reglab/statecodes huggingface dataset:
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 §235. Change of director or senior executive officer

§235. Change of director or senior executive officer
1.  Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
A. "Financial institution in troubled condition" includes any financial institution:
(1) That is subject to a cease and desist order issued under section 231 or issued by a federal regulator under applicable federal law;
(2) That is subject to a written agreement as contemplated under section 231;
(3) That has a composite rating of 4 or 5 under the federal Uniform Financial Institutions Rating System or comparable composite ratings under a rating system employed by the superintendent;
(4) That is not in compliance with section 412-A or is not in compliance with applicable federal capital standards; or
(5) That has been notified in writing by the superintendent that it is in troubled condition for the purposes of this section.   [PL 2007, c. 79, §5 (NEW).]
B. "Senior executive officer" means any person who holds the title of president, chief executive officer, chief operating officer, chief financial officer, chief lending officer or chief investment officer or, without regard to title, salary or compensation, performs the function of one or more of these positions. "Senior executive officer" also includes any other person identified by the superintendent, whether or not hired as an employee, with significant influence over, or who participates in, major policy-making decisions of a financial institution.   [PL 2007, c. 79, §5 (NEW).]
[PL 2007, c. 79, §5 (NEW).]
2.  Filing notice.
A financial institution in troubled condition shall file notice with the superintendent at least 30 days prior to adding or replacing a member of its board of directors or governing body, employing a senior executive officer or changing the duties of a senior executive officer so that the senior executive officer would assume a different senior executive officer position. The notice must be in a form and contain content as prescribed by the superintendent. For good cause shown, the superintendent may accept notice of less than 30 days.
[PL 2007, c. 79, §5 (NEW).]
3.  Approval.
The superintendent shall approve or disapprove the notice under subsection 2 within 10 days after the receipt of the notice.
[PL 2007, c. 79, §5 (NEW).]
SECTION HISTORY
PL 2007, c. 79, §5 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 24: ANTICOMPETITIVE OR DECEPTIVE PRACTICES › 9-B §242. Deceptive advertising

§242. Deceptive advertising
1.  Rules.
The superintendent has authority to adopt rules, pursuant to section 251, defining, limiting or proscribing advertising by a financial institution authorized to do business in this State, a credit union authorized to do business in this State, an association of such institutions or a financial institution holding company, or representations made by those institutions, that is false, misleading or deceptive.
[PL 1999, c. 218, §6 (AMD).]
2.  Orders against deceptive advertising.
A. The superintendent may issue an order in accordance with section 231 upon determining that any entity or entities described in subsection 1 has issued an advertisement or made a representation which is false, misleading or deceptive.   [PL 1975, c. 500, §1 (NEW).]
B. If an entity has already issued or published such an advertisement or representation, the superintendent may order the entity to take such affirmative corrective action as he deems necessary and appropriate under the circumstances for the purpose of informing and protecting the public and other interested parties.   [PL 1975, c. 500, §1 (NEW).]
C. The fact that rules and regulations have not been promulgated pursuant to this section shall not affect the validity of any order issued hereunder.   [PL 1975, c. 500, §1 (NEW).]
[PL 1975, c. 500, §1 (NEW).]
3.  Appeal.
An interested party affected by the exercise of the superintendent's authority in subsection 2, paragraphs A or B shall have the right to appeal such decision or order pursuant to section 233, subsection 1 and shall also be entitled to rights specified in section 233, subsection 2.
[PL 1975, c. 500, §1 (NEW).]
4.  Advertisement of insurance products.
In any advertisement of an insurance product offered pursuant to section 448, a financial institution or its affiliate shall include a statement that the product is not insured by the Federal Deposit Insurance Corporation or National Credit Union Administration, as applicable.
This subsection does not apply to group health and group life insurance to the extent authorized by Title 24‑A, chapters 31 and 35 when the insured is enrolled in the insurance policy, credit life and health insurance to the extent authorized by Title 24‑A, chapter 37, credit property insurance, credit involuntary unemployment insurance, forced placed property insurance, a vendor's single interest policy or any other insurance product as determined by the Superintendent of Insurance.
[PL 1997, c. 315, §14 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 315, §14 (AMD). PL 1999, c. 218, §6 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 24: ANTICOMPETITIVE OR DECEPTIVE PRACTICES › 9-B §243. Tie-in arrangements

§243. Tie-in arrangements
1.  Prohibition.
A financial institution authorized to do business in this State or a credit union authorized to do business in this State may not in any manner extend credit, lease or sell property, or furnish any service, or fix or vary the consideration for any of the foregoing on the condition, agreement, requirement or understanding:
A. That the customer obtain some additional or other credit, property or other service from such financial institution other than a loan, discount, deposit or trust service. This paragraph does not prohibit a tie-in involving insurance products that is permitted under Title 24-A;   [PL 1997, c. 315, §15 (AMD).]
B. That the customer obtain some additional or other credit, property or service from a subsidiary of such financial institution, a financial institution holding company of such financial institution or from any other subsidiary of such financial institution holding company;   [PL 1999, c. 218, §7 (AMD).]
C. That the customer provide some additional or other credit, property or service to such financial institution, other than those related to and usually provided in connection with a loan, discount, deposit or trust service;   [PL 1999, c. 218, §7 (AMD).]
D. That the customer provide some additional or other credit, property or service to a subsidiary of such financial institution, a financial institution holding company of such financial institution or from any other subsidiary of such financial institution holding company; or   [PL 1999, c. 218, §7 (AMD).]
E. That the customer may not obtain some additional or other credit, property or service from a competitor of such financial institution, a subsidiary of a competitor financial institution, a financial institution holding company of a competitor financial institution or any other subsidiary of such competitor financial institution holding company, other than a condition or requirement that such financial institution shall reasonably impose in a credit transaction to assure the soundness of the credit.   [PL 1999, c. 218, §7 (AMD).]
[PL 1999, c. 218, §7 (AMD).]
2.  Exceptions.
The superintendent may, pursuant to regulations issued in accordance with section 251, permit such exceptions to the prohibitions in subsection 1 as he considers will not be contrary to the public interest and the purposes of this section.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1979, c. 663, §32 (AMD). PL 1997, c. 315, §15 (AMD). PL 1999, c. 218, §7 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 24: ANTICOMPETITIVE OR DECEPTIVE PRACTICES › 9-B §244. Exemption

§244. Exemption
A financial institution authorized to do business in this State or credit union authorized to do business in this State subject to the provisions of this chapter is exempt from the provisions of Title 5, chapter 10.   [PL 2003, c. 322, §13 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 2003, c. 322, §13 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 25: ADMINISTRATIVE PROCEDURES › 9-B §251. Rule-making

§251. Rule-making
Promulgation of rules of the bureau, and amendments thereto, shall conform to the requirements of the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter II.   [PL 1983, c. 182 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §§7-A,8,9 (AMD). PL 1977, c. 694, §158 (RPR). PL 1983, c. 182 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 25: ADMINISTRATIVE PROCEDURES › 9-B §253. Criteria for decision-making

§253. Criteria for decision-making
The superintendent shall take into account, but is not limited to, the criteria set forth in this section in considering applications filed pursuant to section 252.   [PL 1997, c. 398, Pt. K, §6 (AMD).]
1.  Public convenience and advantage.
A. The superintendent shall not approve an application unless he determines that the proposed transaction contributes to the financial strength and success of the financial institution or institutions concerned, and promotes the convenience and advantage of the public.   [PL 1975, c. 500, §1 (NEW).]
B. Public convenience and advantage shall exist if the superintendent determines, based on all relevant evidence, information and materials, that public benefits, such as increased competition or gains in efficiency, outweigh possible adverse effects, such as decreased or unfair competition, undue concentration of resources, conflicts of interest, or unsafe or unsound practices.   [PL 1975, c. 500, §1 (NEW).]
[PL 1975, c. 500, §1 (NEW).]
2.  Basis for decision.
In addition to the standards set forth in subsection 1, the superintendent shall consider the following factors in determining whether the standard of public convenience and advantage has been met:
A. The character, ability and overall sufficiency of the management, including directors, or organizers, corporators and incorporators of a new financial institution;   [PL 1975, c. 500, §1 (NEW).]
B. The adequacy of capital and financial resources of the institution or institutions concerned;   [PL 1975, c. 500, §1 (NEW).]
C. The competitive abilities and future prospects of the institution or institutions concerned;   [PL 1975, c. 500, §1 (NEW).]
D. The convenience and needs of the market area or areas to be served;   [PL 1975, c. 500, §1 (NEW).]
E. The competitive effect of the proposed transaction on the price, availability and quality of services in the market area or areas to be served;   [PL 1975, c. 500, §1 (NEW).]
F. The likely impact of the proposed transaction on other financial institutions in the market area or areas to be served; and   [PL 1975, c. 500, §1 (NEW).]
G. The fairness and equities involved in any merger, consolidation, conversion or acquisition.   [PL 1975, c. 500, §1 (NEW).]
[PL 1975, c. 500, §1 (NEW).]
3.  Burden of proof.
In all cases, the burden of proving that public convenience and advantage will be promoted, and that the proposed transaction contributes to the financial strength and success of the institution or institutions concerned, shall rest with the applicant.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §K6 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 25: ADMINISTRATIVE PROCEDURES › 9-B §254. Hearings by superintendent (REPEALED)

§254. Hearings by superintendent
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §13 (AMD). PL 1977, c. 694, §163 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 25: ADMINISTRATIVE PROCEDURES › 9-B §255. Hearings on petition of 25 persons

§255. Hearings on petition of 25 persons
1.  Alleged noncompliance with this Title.
A group of 25 or more persons may join together and petition the superintendent as an interested party to hold a hearing if such group submits to the superintendent a written petition asserting they have reason to believe that a financial institution holding company or financial institution subject to the laws of this State is not complying with the standards of public convenience and advantage set forth in section 253, or that such institution has violated or is violating any provision of this Title or regulation issued pursuant thereto.
[PL 1975, c. 500, §1 (NEW).]
2.  Request for rule-making.
Any person may petition the superintendent to hold a rule-making proceeding for the purpose of promulgating such rules, regulations or amendments as may be proposed in his petition and may petition for a hearing on the proposed rule, regulation or amendment.
[PL 1977, c. 694, §164 (RPR).]
3.  Procedures for requesting hearing.
A petition for a hearing pursuant to this section shall be made in accordance with regulations promulgated by the superintendent.
[PL 1977, c. 694, §164 (RPR).]
4.  Grant or denial of request.
Unless the superintendent shall deem a petition filed pursuant to subsection 1 frivolous or not bona fide, he shall designate the petitioner or petitioners as an interested party and hold a hearing for the purpose set forth in the petition. If the request is a petition for rule-making, within 60 days after receipt of the petition, the superintendent shall either notify the petitioner in writing of its denial and the reasons therefor, or initiate appropriate rule-making proceedings.
[PL 1977, c. 694, §164 (RPR).]
5.  Treatment as interested party.
A group whose petition is granted by the superintendent shall be treated as a single interested party for all purposes of this chapter, unless otherwise determined by the superintendent.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1977, c. 694, §164 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 2: BUREAU OF FINANCIAL INSTITUTIONS › Chapter 25: ADMINISTRATIVE PROCEDURES › 9-B §256. Judicial review of superintendent's action

§256. Judicial review of superintendent's action
Any person or organization affected adversely by a rule, regulation, amendment, order or decision on an application promulgated by the superintendent, or affected adversely by the denial of a request for a hearing, may appeal from that action. Judicial review of any final action of the superintendent shall be in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter VII.   [PL 1977, c. 694, §165 (RPR).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1977, c. 694, §165 (RPR).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 31: ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED INSTITUTIONS › 9-B §311. Applicability of chapter

§311. Applicability of chapter
The provisions of this chapter govern the organization and management of financial institutions operating as corporations, limited liability companies, limited partnerships and limited liability partnerships. Unless otherwise indicated in this Title, the provisions of Title 13‑C apply to financial institutions operating as corporations; Title 31, chapter 19 applies to financial institutions operating as limited partnerships; Title 31, chapter 21 applies to financial institutions operating as limited liability companies; and Title 31, chapter 15 applies to financial institutions operating as limited liability partnerships.   [PL 2009, c. 629, Pt. A, §3 (AFF); PL 2009, c. 629, Pt. B, §1 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1991, c. 670, §3 (AMD). PL 1997, c. 398, §C2 (AMD). RR 2001, c. 2, §B7 (COR). RR 2001, c. 2, §B58 (AFF). PL 2005, c. 543, §D1 (AMD). PL 2005, c. 543, §D18 (AFF). PL 2009, c. 629, Pt. A, §3 (AFF). PL 2009, c. 629, Pt. B, §1 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 31: ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED INSTITUTIONS › 9-B §312-A. Expedited authority

§312-A. Expedited authority
Notwithstanding any other provision of law, the superintendent may grant a certificate of public convenience and advantage for a corporation, limited liability company, limited partnership or limited liability partnership to conduct business as a financial institution effective immediately if the superintendent determines that such action is necessary for the protection of depositors or the public. This action may be taken only in conjunction with transactions processed under section 354‑A or 355‑A.   [PL 1997, c. 398, Pt. C, §8 (AMD).]
SECTION HISTORY
PL 1991, c. 34, §1 (NEW). PL 1997, c. 398, §C8 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 31: ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED INSTITUTIONS › 9-B §313. Organization (REPEALED)

§313. Organization
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1987, c. 81, §§7,8 (AMD). PL 1997, c. 398, §C9 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 31: ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED INSTITUTIONS › 9-B §313-A. Certificate to commence business

§313-A. Certificate to commence business
1.  Requirements.
A corporation, limited liability company, limited partnership or limited liability partnership that has received a certificate of public convenience and advantage to conduct business as a financial institution may not commence business until the superintendent certifies in writing that the required capital has actually been paid in and that all other terms and conditions contained in the certificate of public convenience and advantage have been satisfied.
[PL 1997, c. 398, Pt. C, §10 (NEW).]
2.  Failure to commence business.
The following provisions apply to an entity authorized to conduct business as a financial institution that fails to commence business.
A. Any corporation, limited liability company, limited partnership or limited liability partnership authorized to conduct business as a financial institution that fails to commence business as a financial institution within one year after receiving a certificate of public convenience and advantage forfeits that certificate and any other certificate to commence business and shall cease all activities. The superintendent shall certify to the Secretary of State that the certificate of public convenience and advantage and any certificate to commence business have been forfeited so that the institution's organizational documents may be terminated by the Secretary of State.   [PL 1997, c. 398, Pt. C, §10 (NEW).]
B. Upon a forfeiture pursuant to paragraph A, the subscribers to the stock of the institution are entitled to a return of any amounts they have paid to the institution as consideration for its shares. The original incorporators shall bear the expenses incurred in the organization.   [PL 1997, c. 398, Pt. C, §10 (NEW).]
C. Upon the failure to commence business within one year and the forfeiture of the certificate of public convenience and advantage and any other certificate to commence business, the corporation, limited liability company, limited partnership or limited liability partnership or the organizers of the entity may not submit another application for permission to conduct business as a financial institution under section 312 for at least one year from the date of this forfeiture.   [PL 1997, c. 398, Pt. C, §10 (NEW).]
D. Notwithstanding the time limitation in paragraph A, the superintendent may extend the period in which business must be commenced for a period not to exceed 6 months upon written application by the institution setting forth the reasons for the extension. If an extension is granted by the superintendent, the superintendent shall notify the Secretary of State.   [PL 1997, c. 398, Pt. C, §10 (NEW).]
[PL 1997, c. 398, Pt. C, §10 (NEW).]
SECTION HISTORY
PL 1997, c. 398, §C10 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 31: ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED INSTITUTIONS › 9-B §314. Corporate finance (REPEALED)

§314. Corporate finance
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §C11 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 31: ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED INSTITUTIONS › 9-B §315. Stockhoders (REPEALED)

§315. Stockhoders
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1979, c. 663, §35 (AMD). PL 1997, c. 398, §C13 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 31: ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED INSTITUTIONS › 9-B §316. Board of directors (REPEALED)

§316. Board of directors
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1979, c. 663, §36 (AMD). PL 1983, c. 63, §1 (AMD). PL 1983, c. 480, §§B9,211 (AMD). PL 1985, c. 642, §§1,2 (AMD). PL 1987, c. 81, §9 (AMD). PL 1993, c. 257, §1 (AMD). PL 1997, c. 182, §§A2,3 (AMD). PL 1997, c. 398, §C14 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 31: ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED INSTITUTIONS › 9-B §316-A. Governing body

§316-A. Governing body
Except as provided in this section, the management and operations of a financial institution organized under this chapter are governed by Title 13‑C; Title 31, chapter 19; Title 31, chapter 21; or Title 31, chapter 15, as appropriate, depending upon the organizational form of the financial institution operating under this chapter. The institution's organizational documents must address the powers and duties of the governing body.   [PL 2009, c. 629, Pt. A, §3 (AFF); PL 2009, c. 629, Pt. B, §2 (AMD).]
1.  Number of directors.
The governing body of a financial institution must consist of at least 5 directors, except that the superintendent may approve fewer directors for good cause shown.
[PL 1999, c. 218, §10 (AMD).]
2.  Executive committee.
The governing body of a financial institution organized as a corporation may appoint by majority vote of the governing body an executive committee of no less than 5 members and may delegate to the committee the powers of the governing body in regard to the ordinary operations of the business of the institution. The superintendent may approve fewer members for good cause shown.
[PL 1997, c. 398, Pt. C, §15 (NEW).]
3.  Frequency of meetings.
A governing body of a financial institution organized as a corporation that has appointed an executive committee shall meet at least 6 times a year, including once each quarter, if the executive committee meets during the months in which the governing body does not meet. Minutes of executive committee meetings must be ratified by the governing body. The governing body of a financial institution organized as a corporation that has not appointed an executive committee or the governing body of any other financial institution shall meet at least monthly. The superintendent may approve less frequent meetings for good cause shown.
[PL 1997, c. 398, Pt. C, §15 (NEW).]
SECTION HISTORY
PL 1997, c. 398, §C15 (NEW). PL 1999, c. 218, §10 (AMD). RR 2001, c. 2, §B8 (COR). RR 2001, c. 2, §B58 (AFF). PL 2005, c. 543, §D2 (AMD). PL 2005, c. 543, §D18 (AFF). PL 2009, c. 629, Pt. A, §3 (AFF). PL 2009, c. 629, Pt. B, §2 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 31: ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED INSTITUTIONS › 9-B §317. Officers and employees (REPEALED)

§317. Officers and employees
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1979, c. 170, §1 (AMD). PL 1979, c. 429, §6 (AMD). PL 1979, c. 663, §37 (AMD). PL 1981, c. 501, §30 (AMD). PL 1993, c. 257, §2 (AMD). PL 1997, c. 398, §C16 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 31: ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED INSTITUTIONS › 9-B §317-A. Officers

§317-A. Officers
Except as provided in this section, the powers and duties of officers of a financial institution organized under this chapter are governed by Title 13‑C; Title 31, chapter 19; Title 31, chapter 21; or Title 31, chapter 15, as appropriate, depending upon the organizational form of the financial institution operating under this chapter. The institution's organizational documents must address the powers and duties of officers.   [PL 2009, c. 629, Pt. A, §3 (AFF); PL 2009, c. 629, Pt. B, §3 (AMD).]
1.  Appointment.
The governing body of a financial institution shall appoint from its members or otherwise one or more officers to manage the day-to-day affairs of the institution. One of these officers must be designated the chief executive officer. The governing body shall report the name of the designated chief executive officer to the superintendent within 10 days of designation.
[PL 1997, c. 398, Pt. C, §17 (NEW).]
2.  Bonds.
The governing body of a financial institution shall require security for the fidelity and faithful performance of duties by its officers, employees and agents in an amount that the governing body considers necessary or that the superintendent requires. This security must consist of a bond executed by one or more surety companies authorized to transact business in this State. The superintendent may increase this amount from time to time as circumstances may require.
[PL 1997, c. 398, Pt. C, §17 (NEW).]
SECTION HISTORY
PL 1997, c. 398, §C17 (NEW). RR 2001, c. 2, §B9 (COR). RR 2001, c. 2, §B58 (AFF). PL 2005, c. 543, §D3 (AMD). PL 2005, c. 543, §D18 (AFF). PL 2009, c. 629, Pt. A, §3 (AFF). PL 2009, c. 629, Pt. B, §3 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 31: ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED INSTITUTIONS › 9-B §318. Dividends, distributions and withdrawals

§318. Dividends, distributions and withdrawals
1.  Limitation.
A financial institution organized pursuant to this chapter may not authorize dividends, distributions or withdrawals that reduce capital below the higher of the amount required under the certificate of public convenience and advantage or section 412-A without the prior approval of the superintendent.
[PL 1997, c. 398, Pt. C, §17 (NEW).]
2.  Form.
Dividends, distributions and withdrawals must be in cash or in additional shares, members' interests or partnership interests unless otherwise authorized by the superintendent.
[PL 1997, c. 398, Pt. C, §17 (NEW).]
SECTION HISTORY
PL 1997, c. 398, §C17 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 31: ORGANIZATION AND MANAGEMENT OF INVESTOR-OWNED INSTITUTIONS › 9-B §319. Special provisions for subsidiary banks of mutual holding companies

§319. Special provisions for subsidiary banks of mutual holding companies
1.  Restriction.
A subsidiary bank established pursuant to a reorganization under chapter 105 must be organized as a corporation.
[PL 1997, c. 398, Pt. C, §17 (NEW).]
2.  Board of directors.
With respect to a subsidiary bank established pursuant to a reorganization under chapter 105 from and after the time that subsidiary bank includes stockholders other than the mutual holding company, the articles of incorporation of the subsidiary bank must be amended to provide for proportionate representation of the minority stockholders on the board of directors of the subsidiary bank based on the percentage of common stock owned by the minority stockholders in the aggregate relative to the total amount of common stock then issued and outstanding, except that the minority stockholder representatives on the board of directors of the subsidiary bank may not be fewer than 2. A director or officer of a mutual holding company or subsidiary bank or any affiliate of that company or institution is prohibited from serving as a designated minority stockholder representative on the board of directors of the subsidiary bank. Shares of stock of the subsidiary bank owned directly or indirectly by an individual director or officer of the mutual holding company are deemed to be owned by the mutual holding company for purposes of determining proportionate representation of minority stockholders on the board of directors of the subsidiary bank. Representatives of the mutual holding company that serve on the board of directors of the subsidiary bank must be selected in accordance with chapter 105.
[PL 1997, c. 398, Pt. C, §17 (NEW).]
SECTION HISTORY
PL 1997, c. 398, §C17 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 32: ORGANIZATION AND MANAGEMENT OF MUTUAL AND COOPERATIVE FINANCIAL INSTITUTIONS › 9-B §321. Applicability of chapter

§321. Applicability of chapter
The provisions of this chapter govern the organization and management of financial institutions operating as mutual or cooperative financial institutions.   [PL 1997, c. 398, Pt. D, §2 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §D2 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 33: BRANCHES › 9-B §331. Applicability of chapter; statewide branching

§331. Applicability of chapter; statewide branching
1.  Applicability.
The provisions of this chapter govern the establishment of a branch office or agency by a financial institution subject to the laws of this State.
[PL 1997, c. 398, Pt. E, §1 (AMD).]
2.  Statewide branching.
Subject to the conditions and limitations contained in this chapter, a financial institution may establish a branch anywhere within this State, except that a financial institution may not establish a branch within 1.5 miles of any location of an affiliate where the affiliate engages in commercial activity and may not conduct any commercial activity at any branch.
[PL 2007, c. 69, §2 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §E1 (AMD). PL 2007, c. 69, §2 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 33: BRANCHES › 9-B §332. Branch offices

§332. Branch offices
1.  Approval of governing body.
All or any part of the business of a financial institution authorized pursuant to the provisions of this Title may be transacted in a branch or agency office. The financial institution's governing body is responsible for determining the scope of operations of each branch, including the services to be provided and the days and hours of operation. Customers must be provided reasonable advance notice of reduction in services or hours of operation.
[PL 1997, c. 398, Pt. E, §1 (AMD).]
2.  Superintendent's approval.
[PL 1999, c. 218, §11 (RP).]
2-A.  Superintendent's approval.
A financial institution may not establish a branch or agency office without the prior approval of the superintendent.
A. For a branch being established in the State by a financial institution, approval must be obtained pursuant to section 336, except that a financial institution that meets the minimum standards set forth in section 412‑A or 831 and any rules adopted pursuant to these sections and is not under an enforcement action that requires the superintendent's prior approval of a branch establishment may establish a branch in this State without the prior approval of the superintendent. If the superintendent's approval is not required, the financial institution shall inform the superintendent at least 10 days prior to the proposed action. This notice must be accompanied by a recording fee not to exceed $100.   [PL 2017, c. 143, §1 (AMD).]
B. For a branch being established by a financial institution outside of this State, but not in a foreign country, approval must be obtained pursuant to chapter 37 and section 336.   [PL 1999, c. 218, §12 (NEW).]
C. For a branch being established by a financial institution outside of this State and in a foreign country, approval must be obtained pursuant to section 336.   [PL 1999, c. 218, §12 (NEW).]
[PL 2017, c. 143, §1 (AMD).]
3.  Bonded carrier.
The use of a financial institution employee or a bonded carrier to transport deposits to a financial institution, whether paid for by the customer or the financial institution, may not be construed as the establishment or operation of a branch. In the event a bonded carrier is used to transport deposits to a financial institution, the messenger must be considered the agent of the customer rather than of the financial institution. Deposits collected under this arrangement are not considered to have been received by the financial institution until they are actually delivered to a teller at the financial institution's premises.
[PL 1997, c. 398, Pt. E, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §E1 (AMD). PL 1999, c. 218, §§11,12 (AMD). PL 2017, c. 143, §1 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 33: BRANCHES › 9-B §333. Limited-time, in-school or seasonal branch offices (REPEALED)

§333. Limited-time, in-school or seasonal branch offices
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1993, c. 492, §3 (AMD). PL 1997, c. 398, §E2 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 33: BRANCHES › 9-B §335. Change of office location; closing of an office

§335. Change of office location; closing of an office
1.  Relocation.
A main office, branch or agency office of a financial institution may not be moved to a new location without the prior written approval of the superintendent, pursuant to section 336, except that a financial institution that meets the minimum standards set forth in section 412‑A or 831 and any rules adopted pursuant to these sections and is not under an enforcement action that requires the superintendent's prior approval of a branch relocation may relocate a main office or branch in this State without the prior approval of the superintendent. If the superintendent's approval is not required, then the financial institution must inform the superintendent at least 10 days prior to the proposed action. This announcement must be accompanied by a recording fee not to exceed $100.
[PL 2017, c. 143, §2 (AMD).]
2.  Closing.
Any branch or agency office may be closed or discontinued with the prior written approval of the superintendent pursuant to section 336 after such public notice of the closing as the superintendent considers necessary.
[PL 1997, c. 398, Pt. E, §4 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §E4 (AMD). PL 2017, c. 143, §2 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 33: BRANCHES › 9-B §337. Real estate for offices and facilities

§337. Real estate for offices and facilities
1.  Authority.
A financial institution may invest in improved or unimproved real estate, and in the erection or improvement of buildings thereon, together with, furniture, fixtures, equipment and capitalized leases on any fixed asset items for the purpose of providing offices or facilities for transaction of the institution's authorized business; and such buildings may include space for rental purposes.
[PL 1979, c. 429, §7 (AMD).]
2.  Limitations.
Real estate, furniture, fixtures, equipment and capitalized leases, combined, invested in pursuant to subsection 1 may not exceed 60% of the total capital. The superintendent may approve in writing, upon application by an institution and for good cause shown, a greater percentage.
[PL 1997, c. 398, Pt. E, §8 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1979, c. 429, §7 (AMD). PL 1997, c. 398, §E8 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 33: BRANCHES › 9-B §338. Operating hours: branch offices and facilities

§338. Operating hours: branch offices and facilities
1.  Permissible operating hours.
A financial institution authorized to do business in the State may permit any of its branch offices, facilities or walk-up or drive-up windows of its main office or branch offices to remain open, or open for limited functions only, during such hours as it may determine from time to time. Any hours in which said branch office, facility or walk-up or drive-up window of its main office or branch office is open for limited functions only after its main office is closed are, with respect to such institution, not considered to be part of a business day.
[PL 1999, c. 218, §14 (AMD).]
2.  Limitation on liability.
Any act authorized, required or permitted to be performed at or by, or with respect to, any such institution during hours at which said branch office, facility, or walk-up or drive-up window of its main office or branch office is open for limited functions only after its main office is closed may be so performed on the next succeeding business day, and no liability or loss of rights of any kind shall result from such delay.
[PL 1975, c. 500, §1 (NEW).]
3.  Validity of transactions.
Nothing in any law of this State shall in any manner whatsoever affect the validity of, or render void or voidable, the payment, certification or acceptance of a check or other negotiable instrument or any other transaction by a financial institution in this State because done or performed during such hours in which a branch office, facility, or walk-up or drive-up window of its main office or branch is open for limited functions only after its main office is closed.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §E9 (AMD). PL 1999, c. 218, §14 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 33: BRANCHES › 9-B §339. Mobile branches and branches in other states (REPEALED)

§339. Mobile branches and branches in other states
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1977, c. 152, §2 (AMD). PL 1979, c. 429, §8 (AMD). PL 1985, c. 577 (RPR). PL 1987, c. 692, §3 (AMD). PL 1993, c. 492, §4 (AMD). PL 1997, c. 398, §E10 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 33: BRANCHES › 9-B §339-A. Interstate branches and satellite facilities

§339-A. Interstate branches and satellite facilities
1.  Interstate branches.
Except as provided for in chapter 37, this Title may not be construed as permitting a financial institution to establish a branch office or facility in any state other than this State and a financial institution not authorized to do business in this State may not establish or operate a branch office or facility in this State.
A.   [PL 1995, c. 628, §19 (RP).]
B.   [PL 1995, c. 628, §19 (RP).]
[PL 1995, c. 628, §19 (RPR).]
2.  Satellite facilities.
[PL 2001, c. 211, §10 (RP).]
SECTION HISTORY
PL 1987, c. 692, §4 (NEW). PL 1995, c. 628, §19 (RPR). PL 1997, c. 398, §E11 (AMD). PL 2001, c. 211, §10 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 34: CHANGES IN CHARTER AND OWNERSHIP FORM › 9-B §341. Applicability of chapter; fees

§341. Applicability of chapter; fees
1.  Applicability.
The provisions of this chapter apply whenever a financial institution subject to the laws of this State seeks to convert or amend its charter in order to change its chartering authority, change to a different form of ownership or adopt a new corporate name for the institution.
[PL 1997, c. 398, Pt. F, §1 (AMD).]
2.  Fees.
An application made pursuant to section 342, subsection 1 or 2 or section 342‑A, 343, 344, 345 or 345‑A may not be considered complete by the superintendent unless accompanied by an application fee payable to the Treasurer of State to be credited and used as provided in section 214. The amount of the fee must be established by the superintendent according to different application requirements, but in no instance may it exceed $2,000.
[PL 1999, c. 218, §15 (AMD).]
3.  Superintendent's approval.
Following approval by the governing body for changes under section 342, subsection 1 or 2 or section 342‑A, 343, 344 or 345, the financial institution shall forward to the superintendent for approval or disapproval, pursuant to the procedures and requirements of section 252, a certified copy of the authorizing resolution adopted by the governing body and such other information as considered necessary by the superintendent. If the superintendent disapproves the conversion plan, the superintendent shall state the reasons for the disapproval in writing and furnish them to the institution. The institution must be given an opportunity to amend the conversion plan to obviate the reasons for disapproval.
[PL 1999, c. 218, §16 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1983, c. 201, §3 (AMD). PL 1997, c. 398, §F1 (AMD). PL 1999, c. 218, §§15,16 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 34: CHANGES IN CHARTER AND OWNERSHIP FORM › 9-B §342-A. Authority for expedited conversion to new charter; federal to state

§342-A. Authority for expedited conversion to new charter; federal to state
Notwithstanding any other provision of law or any charter, certificate of organization, articles of association, articles of incorporation or bylaw of any participating institution, when a charter conversion is approved by the directors of a financial institution authorized to do business in this State and that charter conversion is necessary for the protection of depositors, shareholders or the public and following compliance with any applicable requirements of federal law, the superintendent may order that the charter conversion become effective immediately. Any person aggrieved by a charter conversion executed pursuant to this section is entitled to judicial review of the superintendent's order in accordance with Title 5, chapter 375, subchapter VII.   [PL 1997, c. 22, §9 (NEW).]
SECTION HISTORY
PL 1997, c. 22, §9 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 34: CHANGES IN CHARTER AND OWNERSHIP FORM › 9-B §345. Conversion; investor to mutual ownership

§345. Conversion; investor to mutual ownership
With the superintendent's approval, and in accordance with the provisions of this section and rules adopted under this section, a financial institution organized under chapter 31 may convert to a financial institution organized under chapter 32, if this conversion is conducted in a manner fair and equitable to its investors, in the following manner.   [PL 1997, c. 398, Pt. F, §5 (AMD).]
1.  Procedure.
The governing body must adopt and approve by a 2/3 vote a conversion plan that addresses conditions as the superintendent may require.
[PL 1997, c. 398, Pt. F, §5 (AMD).]
1-A.  Vote of investors.
The conversion plan, as approved by the superintendent, must be submitted to the investors for their approval at an annual meeting or at a special meeting called for that purpose. Approval requires a majority vote of investors, unless a higher percentage is required by the institution's organizational documents.
[PL 1997, c. 398, Pt. F, §5 (NEW).]
2.  Dissenting investor.
The rights of any investors not voting for the conversion plan are as set forth in section 352, subsection 5.
[PL 1997, c. 398, Pt. F, §5 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §F5 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 34: CHANGES IN CHARTER AND OWNERSHIP FORM › 9-B §345-A. Authority for expedited charter conversions

§345-A. Authority for expedited charter conversions
Notwithstanding any other provision of law, or any organizational document of any participating institution, when a charter conversion is approved by the governing body of a financial institution authorized to do business in this State as a component of a plan of merger, consolidation or acquisition with another financial institution or financial institution holding company, regardless of this institution's or holding company's domicile, and following compliance with all applicable requirements of federal law, if any, the superintendent may order that the charter conversion become effective immediately. The superintendent may take such action if the superintendent believes that it is necessary for the protection of depositors or the public. Any person aggrieved by a charter conversion executed 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 1997, c. 398, Pt. F, §6 (AMD).]
SECTION HISTORY
PL 1981, c. 539, §1 (NEW). PL 1987, c. 40, §1 (AMD). PL 1997, c. 398, §F6 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 34: CHANGES IN CHARTER AND OWNERSHIP FORM › 9-B §345-B. Conversion; investor to investor ownership

§345-B. Conversion; investor to investor ownership
With the superintendent's approval and in accordance with the provisions of this section and rules adopted under this section, which are routine technical rules pursuant to Title 5, chapter 375, subchapter II‑A, an equity financial institution organized under chapter 31 may convert its ownership structure to another type of ownership structure permissible under chapter 31 if this conversion is conducted in a manner fair and equitable to its investors, in the following manner.   [PL 1997, c. 398, Pt. F, §7 (NEW).]
1.  Procedure.
The governing body must adopt and approve by a 2/3 vote a conversion plan that addresses conditions as the superintendent may require.
[PL 1997, c. 398, Pt. F, §7 (NEW).]
2.  Vote of investors.
The conversion plan, as approved by the superintendent, must be submitted to the investors for their approval at an annual meeting or at a special meeting called for that purpose. Approval requires a majority vote of investors, unless a higher percentage is required by the institution's organizational documents.
[PL 1997, c. 398, Pt. F, §7 (NEW).]
3.  Dissenting investors.
The rights of any investors not voting for the conversion plan are as set forth in section 352, subsection 5.
[PL 1997, c. 398, Pt. F, §7 (NEW).]
SECTION HISTORY
PL 1997, c. 398, §F7 (NEW).