosigner, a private education lender shall deliver the following information to the cosigner:
A. How the private education loan will appear on the cosigner's credit report;   [PL 2021, c. 357, §2 (NEW).]
B. How the cosigner will be notified if the private education loan becomes delinquent, and how the cosigner can cure a delinquency to avoid negative credit reporting and loss of cosigner release eligibility; and   [PL 2021, c. 357, §2 (NEW).]
C. Eligibility criteria for cosigner release, including the number of on-time payments and any other criteria required to approve the cosigner release.   [PL 2021, c. 357, §2 (NEW).]
[PL 2021, c. 357, §2 (NEW).]
2.  Disclosure.
Prior to offering a person a private education loan that is being used to refinance an existing education loan, a private education lender shall provide the person a disclosure that the benefits and protections applicable to the existing loan may be lost due to the refinancing.
[PL 2021, c. 357, §2 (NEW).]
3.  Form of and access to information and disclosure.
A private education lender shall provide the information disclosure required by subsections 1 and 2 on a one-page information sheet in 12-point type written in simple, clear, understandable and easily readable language. A private education lender shall provide a cosigner with access to all documents or records related to a cosigned private education loan that is available to the borrower. If a private education lender provides electronic access to a document or record to a borrower of a cosigned private education loan, the lender shall provide equivalent access to the cosigner. Upon written request of the borrower or cosigner, the lender may withhold individual contact information from the other party.
[PL 2021, c. 357, §2 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §2 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 16: PRIVATE EDUCATION LENDING › 9-A §16-105. Disability; discharge of liability

§16-105. Disability; discharge of liability
1.  Notification of total and permanent disability.
A private education lender, when notified of the total and permanent disability of a borrower or cosigner of a cosigned private education loan, shall release a cosigner from the obligations of the cosigner under the loan. The lender may not attempt to collect a payment from a cosigner following a notification of total and permanent disability of a cosigner or borrower. A private education lender shall, when notified of the total and permanent disability of a borrower, discharge the liability of the borrower and cosigner on the loan.
[PL 2021, c. 357, §2 (NEW).]
2.  Notification of release.
If either a cosigner or a borrower is released from the obligations of a cosigned private education loan under this section, the private education lender shall notify the borrower and cosigner within 30 days of the release.
[PL 2021, c. 357, §2 (NEW).]
3.  Legal authority to act on behalf of borrower.
A private education lender that extends a cosigned private education loan shall provide the borrower an option to designate an individual to have the legal authority to act on behalf of the borrower with respect to the private education loan in the event of the total and permanent disability of the borrower.
[PL 2021, c. 357, §2 (NEW).]
4.  Cosigner release.
If a cosigner is released from the obligations of a cosigned private education loan pursuant to subsection 1, the private education lender may not require the borrower to obtain another cosigner on the loan.
[PL 2021, c. 357, §2 (NEW).]
5.  Prohibition on default or acceleration of loan.
A private education lender may not declare a default or accelerate the debt against a borrower on the sole basis of a cosigner release under subsection 1.
[PL 2021, c. 357, §2 (NEW).]
6.  Prohibited activities after notice of disability of borrower.
After receiving a notification of a borrower's total and permanent disability under subsection 1, the private education lender may not:
A. Attempt to collect on the outstanding liability of the borrower or cosigner; or   [PL 2021, c. 357, §2 (NEW).]
B. Monitor the disability status of the borrower at any point after the date of discharge of liability.   [PL 2021, c. 357, §2 (NEW).]
[PL 2021, c. 357, §2 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §2 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 16: PRIVATE EDUCATION LENDING › 9-A §16-106. Availability of alternative repayment options

§16-106. Availability of alternative repayment options
1.  Flexible repayment option.
If a private education lender offers a borrower a flexible repayment option in connection with a private education loan, the private education lender shall make the flexible repayment option available to all borrowers by the lender.
[PL 2021, c. 357, §2 (NEW).]
2.  Other alternative repayment options.
If a private education lender offers alternative repayment options other than flexible repayment options, the lender shall consistently present and offer the alternative repayment options to borrowers with similar financial circumstances.
[PL 2021, c. 357, §2 (NEW).]
3.  Policies and procedures.
A private education lender shall:
A. Provide on its publicly accessible website a description of any alternative repayment options under this section offered by the lender for private education loans; and   [PL 2021, c. 357, §2 (NEW).]
B. Establish consistently implemented policies and procedures to evaluate private education loan alternative repayment options requests, including providing accurate information regarding any private education loan alternative repayment options that may be available to a borrower of a private education loan through the promissory note or that may have been marketed to the borrower.   [PL 2021, c. 357, §2 (NEW).]
[PL 2021, c. 357, §2 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §2 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 16: PRIVATE EDUCATION LENDING › 9-A §16-107. Record retention

§16-107. Record retention
A private education lender shall establish and maintain records and permit the superintendent to access and copy any records required to be maintained pursuant to this Article. The private education lender shall retain a loan file, including any record specified for retention by rules adopted by the superintendent, for at least 6 years after the termination of the loan account.   [PL 2021, c. 357, §2 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §2 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 16: PRIVATE EDUCATION LENDING › 9-A §16-108. Prohibition on acceleration of private education loans

§16-108. Prohibition on acceleration of private education loans
1.  Prohibition on acceleration.
A private education loan executed after the effective date of this section may not include a provision that permits the private education lender to accelerate, in whole or in part, payments on the private education loan, except in cases of payment default. A lender may not place any private education loan or account into default or accelerate a private education loan for any reason, other than for payment default.
[PL 2021, c. 357, §2 (NEW).]
2.  Private education loans executed prior to effective date of section.
For a private education loan executed prior to the effective date of this section:
A. The loan may permit the private education lender to accelerate payments only if the promissory note or loan agreement explicitly authorizes an acceleration and only for the reasons stated in the note or agreement;   [PL 2021, c. 357, §2 (NEW).]
B. If a cosigner of the private education loan dies, the lender may not attempt to collect against the cosigner's estate other than for payment default;   [PL 2021, c. 357, §2 (NEW).]
C. Upon receiving notification of the death or bankruptcy of a cosigner of the loan, if the loan is not more than 60 days delinquent at the time of the notification, the private education lender may not change any terms or benefits under the promissory note, repayment schedule, repayment terms or monthly payment amount or any other provision associated with the loan; and   [PL 2021, c. 357, §2 (NEW).]
D. The private education lender may not place the loan or account into default or accelerate payments on a loan while a borrower is seeking a loan modification or enrollment in an alternative repayment plan, except that the lender may place a loan or account into default or accelerate a loan for payment default 90 days following the borrower's default.   [PL 2021, c. 357, §2 (NEW).]
[PL 2021, c. 357, §2 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §2 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 16: PRIVATE EDUCATION LENDING › 9-A §16-111. Rules

§16-111. Rules
The superintendent may adopt rules to carry out the purposes of this Article. Rules adopted under this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.   [PL 2021, c. 357, §2 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §2 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 1: GENERAL PROVISIONS › Chapter 11: POLICY › 9-B §111. Declaration of policy

§111. Declaration of policy
By enactment of this Title, it is declared to be the policy of the State that the business of all financial institutions must be supervised by the Bureau of Financial Institutions in a manner to ensure the strength, stability and efficiency of all financial institutions; to ensure reasonable and orderly competition, thereby encouraging the development and expansion of financial services advantageous to the public welfare; and to maintain close cooperation with other supervisory authorities.   [PL 2001, c. 44, §2 (AMD); PL 2001, c. 44, §14 (AFF).]
In addition, with respect to the Bureau of Financial Institutions' authority pursuant to Title 9-A, section 1-301, subsection 2, all financial institutions must be supervised in such a way as to protect consumers against unfair practices by financial institutions that provide consumer credit, to provide consumer education and to encourage the development of economically sound credit practices.   [PL 2001, c. 44, §2 (AMD); PL 2001, c. 44, §14 (AFF).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1995, c. 309, §14 (AMD). PL 1995, c. 309, §29 (AFF). PL 2001, c. 44, §2 (AMD). PL 2001, c. 44, §14 (AFF).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 1: GENERAL PROVISIONS › Chapter 11: POLICY › 9-B §112. Severability

§112. Severability
If any provision of this Title or the application of this Title to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this Title that can be given effect without the invalid provision or application, and to this end the provisions of this Title are severable.   [RR 1991, c. 2, §22 (COR).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). RR 1991, c. 2, §22 (COR).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 1: GENERAL PROVISIONS › Chapter 12: ADMINISTRATION › 9-B §121. Bureau of Financial Institutions

§121. Bureau of Financial Institutions
There is created under this Title a Bureau of Financial Institutions, which has the responsibility of administering the provisions of this Title. In addition, in cases in which a financial institution is the creditor, the Bureau of Financial Institutions has the responsibility of administering the provisions of the Maine Consumer Credit Code pursuant to Title 9‑A, section 1‑301, subsection 2.   [PL 2001, c. 44, §3 (AMD); PL 2001, c. 44, §14 (AFF).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1995, c. 309, §15 (AMD). PL 1995, c. 309, §29 (AFF). PL 2001, c. 44, §3 (AMD). PL 2001, c. 44, §14 (AFF).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 1: GENERAL PROVISIONS › Chapter 14: HOLIDAYS (REPEALED) › 9-B §141. Financial institution holidays (REPEALED)

§141. Financial institution holidays
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 623, §§6-A (AMD). PL 1985, c. 114, §2 (AMD). PL 1985, c. 787, §3 (AMD). PL 1995, c. 24, §§1,2 (AMD). PL 1997, c. 398, §B1 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 1: GENERAL PROVISIONS › Chapter 14: HOLIDAYS (REPEALED) › 9-B §142. Saturday hours (REPEALED)

§142. Saturday hours
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §B1 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 1: GENERAL PROVISIONS › Chapter 14: HOLIDAYS (REPEALED) › 9-B §143. Acts performed after noon Saturday (REPEALED)

§143. Acts performed after noon Saturday
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §B1 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 1: GENERAL PROVISIONS › Chapter 14: HOLIDAYS (REPEALED) › 9-B §144. Satellite facilities; hours of operation (REPEALED)

§144. Satellite facilities; hours of operation
(REPEALED)
SECTION HISTORY
PL 1981, c. 352, §2 (NEW). PL 1997, c. 398, §B1 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 1: GENERAL PROVISIONS › Chapter 15: EMERGENCIES › 9-B §151. Declaration of emergency by Governor

§151. Declaration of emergency by Governor
Whenever it shall appear to the Governor that the welfare and security of financial institutions and credit unions under the supervision of the superintendent, or their depositors, shareholders, staffs or customers, require, or that the welfare of the State, any section thereof, the inhabitants thereof, financial institutions, credit unions, their depositors, shareholders or staffs have been or may be adversely affected by actual or threatened national emergency, forces of the natural elements, fires, explosions, strikes, epidemics, civil strife or commotion, or any other circumstances hazardous or dangerous to life, limb or property, the Governor may proclaim that a banking emergency exists. The Governor may declare such banking holidays as in his judgment such emergency conditions may require and that any financial institution or institutions and credit union or credit unions shall be subject to special regulation as provided until the Governor, by a like proclamation, declares the period of such emergency to have terminated if he has not defined such period in the original proclamation.   [PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 1: GENERAL PROVISIONS › Chapter 15: EMERGENCIES › 9-B §152. Superintendent's powers during emergency

§152. Superintendent's powers during emergency
1.  Restrict banking transactions.
During the period of any banking emergency declared, the superintendent, in addition to all other powers conferred upon him, shall have authority to order one or more financial institutions or credit unions to restrict all or any part of their business and to limit or postpone for any length of time the payment of any amount or proportion of deposits or shares in any of the departments thereof as he may deem necessary or expedient and may regulate further payments therefrom as to time and amount as the interest of the public or of such financial institutions or credit unions or depositors or shareholders thereof may require, and any order or orders made by him may be amended, changed, extended or revoked, in whole or in part, whenever in his judgment circumstances warrant or require. After the termination of any such banking emergency, any such order may be continued in effect as to any particular financial institution or credit union if in the judgment of the superintendent circumstances warrant or require and the Governor approves.
[PL 1975, c. 500, §1 (NEW).]
2.  Permit special deposits.
The superintendent may by order authorize financial institutions or credit unions during such emergency and thereafter to receive new deposits or share funds, as the case may be, and such new funds shall be special deposits or shares, as the case may be, and so designated and segregated from all other such deposits or shares and may be invested only in assets approved by the superintendent as being sufficiently liquid to be available when needed to meet withdrawals on new deposits or shares, as the case may be. Such assets shall not be merged with other assets but shall be held in trust for the security and payment of new funds except that income from such assets may, to the extent authorized by the superintendent, be used for other purposes of the institution. Withdrawal of such new deposits or shares shall not be subject in any respect to restrictions or limitations made applicable to previously existing accounts under this section.
[PL 1975, c. 500, §1 (NEW).]
3.  Establish fair value of assets.
In determining the action to be taken under this section, the superintendent may place such fair value on the assets of any financial institution or credit union as in his discretion seems proper under the conditions prevailing and circumstances relating thereto.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 1: GENERAL PROVISIONS › Chapter 16: CONFIDENTIAL FINANCIAL RECORDS › 9-B §162. Disclosure of financial records prohibited; exceptions

§162. Disclosure of financial records prohibited; exceptions
A financial institution authorized to do business in this State or credit union authorized to do business in this State or its affiliates may not disclose to any person, except to the customer or the customer's duly authorized agent, any financial records relating to that customer of that financial institution or credit union unless:   [PL 2001, c. 262, Pt. B, §4 (AMD).]
1.  Authorized disclosure.
The customer has authorized disclosure to the person;
[PL 1997, c. 537, §1 (AMD); PL 1997, c. 537, §62 (AFF).]
2.  Disclosure in response to legal process.
The financial records are disclosed in response to a lawful subpoena, summons, warrant or court order that meets the requirements of section 163;
[PL 2001, c. 211, §1 (AMD).]
3.  Disclosure in response to a request by the Department of Health and Human Services.
The financial records are disclosed in response to a request for information by the Department of Health and Human Services for purposes related to establishing, modifying or enforcing a child support order;
[PL 2007, c. 108, §1 (AMD).]
4.  Disclosure in response to a request by the Department of Labor.
The financial records are disclosed in response to a notice of levy issued by the Department of Labor pursuant to Title 26, section 1233;
[PL 2009, c. 213, Pt. AAAA, §2 (AMD).]
5.  Disclosure to the Department of Health and Human Services upon suspicion of financial exploitation.
The financial records are disclosed to the Department of Health and Human Services pursuant to Title 22, section 3479 because a financial institution authorized to do business in this State or its affiliate or a credit union authorized to do business in this State or its affiliate has reasonable cause to suspect that an incapacitated or dependent adult has been or is at substantial risk of abuse, neglect or exploitation; or
[PL 2009, c. 213, Pt. AAAA, §3 (AMD).]
6.  Disclosure in response to a request by the Department of Administrative and Financial Services, Bureau of Revenue Services.
The financial records are disclosed in response to a request for information by the Department of Administrative and Financial Services, Bureau of Revenue Services for purposes related to establishing, modifying or enforcing tax debts.
[PL 2009, c. 213, Pt. AAAA, §4 (NEW).]
7.  Disclosure of notice of mortgagor’s right to cure.
The financial records pertain to a notice of mortgagor’s right to cure and are disclosed to the Bureau of Consumer Credit Protection pursuant to Title 14, section 6111, subsection 3-A.
[PL 2009, c. 402, §8 (NEW).]
SECTION HISTORY
PL 1977, c. 416 (NEW). PL 1997, c. 537, §1 (AMD). PL 1997, c. 537, §62 (AFF). PL 2001, c. 211, §§1,2 (AMD). PL 2001, c. 262, §B4 (AMD). PL 2003, c. 689, §B6 (REV). PL 2007, c. 108, §§1-3 (AMD). PL 2009, c. 213, Pt. AAAA, §§2-4 (AMD). PL 2009, c. 402, §8 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 1: GENERAL PROVISIONS › Chapter 16: CONFIDENTIAL FINANCIAL RECORDS › 9-B §163. Subpoena, summons, warrant or court order

§163. Subpoena, summons, warrant or court order
1.  Service.
A financial institution authorized to do business in this State or credit union authorized to do business in this State shall disclose financial records under section 162 pursuant to a subpoena, summons, warrant or court order that on its face appears to have been issued upon lawful authority only if the subpoena, summons, warrant or court order is served upon the customer prior to disclosure by the financial institution or credit union. The agency or person requesting the disclosure of financial records shall certify in writing to the financial institution or credit union the fact that the subpoena, summons, warrant or court order has been served upon the customer. The court for good cause shown may delay or dispense with service of the subpoena, summons, warrant or court order upon the customer. The court shall delay or dispense with service of the subpoena, summons, warrant or court order upon the customer upon notice by the Attorney General, the Attorney General's designee or the District Attorney that service upon the customer would not be in the public interest. A subpoena, summons or warrant issued in connection with a criminal proceeding or state or federal grand jury proceeding, a request for information by the Department of Health and Human Services for purposes related to establishing, modifying or enforcing a child support order, a request for information by the Department of Administrative and Financial Services, Bureau of Revenue Services for purposes related to establishing, modifying or enforcing tax liabilities or a trustee process lawfully issued need not be served upon the customer.
[PL 2009, c. 213, Pt. AAAA, §5 (AMD).]
SECTION HISTORY
PL 1977, c. 416 (NEW). PL 1985, c. 647, §2 (AMD). PL 1997, c. 16, §1 (AMD). PL 1997, c. 537, §2 (AMD). PL 1997, c. 537, §62 (AFF). PL 1999, c. 197, §1 (AMD). PL 2001, c. 262, §B5 (AMD). PL 2003, c. 689, §B6 (REV). PL 2009, c. 213, Pt. AAAA, §5 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 1: GENERAL PROVISIONS › Chapter 16: CONFIDENTIAL FINANCIAL RECORDS › 9-B §164. Penalties

§164. Penalties
1.  Violation.
Any officer or employee of a financial institution authorized to do business in this State, credit union authorized to do business in this State, affiliate or consumer reporting agency who intentionally or knowingly furnishes financial records in violation of this chapter commits a civil violation for which the superintendent may assess a civil penalty of not more than $5,000 per violation. Any financial institution authorized to do business in this State or credit union authorized to do business in this State that intentionally or knowingly furnishes financial records in violation of this chapter or intentionally or knowingly allows an affiliate to furnish financial records in violation of this chapter commits a civil violation for which the superintendent may assess a civil penalty of not more than $10,000 per violation. Any financial institution authorized to do business in this State or credit union authorized to do business in this State or any agent or employee of a financial institution or credit union making a disclosure of financial records in good-faith reliance upon the certificate of agency or person requesting the disclosure, that the provisions of section 163 requiring prior notice to the customer have been complied with, is not liable to the customer for the disclosures and is not liable for any civil penalties under this section.
[PL 2001, c. 262, Pt. B, §6 (AMD).]
2.  Inducing violation.
Any person who intentionally or knowingly induces or attempts to induce any officer or employee of a financial institution authorized to do business in this State, credit union authorized to do business in this State or consumer reporting agency to disclose financial records in violation of this chapter commits a civil violation for which the superintendent may assess a civil penalty of not more than $10,000 per violation.
[PL 2001, c. 262, Pt. B, §6 (AMD).]
3.  Immunity.
A financial institution authorized to do business in the State or its affiliate or a credit union authorized to do business in the State or its affiliate that in good faith discloses financial records to the Department of Health and Human Services pursuant to section 162, subsection 5 or the Department of Administrative and Financial Services, Bureau of Revenue Services pursuant to section 162, subsection 6 is immune from civil or criminal liability that might otherwise arise from the disclosure. In a proceeding regarding immunity from liability, there is a rebuttable presumption of good faith.
[PL 2009, c. 213, Pt. AAAA, §6 (AMD).]
SECTION HISTORY
PL 1977, c. 416 (NEW). PL 1985, c. 647, §3 (AMD). PL 1991, c. 824, §A11 (AMD). PL 2001, c. 262, §B6 (AMD). PL 2007, c. 108, §4 (AMD). PL 2009, c. 213, Pt. AAAA, §6 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 21: ADMINISTRATION › 9-B §211. Superintendent

§211. Superintendent
1.  Appointment; term; qualifications.
The activities of the bureau are directed by a superintendent who is appointed by the Governor and subject to review by the joint standing committee of the Legislature having jurisdiction over financial institutions and to confirmation by the Legislature. The superintendent shall hold office for a term of 5 years, or until the superintendent's successor is appointed and qualified. The superintendent may be removed from office for cause by impeachment or by the Governor on the address of both branches of the Legislature, and Title 5, section 931, subsection 2 does not apply. A person appointed as superintendent must have the knowledge of, or experience in, the theory and practice of financial institutions.
[PL 2001, c. 44, §7 (AMD); PL 2001, c. 44, §14 (AFF).]
2.  Salary.
The superintendent is entitled to receive a salary commensurate with the superintendent's responsibilities in accordance with Title 5 and is entitled to receive all actual travel expenses incurred in the performance of official duties.
[PL 1989, c. 702, Pt. E, §6 (AMD).]
3.  Powers and duties.
With the approval of the commissioner, the superintendent shall organize the bureau in such a manner as the superintendent considers necessary to carry out the superintendent's responsibilities under this Title and, in cases in which a financial institution is the creditor, the superintendent's responsibilities under the Maine Consumer Credit Code pursuant to Title 9‑A, section 1‑301, subsection 2. The organization must take into account the need for examination and surveillance of individual institutions to ensure that each is financially sound and complies with state and applicable federal law and regulations; the need to protect consumers against unfair practices by financial institutions that provide consumer credit; the need for consumer education; the need to encourage the development of economically sound credit practices; and the need for promotion of reasonable and orderly competition among financial institutions and for promoting the provision of financial services consistent with the public interest.
[PL 1995, c. 502, Pt. H, §3 (AMD).]
4.  Vacancy.
If the office of superintendent is vacant for any reason except the superintendent's illness or temporary absence from the State, appointment of a successor shall be made, as provided for in subsection 1, within 6 months of the creation of such vacancy.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 771, §110 (AMD). PL 1979, c. 663, §29 (AMD). PL 1981, c. 359, §4 (AMD). PL 1983, c. 553, §10 (AMD). PL 1987, c. 105, §2 (AMD). PL 1987, c. 402, §A85 (AMD). PL 1987, c. 769, §A40 (AMD). PL 1989, c. 702, §E6 (AMD). PL 1995, c. 309, §16 (AMD). PL 1995, c. 309, §29 (AFF). PL 1995, c. 502, §H3 (AMD). PL 2001, c. 44, §7 (AMD). PL 2001, c. 44, §14 (AFF).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 21: ADMINISTRATION › 9-B §212-A. Securities Division (REPEALED)

§212-A. Securities Division
(REPEALED)
SECTION HISTORY
PL 1985, c. 389, §5 (NEW). PL 1985, c. 785, §B54 (AMD). PL 1989, c. 542, §1 (RPR). PL 1993, c. 410, §K1 (AMD). PL 1995, c. 502, §H5 (AMD). PL 2001, c. 182, §4 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 21: ADMINISTRATION › 9-B §213. Prohibited relationships with supervised institutions

§213. Prohibited relationships with supervised institutions
1.  Stockholder; payment from.
A. Neither the superintendent nor any employee of the bureau shall, during his term of office or while employed by the bureau, be an officer, director, corporator, employee, attorney or stockholder in any financial institution or financial institution holding company subject to supervision or regulation by the bureau.   [PL 1975, c. 500, §1 (NEW).]
B. The superintendent and employees of the bureau shall not, during their terms of office, receive directly or indirectly any payment or gratuity from any financial institution subject to supervision or regulation by the bureau. The prohibitions contained in this paragraph shall not be construed as prohibiting such person from being a depositor or member in any such financial institution on the same terms as are available to the public generally.   [PL 1975, c. 500, §1 (NEW).]
[PL 1975, c. 500, §1 (NEW).]
2.  Loans from supervised institutions.
A. If the superintendent, a deputy superintendent, examiner or other professional personnel of the bureau or such person's spouse or such person's son or daughter residing at such person's home obtains a loan from any financial institution subject to supervision or regulation by the bureau, the fact of such loan, together with the terms and conditions thereof, must be disclosed immediately to the superintendent in writing by the person obtaining the loan and by the institution making such loan. If the superintendent is the borrower, such written disclosure must be made to the commissioner.   [PL 2017, c. 288, Pt. A, §13 (AMD).]
B. A record of any indebtedness described in paragraph A shall be kept on file in the bureau so long as such indebtedness is outstanding.   [PL 1975, c. 500, §1 (NEW).]
C. The superintendent, or the commissioner if the superintendent is the borrower, may make an investigation of such loan to insure that its terms, conditions and amount are reasonable and proper under the circumstances, and that no preferential treatment has been given in the process of granting such loan.   [PL 1975, c. 500, §1 (NEW).]
[PL 2017, c. 288, Pt. A, §13 (AMD).]
3.  Additional limitations.
The provisions of this section shall be in addition to the limitations of Title 5, section 18.
[PL 1979, c. 734, §7 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §5 (AMD). PL 1979, c. 663, §30 (AMD). PL 1979, c. 734, §7 (AMD). PL 2017, c. 288, Pt. A, §13 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 21: ADMINISTRATION › 9-B §215. Rules

§215. Rules
The superintendent shall have the power to implement by rule any provision of law relating to the supervision of financial institutions or their subsidiaries or financial institution holding companies or their subsidiaries or to amend or repeal such rules, subject to section 251.   [PL 1985, c. 328, §2 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1985, c. 328, §2 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 21: ADMINISTRATION › 9-B §216. Advisory boards (REPEALED)

§216. Advisory boards
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1981, c. 501, §29 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 21: ADMINISTRATION › 9-B §217. Annual reports to the Legislature

§217. Annual reports to the Legislature
The superintendent shall report to the Legislature by January 15th of each year the applications received and any actions taken pursuant to chapters 35 and 101. The report shall include, but not be limited to, detailed information on the number, types and legal structures of all regulated financial institutions in the State, the locations of all offices and total deposits held by these institutions, the steps taken or planned by nonstate financial institution holding companies that have received approval under chapter 101 for acquisition or establishment to meet the credit needs of consumers and small businesses and an analysis of the impact of applications approved under chapters 35 and 101 on the banking structure of the State and the credit needs of the state's citizens and businesses.   [PL 1983, c. 816, Pt. B, §2 (NEW).]
SECTION HISTORY
PL 1983, c. 816, §B2 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 22: EXAMINATIONS, RECORDS AND REPORTS › 9-B §222. Reports and other information from supervised institutions

§222. Reports and other information from supervised institutions
1.  General requirement.
In addition to the reports required pursuant to this section, the superintendent may require, from a financial institution organized under the laws of this State and from an out-of-state financial institution authorized to do business in this State, reports and other information from those institutions at those times and in such form as the superintendent considers appropriate for the proper supervision and regulation of those institutions.
[PL 1995, c. 628, §12 (AMD).]
2.  Designation of chief executive officer.
[PL 1997, c. 398, Pt. K, §2 (RP).]
3.  Condition and income reports.
Every financial institution subject to this Title shall make quarterly, or at such times as the superintendent may direct, a report of condition and income to the superintendent. The report must be in such form and contain such information as the superintendent considers appropriate for the proper supervision and regulation of such financial institutions.
The report must contain a declaration that the report is true and correct and must be signed by an officer authorized to do so by the board of directors of the financial institution. The financial institution shall retain a copy of the report that is filed with the bureau, including the original signed declaration, and shall make it available to the bureau upon request.
A. [PL 2009, c. 228, §2 (RP).]
B. [PL 2009, c. 228, §2 (RP).]
[PL 2009, c. 228, §2 (RPR).]
4.  Use of reports prepared for other state or federal regulatory agencies.
At the discretion of the superintendent, the reporting requirements of this section may be complied with by submitting to the superintendent copies of reports prepared for other state or federal regulatory agencies by the institution that contain the information requested.
[PL 1995, c. 628, §12 (AMD).]
5.  Penalties.
Any financial institution which shall fail to furnish reports and information required pursuant to this section, within the time specified, shall be subject to a penalty of not more than $100 for each day it is in violation of this section, which penalty may be recovered in a civil action brought in the name of the State.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1979, c. 429, §§1,2 (AMD). PL 1995, c. 628, §12 (AMD). PL 1997, c. 398, §K2 (AMD). PL 2001, c. 211, §7 (AMD). PL 2009, c. 228, §2 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 22: EXAMINATIONS, RECORDS AND REPORTS › 9-B §223. Publication and posting of reports

§223. Publication and posting of reports
1.  Condition and income reports.
[PL 1995, c. 24, §3 (RP).]
2.  Reports posted in offices.
Every limited purpose bank shall make available in all of its offices at least 10 days, but not more than 30 days, prior to the annual meeting of its stockholders, corporators, members or other holders of equity interests, its latest condition report or a condition report for its most recently completed fiscal year, and a report of income for the institution's most recently completed fiscal year. In addition to making available its latest condition report or condition report for its most recently completed fiscal year, a limited purpose bank shall make available a report of its fiduciary assets and income. Every federally insured financial institution shall post a notice in its main office that the financial institution's latest condition and income reports are available to the public upon request.
[PL 2023, c. 30, §3 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §6 (AMD). PL 1979, c. 429, §3 (AMD). PL 1995, c. 24, §3 (AMD). PL 2009, c. 228, §3 (AMD). PL 2023, c. 30, §3 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 22: EXAMINATIONS, RECORDS AND REPORTS › 9-B §224. Records to be kept by supervised institutions

§224. Records to be kept by supervised institutions
1.  Records for superintendent.
A financial institution authorized to do business in this State shall keep those books, accounts and records relating to all transactions that enable the superintendent to ensure full compliance with the laws of this State.
[PL 1995, c. 628, §13 (AMD).]
2.  Loans and investments.
The board of each financial institution shall establish written policies for approval of loans and investments. In the policies, the board may delegate to officers, employees or committees comprised of officers, employees, or board members, the authority to approve loans and investments. The board may retain authority to approve or ratify types or classes of loans or investments as it considers reasonable. The board shall retain authority to approve or ratify types or classes of loans or investments where the approval is otherwise specifically required by this Title. The superintendent has authority to review loan and investment policies to assure that they contribute to the safety and soundness of the institution. A record of all loans and investments of every description made by a financial institution shall be kept in a book or books appropriate, substantially in the order of the time when the loans or investments are made. The record shall be made available to the superintendent and, if requested for the purpose of reviewing the financial responsibility of management by a vote of the directors, corporators, members of stockholders, the record shall be submitted to those persons. Records of loan and investment approvals shall be maintained and shall be available for the review of directors and of the superintendent.
[PL 1985, c. 83, §1 (RPR).]
3.  Agreements with directors, officers and corporators.
A financial institution shall maintain records of all agreements between the institution and its directors, officers and corporators and all persons acting on behalf of such persons, including, but not limited to, all loans and other contracts.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1985, c. 83, §1 (AMD). PL 1995, c. 628, §13 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 22: EXAMINATIONS, RECORDS AND REPORTS › 9-B §225. Retention of financial institution records

§225. Retention of financial institution records
1.  Superintendent's authority.
All records of financial institutions authorized to do business in this State and of credit unions authorized to do business in this State, insofar as this section does not contravene paramount federal law, must be retained for such minimum periods as the superintendent may prescribe.
[PL 2003, c. 322, §10 (AMD).]
2.  Minimum retention period.
The superintendent may from time to time issue regulations classifying all records kept by these institutions and prescribing the minimum period for which these records shall be retained. Such periods may be permanent or for a lesser term. Such regulations may be amended or repealed from time to time; provided that any amendment or repeal shall not affect any action taken prior to such amendment or repeal.
[PL 1975, c. 500, §1 (NEW).]
3.  Retention criteria.
Prior to issuing regulations pursuant to subsection 2, the superintendent shall consider:
A. Court and administrative proceedings in which the production of these records might be necessary or desirable;   [PL 1975, c. 500, §1 (NEW).]
B. State and federal statutes of limitation applicable to such proceedings;   [PL 1975, c. 500, §1 (NEW).]
C. The availability of information from other sources; and   [PL 1975, c. 500, §1 (NEW).]
D. Such other matters as the superintendent shall deem pertinent in order that the regulations will require retention of records for such reasonable period as is commensurate with the interests of customers, depositors, stockholders and the people of this State in having such records available.   [PL 1975, c. 500, §1 (NEW).]
[PL 1975, c. 500, §1 (NEW).]
4.  Reproductions.
Reproductions, as defined by Title 16, section 456 shall be deemed acceptable, in lieu of the originals, for purposes of the prescribed periods for which such records shall be retained.
[PL 1975, c. 500, §1 (NEW).]
5.  Disposal of records.
Institutions may dispose of any record which has been retained for the minimum period prescribed by the superintendent.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 2003, c. 322, §10 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 22: EXAMINATIONS, RECORDS AND REPORTS › 9-B §226-A. Cooperative agreements

§226-A. Cooperative agreements
The superintendent may enter into cooperative agreements with other state, federal or foreign regulatory agencies to facilitate the regulatory functions of the bureau, including, but not limited to, information sharing, coordination of examinations and joint examinations.   [PL 1999, c. 184, §8 (AMD).]
SECTION HISTORY
PL 1995, c. 628, §15 (NEW). PL 1999, c. 184, §8 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 22: EXAMINATIONS, RECORDS AND REPORTS › 9-B §227. Subpoena powers

§227. Subpoena powers
The superintendent shall have the power and authority to summon persons and subpoena witnesses, compel their attendance, require production of evidence, administer oaths and examine any person under oath in connection with any subject related to the supervision and regulation of financial institutions. Any summons or subpoena may be served by registered mail with return receipt. Powers granted under this section may be enforced by the Superior Court.   [PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 22: EXAMINATIONS, RECORDS AND REPORTS › 9-B §228. Report of violations

§228. Report of violations
1.  Requirement.
If, in the opinion of the superintendent, any financial institution authorized to do business in this State or credit union authorized to do business in this State, or the officers, corporators, directors, employees or agents of any financial institution authorized to do business in this State or credit union authorized to do business in this State, has persistently violated any provision of this Title or rule adopted under this Title, the superintendent shall report the violation, with any remarks the superintendent determines appropriate, to the Attorney General who may institute a prosecution of the violation on behalf of the State.
[PL 2003, c. 322, §11 (AMD).]
2.  Penalty.
The penalty for such violation, unless otherwise prescribed, shall be not less than $500 nor more than $1000.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 2003, c. 322, §11 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 23: CEASE AND DESIST ORDERS; REMOVAL OR CHANGE OF OFFICER OR DIRECTOR › 9-B §233. Enforcement by Superior Court

§233. Enforcement by Superior Court
Orders issued by the superintendent pursuant to sections 231 and 232 shall be enforced by the Superior Court, subject to the following conditions and limitations:   [PL 1975, c. 500, §1 (NEW).]
1.  Appeal of order.
Any person aggrieved and directly affected by an order of the superintendent issued pursuant to sections 231 and 232 shall be entitled to judicial review of the order pursuant to the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter VII.
[PL 1977, c. 694, §157 (RPR).]
2.  Limitation on liability.
No person shall be subjected to any civil or criminal liability for any act or omission to act in good faith in reliance upon a subsisting order, regulation or definition of the superintendent, notwithstanding a subsequent decision by any court invalidating the order, regulation or definition.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1977, c. 694, §157 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 23: CEASE AND DESIST ORDERS; REMOVAL OR CHANGE OF OFFICER OR DIRECTOR › 9-B §234. Notice to Federal authorities

§234. Notice to Federal authorities
1.  Requirement.
In connection with any proceeding under section 231 or 232 involving a financial institution under the concurrent supervision of a federal agency and the bureau, the superintendent shall provide the appropriate federal agency with notice of any such proceeding and the grounds therefor. Such proceeding may then be continued jointly or by either the federal agency or the superintendent.
[PL 2007, c. 79, §4 (AMD).]
2.  Failure to notify.
Failure of the superintendent to give such notice shall not constitute a ground for attacking the validity of the order.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 2007, c. 79, §4 (AMD).