reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 84: MANAGEMENT AND OPERATIONS › 9-B §845. Credit committee

§845. Credit committee
1.  Powers and duties.
If a credit committee is appointed pursuant to section 842, subsection 2, the credit committee shall:
A. Hold meetings at least once in each month;   [PL 1975, c. 500, §1 (NEW).]
B. Act on all applications for loans to members;   [PL 1975, c. 500, §1 (NEW).]
C. Approve in writing all personal loans granted and the security, if any, pledged for personal loans; and   [PL 2003, c. 322, §34 (AMD).]
D. Submit to the board of directors all applications for loans to be secured by mortgages of real estate, with its recommendations on the applications, which must include a signed appraisal as to its best judgment of the value of the real estate involved.   [PL 2003, c. 322, §34 (AMD).]
[PL 2003, c. 322, §34 (AMD).]
2.  Loan officers.
A. The board of directors may appoint one or more loan officers.   [PL 1991, c. 386, §23 (AMD).]
B. The board of directors may delegate to the loan officer or officers the authority that is within the limits established under a written loan policy. The authority granted to any loan officer must be included in the minutes of the meetings of the board of directors.   [PL 1991, c. 386, §23 (AMD).]
C. Each loan officer shall furnish to the board of directors or credit committee a record of each application acted upon by that loan officer at the next meeting of the board of directors or committee after the date of filing of the application. If there is a credit committee, all applications not approved by the loan officer must be reviewed by the credit committee. The approval of a majority of the members who are present at the meeting when such review is undertaken is required to reverse the loan officer's decision, provided a majority of the full committee is present. If there is no credit committee, a member, upon written request, has the right of review by the board of directors of a loan application that has been denied. A loan officer may not disburse funds of the credit union for any loan approved by that loan officer in the capacity as loan officer.   [PL 1991, c. 649 (AMD).]
[PL 1991, c. 649 (AMD).]
3.  Personal loans.
No personal loan, other than those approved by loan officers, shall be made unless a majority of the members of the credit committee who are present at a meeting when the loan application is considered vote to approve said loan. A quorum of the credit committee at such meeting shall be at least 2/3 of the members of the committee.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1991, c. 386, §23 (AMD). PL 1991, c. 649 (AMD). PL 2003, c. 322, §34 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 84: MANAGEMENT AND OPERATIONS › 9-B §846. Meetings of the members

§846. Meetings of the members
1.  Time and notice.
The annual meeting of the members of a credit union must be held at such time and place as the board of directors may determine, but not later than 180 days after the close of the fiscal year. Special meetings may be called at any time by a majority of the directors, and must be called by the clerk upon written request of 25 members or 5% of the total members entitled to vote as of the date of request, whichever number is greater. Notwithstanding this section, the maximum number of members required to call a special meeting may not exceed 500. Notice of all meetings of the members must be given in the manner prescribed in the bylaws. A credit union may adopt bylaws that allow annual and special meetings to be conducted by means of remote communication or authorize members to participate in a meeting by means of remote communication as described in section 325, subsection 3, paragraph F or Title 13‑C, section 709.
[PL 2021, c. 188, §3 (AMD).]
2.  Voting.
A member may not be entitled to vote by proxy, except in a vote for dissolution or merger, or have more than one vote; and a member under the age of 18 may be entitled to vote, subject to conditions prescribed in the bylaws. A fraternal organization, voluntary association, partnership or corporation having membership in a credit union may cast one vote at any of the meetings of the credit union by a duly delegated agent.
[PL 2007, c. 79, §10 (AMD).]
3.  Lending limitations; dividends.
The members at each annual meeting may fix the maximum amount to be loaned to any one member and, upon recommendation of the board of directors, may declare dividends in accordance with section 833.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1983, c. 51, §6 (AMD). PL 1995, c. 512, §2 (AMD). PL 2003, c. 322, §35 (AMD). PL 2007, c. 79, §10 (AMD). PL 2021, c. 188, §3 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 84: MANAGEMENT AND OPERATIONS › 9-B §847. Expulsion of members

§847. Expulsion of members
1.  Grounds for expulsion.
A manager or chief executive officer of a credit union may expel from the credit union any member who has not carried out the member's engagement with the credit union, or who has been convicted of a criminal offense, or who neglects or refuses to comply with the provisions of this Part or the bylaws or the official policies of the credit union, or who has deceived the credit union or a committee of the credit union with regard to the use of borrowed money. The expelled member must be informed of the grounds for the expulsion and may appeal the expulsion to an expulsion committee established by the credit union. The board of directors of the credit union shall establish an expulsion committee to review expulsion appeals by members, and all decisions of the expulsion committee are final.
[PL 2017, c. 143, §9 (AMD).]
2.  Return of paid-in shares.
The amounts paid in on shares by members who have withdrawn or have been expelled shall be paid to them in the order of withdrawal or expulsion, but only as funds therefor become available and after deducting any amounts due from such members to the credit union.
[PL 1975, c. 500, §1 (NEW).]
3.  Liability unaffected by expulsion.
Such expulsion shall not operate to relieve a member from any outstanding liability to the credit union.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 2017, c. 143, §9 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 84: MANAGEMENT AND OPERATIONS › 9-B §848. Amendment of bylaws and charter

§848. Amendment of bylaws and charter
1.  Procedure.
Amendments of the bylaws may be adopted, and amendments of the charter requested, by the affirmative vote of 2/3 of the members of the board of directors at any duly held meeting thereof, if the members of the board have been given at least 7 days' notice of said meeting and the notice has contained a copy of the proposed amendment or amendments.
[PL 1975, c. 500, §1 (NEW).]
2.  Superintendent's approval.
No amendments to the bylaws or charter of a credit union shall become effective without the written approval of the superintendent.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 85: LOANS › 9-B §851. Loans in general

§851. Loans in general
1.  Authorization.
A credit union may make, sell, purchase, arrange, participate in, invest in and otherwise deal in loans to its members for any purpose in accordance with the provisions of this chapter.
[PL 2003, c. 322, §36 (AMD).]
2.  Applicability of other sections.
In addition, a credit union is subject to sections 432, 433, 435 and 436.
[PL 2003, c. 322, §36 (AMD).]
3.  Approvals required.
The credit committee provided for in section 845 shall approve all loans to members made by the credit union. In addition, the approval of the credit union's board of directors or executive committee shall be required for all loans other than personal loans to members.
[PL 1975, c. 500, §1 (NEW).]
4.  Written loan policy.
The board of directors shall establish a written loan policy, which must be reviewed and ratified at least annually, that addresses at a minimum the following:
A. Individual lending officer authority;   [PL 2003, c. 322, §36 (NEW).]
B. Loan mix and diversification;   [PL 2003, c. 322, §36 (NEW).]
C. Loan quality parameters; and   [PL 2003, c. 322, §36 (NEW).]
D. Delegation of authority to officers and committees responsible for administering the portfolio.   [PL 2003, c. 322, §36 (NEW).]
[PL 2003, c. 322, §36 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §L9 (AMD). PL 2003, c. 322, §36 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 85: LOANS › 9-B §852. Loan applications

§852. Loan applications
1.  General procedures.
All applications for loans shall be made in writing, and shall state the purpose for which the loan is desired and the security, if any, offered.
[PL 1975, c. 500, §1 (NEW).]
2.  Real estate mortgage loans.
[PL 2003, c. 322, §37 (RP).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 2003, c. 322, §37 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 85: LOANS › 9-B §853. Unsecured loans (REPEALED)

§853. Unsecured loans
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §29 (AMD). PL 1983, c. 51, §7 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 85: LOANS › 9-B §854. Loans

§854. Loans
1.  Authorization; limitations.
It is the duty of the board of directors to establish the policies of the credit union with respect to the granting of loans and the extending of lines of credit, including the maximum amount that may be loaned to any one member. A loan may not be made to any member in an aggregate amount in excess of 10% of the credit union's total assets. Any loan made in violation of this subsection is subject to the remedies prescribed in section 465‑A.
[PL 1991, c. 681, §4 (AMD).]
2.  Exception.
Loans fully secured by a pledge of shares of a credit union may be made without limitation as to amount.
[PL 1983, c. 51, §8 (RPR).]
3.  Rulemaking.
The superintendent may adopt rules to administer and carry out this section, including rules to define or further define terms used in this section and to establish limits or requirements other than those specified in this section. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.
[PL 2003, c. 322, §38 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1983, c. 51, §8 (RPR). PL 1991, c. 681, §4 (AMD). PL 2003, c. 322, §38 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 85: LOANS › 9-B §856. Loans to other credit unions

§856. Loans to other credit unions
Subject to the approval of its board of directors, a credit union may make loans to other credit unions located in this State; provided that the aggregate loans outstanding at any one time to any one credit union shall not exceed 10% of the share capital and surplus of the lending credit union.   [PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 85: LOANS › 9-B §857. Lines of credit (REPEALED)

§857. Lines of credit
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1979, c. 133, §1 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 85: LOANS › 9-B §857-A. Lines of credit

§857-A. Lines of credit
1.  Authorization; limitations.
Subject to the limitations set forth in sections 854 and 855, the credit committee of a credit union may approve a line of credit to a member upon written application by the member, and advances may be made to that member within the limits of that extension of credit. A line of credit given pursuant to this section must be reviewed periodically by a loan officer or the credit committee in accordance with the policy established under section 854.
[PL 1995, c. 512, §3 (AMD).]
2.  Repayment.
Repayment of advances made pursuant to a line of credit shall be on such terms as shall be mutually agreed upon by the member and the credit union.
[PL 1979, c. 133, §2 (NEW).]
SECTION HISTORY
PL 1979, c. 133, §2 (NEW). PL 1987, c. 405, §31 (AMD). PL 1995, c. 512, §3 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 85: LOANS › 9-B §858. Federal funds loans or sales

§858. Federal funds loans or sales
A credit union may lend or sell to any member bank of the Federal Reserve System, or to any bank, savings bank or savings and loan association whose deposits are insured by the Federal Deposit Insurance Corporation.   [PL 1997, c. 398, Pt. L, §10 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §L10 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 86: INVESTMENTS › 9-B §861. Investments in general

§861. Investments in general
1.  Applicable law.
In addition to the loans a credit union is authorized to make pursuant to chapter 85, a credit union may invest its funds in accordance with the provisions of this chapter.
[PL 1975, c. 500, §1 (NEW).]
2.  Director approval required.
Investments pursuant to this chapter shall only be made with the approval of the board of directors or executive committee of the credit union.
[PL 1975, c. 500, §1 (NEW).]
3.  Written investment policy.
A credit union's board of directors shall establish a written investment policy, which must be reviewed and ratified at least annually, that addresses at a minimum the following:
A. Investment quality parameters;   [PL 2003, c. 322, §39 (NEW).]
B. Investment mix and diversification;   [PL 2003, c. 322, §39 (NEW).]
C. Investment maturities; and   [PL 2003, c. 322, §39 (NEW).]
D. Delegation of authority to officers and committees responsible for administering the portfolio.   [PL 2003, c. 322, §39 (NEW).]
[PL 2003, c. 322, §39 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 2003, c. 322, §39 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 86: INVESTMENTS › 9-B §863. Real property

§863. Real property
1.  Authorizing.
Except as provided by subsection 3, a credit union may invest in real property by the purchase of improved or unimproved real property, and in the erection or improvement of buildings on the real property together with fixtures and equipment, for the purpose of providing offices for the transaction of its business. Such buildings may include space for rental purposes.
[PL 2023, c. 260, §2 (AMD).]
2.  Limitation.
The cost to the credit union of lands, buildings, fixtures and equipment described in subsection 1 may not exceed 60% of the credit union's total surplus at the time the investment is made; except that the superintendent may, for good cause shown, upon application by the credit union in writing, approve an amount in excess of 60% of total surplus, subject to such conditions as the superintendent considers necessary.
[PL 2017, c. 143, §10 (AMD).]
3.  Exception.
Unless prohibited by federal law, a credit union may invest in real property to facilitate a member's acquisition, financing or refinancing of owner-occupied residential property consisting of not more than 4 dwelling units located in this State. Without the prior written consent of the superintendent, the duration of an investment under this subsection may not exceed 180 days and the aggregate amount of all such outstanding investments may not exceed 10% of a credit union's total surplus.
[PL 2023, c. 260, §3 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 2017, c. 143, §10 (AMD). PL 2023, c. 260, §§1-3 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 86: INVESTMENTS › 9-B §865. Additional authority

§865. Additional authority
Credit unions organized under private or special laws shall have the authority granted by this chapter, in addition to such other investment authority as they now possess.   [PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS › 9-B §871. Dissolution (REPEALED)

§871. Dissolution
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1979, c. 429, §14 (AMD). PL 2003, c. 322, §41 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS › 9-B §871-B. Applicability of chapter

§871-B. Applicability of chapter
Notwithstanding any other provisions of law, the provisions of this chapter apply and supersede the provisions of laws relating to the dissolution, merger and conversion of credit unions organized under the laws of this State.   [PL 2003, c. 322, §42 (NEW).]
SECTION HISTORY
PL 2003, c. 322, §42 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS › 9-B §872-A. Authority for expedited mergers, consolidations and acquisitions

§872-A. Authority for expedited mergers, consolidations and acquisitions
Notwithstanding any other provision of law, or any charter, certificate of organization, articles of association, articles of incorporation or bylaw of any participating credit union, the superintendent may authorize a merger or consolidation of 2 or more credit unions or may authorize a credit union to purchase any of the assets of, or assume any of the liabilities of, any other credit union following approval of a plan of merger, consolidation or acquisition by a majority vote of the boards of directors of the participating credit unions and upon receipt by the superintendent of certified copies of the authorizing resolutions adopted by the respective boards of directors. That merger, consolidation or acquisition shall become effective immediately if the superintendent believes that the action is necessary for the protection of members of the credit union or the public. Any person aggrieved by a merger, consolidation or acquisition pursuant to this section is entitled to judicial review of the superintendent's order in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter VII.   [PL 1989, c. 646 (NEW).]
SECTION HISTORY
PL 1989, c. 646 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS › 9-B §873. Conversion: federal to State charter; out of state to State charter

§873. Conversion: federal to State charter; out of state to State charter
1.  Eligibility.
A credit union organized pursuant to provisions of federal law or organized under the laws of another state may become subject to this Part and receive a charter as a state-chartered credit union by making application in writing to the superintendent for such conversion. The superintendent may approve or disapprove such conversion in accordance with the criteria set forth in section 253 as long as, as a condition precedent to such approval, the credit union shows compliance with all applicable federal laws and regulations and laws and regulations of the state under which it is organized relating to such conversion.
[PL 2009, c. 228, §9 (AMD).]
2.  Issuance of charter.
Upon receiving approval from the superintendent, the credit union must be issued a charter under this Part, which fact must be certified by the superintendent to the Secretary of State; and, from and after the issuance of such charter, the credit union must be subject to the provisions of this Part and all rules issued under this Part.
[PL 2009, c. 228, §9 (AMD).]
3.  Applicability of other sections.
A credit union converting to a state charter pursuant to this section is subject to the provisions contained in sections 357 and 358 governing resulting institutions.
[PL 1997, c. 398, Pt. L, §13 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §L13 (AMD). PL 2009, c. 228, §9 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS › 9-B §874. Conversion: State to federal charter

§874. Conversion: State to federal charter
A credit union organized under the general or special laws of this State may convert to a federally chartered credit union. The credit union must notify and provide the superintendent with a copy of the application filed with the National Credit Union Administration within 3 days of filing with the National Credit Union Administration. Approval of the members of the credit union for the conversion must be obtained in the manner set forth in section 342, subsection 6. Upon obtaining the approval, the credit union shall provide to the superintendent all necessary approvals and charters required by the National Credit Union Administration and all federal laws and regulations applicable to the conversion. The superintendent shall notify the Secretary of State that the conversion has been effected. A copy of the approval or charter must accompany the notification.   [PL 2007, c. 79, §11 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1985, c. 647, §10 (AMD). PL 2003, c. 322, §43 (AMD). PL 2007, c. 79, §11 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS › 9-B §875. Conversion: change in type of state charter

§875. Conversion: change in type of state charter
A credit union subject to the laws of this State may convert its charter to do business as a credit union into a charter to do business as a financial institution organized under chapter 32 if any plan of conversion authorized by this section is adopted and approved in accordance with the requirements of section 343.   [PL 1997, c. 398, Pt. K, §8 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §K8 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS › 9-B §876. Acquisitions

§876. Acquisitions
A credit union organized under the laws of this State may acquire all or substantially all the assets of, or assume the liabilities of, any other credit union organized under provisions of the laws of this State, another state or federal laws or any financial institution authorized to do business in this State; provided that such purchase or sale pursuant to this section be executed in accordance with the requirements of section 355 and be subject to the provisions of sections 357 and 358.   [PL 2001, c. 211, §22 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §30 (RPR). PL 2001, c. 211, §22 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS › 9-B §877. Fees for mergers, conversions and acquisitions

§877. Fees for mergers, conversions and acquisitions
An application made pursuant to sections 872, 872‑A, 873, 875 or 876 may not be considered complete unless accompanied by an application fee payable to the Treasurer of State to be credited and used as provided in section 214. The superintendent shall establish the amount of the application fee, which may not exceed $2,000.   [PL 1999, c. 218, §26 (AMD).]
SECTION HISTORY
PL 1975, c. 666, §31 (NEW). PL 1999, c. 218, §26 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 88: PROHIBITIONS › 9-B §881. Prohibited practices

§881. Prohibited practices
All credit unions organized pursuant to or subject to the laws of this State, and the directors and officers of such credit unions, shall be subject to the prohibitions and restrictions provided for in chapter 46, except that the superintendent may, upon application and for good cause shown, permit an officer or director of one credit union to hold office in another credit union.   [PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 8: CREDIT UNIONS › Chapter 88: PROHIBITIONS › 9-B §882. Use of term "credit union"

§882. Use of term "credit union"
1.  Use of term authorized.
A person, if duly authorized under the laws of this State, another state or the United States to conduct the business of banking as a credit union, may use as a part of the name or title under which it conducts business in this State the term "credit union." The superintendent may require the filing of supporting documentation relating to this paragraph in the form and manner and containing any information the superintendent may prescribe.
[PL 2005, c. 82, §12 (NEW).]
2.  Use of term prohibited.
Except as provided in subsection 1, a person may not use the term "credit union" as part of the name or title under which business is conducted or as a designation of such a business without prior written approval of the superintendent. In determining whether to grant written permission, the superintendent shall consider whether the business to be conducted is similar to the business of banking and whether using those terms or any derivatives of those terms could be deceptive or otherwise injurious to public interest.
[PL 2005, c. 82, §12 (NEW).]
3.  Violation; penalty.
A person who violates any provision of this section is subject to a civil penalty of not more than $10,000 for each violation.
[PL 2005, c. 82, §12 (NEW).]
4.  Exception.
This section does not prohibit the use of any name by a person who received written permission from the superintendent to use the name prior to the effective date of this section.
[PL 2005, c. 82, §12 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1985, c. 647, §11 (AMD). PL 1997, c. 108, §14 (AMD). PL 2005, c. 82, §12 (RPR).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 9: INDUSTRIAL BANKS › Chapter 91: INDUSTRIAL BANKS › 9-B §911. Definition

§911. Definition
"Industrial bank" means a corporation organized under Title 9, Part 5 as repealed on October 1, 1975 and which was, on or before June 1, 1967, making loans and selling certificates of investment, either of fixed or uncertain term, and receiving payments in installments or otherwise, with or without an allowance of interest upon these installments.   [RR 1997, c. 2, §38 (COR).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). RR 1997, c. 2, §38 (COR).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 9: INDUSTRIAL BANKS › Chapter 91: INDUSTRIAL BANKS › 9-B §912. Capital and management

§912. Capital and management
1.  Stock: classes; par value.
The capital stock of an industrial bank shall have a par value $100 for each share, and only one class of such stock shall be created.
[PL 1975, c. 500, §1 (NEW).]
2.  Management.
Except as otherwise provided in this chapter, the management and operations of an industrial bank must be conducted in accordance with the provisions of Title 13‑C.
[RR 2001, c. 2, Pt. B, §17 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). RR 2001, c. 2, §B17 (COR). RR 2001, c. 2, §B58 (AFF).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 9: INDUSTRIAL BANKS › Chapter 91: INDUSTRIAL BANKS › 9-B §913. Powers

§913. Powers
In addition to the powers conferred upon corporations by the general corporations law of this State, an industrial bank shall have the power to:   [PL 1975, c. 500, §1 (NEW).]
1.  Borrow and lend.
Borrow and to lend money, and discount notes and bills of exchange including trade acceptances;
[PL 1975, c. 500, §1 (NEW).]
2.  Investments.
Purchase, invest in, hold and sell such notes, bonds and securities as are legal for investments in accordance with the provisions of chapter 55.
[PL 1975, c. 500, §1 (NEW).]
3.  FHA insured loans.
Make such loans as are eligible for insurance pursuant to Title I of the National Housing Act, as amended, and to apply for and obtain insurance on said loans pursuant to said Act.
[PL 1979, c. 663, §55 (AMD).]
4.  Certificates of investment.
Sell certificates of investment, either of fixed or of uncertain term; and
[PL 1979, c. 663, §55 (AMD).]
5.  Branches.
Establish branch or agency offices in accordance with chapter 33; provided that the powers set forth in subsection 4 may only be exercised at branch or agency offices authorized and doing business on or before June 1, 1967.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1979, c. 663, §55 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 9: INDUSTRIAL BANKS › Chapter 91: INDUSTRIAL BANKS › 9-B §914. Insurance of certificates of investment

§914. Insurance of certificates of investment
Every industrial bank shall comply with the requirements of section 422, relating to insurance of deposits, and shall be deemed a "financial institution" for purposes of that section.   [PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 9: INDUSTRIAL BANKS › Chapter 91: INDUSTRIAL BANKS › 9-B §915. Mergers, consolidations and acquisitions

§915. Mergers, consolidations and acquisitions
1.  Mergers and consolidations.
An industrial bank may merge or consolidate with another industrial bank or a financial institution organized under the laws of this State except that any such merger or consolidation must be executed pursuant to the provisions of section 352 or 354 and is subject to the provisions of sections 357 and 358.
[PL 1997, c. 398, Pt. L, §14 (AMD).]
2.  Acquisitions.
An industrial bank may sell all or substantially all of its assets and liabilities to a financial institution organized under the laws of this State, or purchase all or substantially all of the assets and assume the liabilities of, another industrial bank; provided that such purchase or sale shall be executed pursuant to the provisions of section 355 and shall be subject to the provisions of sections 357 and 358.
[PL 1975, c. 500, §1 (NEW).]
3.  Mergers into other corporations.
Nothing contained in subsection 1 or 2 may be construed as prohibiting an industrial bank from merging or consolidating with, being acquired by, or selling its assets to a corporation or entity that is not enumerated in subsection 1 or 2; as long as the merger, consolidation, acquisition or sale is executed in accordance with the provisions of Title 13‑C, and timely notice of that action is given to the superintendent; and as long as upon the effective date of the action, the industrial bank forfeits its charter as an industrial bank and ceases all activities as an industrial bank, which fact must be certified by the superintendent to the Secretary of State.
[RR 2001, c. 2, Pt. B, §18 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §L14 (AMD). RR 2001, c. 2, §B18 (COR). RR 2001, c. 2, §B58 (AFF).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 9: INDUSTRIAL BANKS › Chapter 91: INDUSTRIAL BANKS › 9-B §916. Liquidations and conservation of assets

§916. Liquidations and conservation of assets
Industrial banks shall be subject to the provisions of chapter 36 relating to voluntary and involuntary liquidations, and the provisions of said chapter relating to conservation and segregation of assets.   [PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 9: INDUSTRIAL BANKS › Chapter 91: INDUSTRIAL BANKS › 9-B §917. Superintendent's authority

§917. Superintendent's authority
1.  Supervision and examination.
An industrial bank authorized to conduct business in this State shall be subject to the provisions of Part 2.
[PL 1975, c. 500, §1 (NEW).]
2.  Interest rate ceilings.
The superintendent shall have the power and authority to establish rate ceilings which shall govern the interest paid by an industrial bank on certificates of investment and other deposit accounts offered by such company. Regulations promulgated by the superintendent establishing such ceilings shall seek to maintain competitive equality among all financial institutions in this State.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 9: INDUSTRIAL BANKS › Chapter 91: INDUSTRIAL BANKS › 9-B §918. Unlawful acts

§918. Unlawful acts
No industrial bank authorized to do business in this State shall:   [PL 1975, c. 500, §1 (NEW).]
1.  Loan limitations; rates of loan to capital and surplus.
Hold at any one time the direct obligation or obligations of any one person, firm or corporation for more than 4% of the amount of total capital and reserves of such industrial bank or the indirect obligation or obligations of any one person, firm or corporation for more than 15% of the amount of total capital and reserves of such industrial bank. Nothing in this section shall be construed to limit the holdings of an industrial bank in the obligations of the United States or the State of Maine, and in amounts authorized by a vote of a majority of the directors or the executive committee. For the purpose of this section, bills of exchange, including trade acceptances, shall be deemed to be the direct obligations of the acceptors thereof and the indirect obligations of the drawers thereof.
[PL 1975, c. 500, §1 (NEW).]
2.  Deposit of funds in other financial institutions.
Deposit any of its funds with any other financial institution, unless such institution has been designated as such depository by a vote of a majority of the directors or of the executive committee, exclusive of any director who is an officer, director or trustee of the depository so designated; or
[PL 1979, c. 663, §56 (AMD).]
3.  Borrowing limitations.
Be at any time indebted for borrowed money to an amount in excess of 100% of its total capital and reserves, except that by vote of a majority of its entire board of directors or executive committee setting forth the reasons therefor, and upon receiving the written consent of the superintendent thereto, it may borrow money to redeem its certificates of investment or prevent loss by sale of assets, and may redeem rediscount notes, or pledge bonds, notes or other securities as collateral therefor. Copies of all votes authorizing such excess borrowing shall be promptly forwarded by the secretary to the superintendent. Rediscount shall be considered as borrowed money for the purpose of this section.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1979, c. 663, §56 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 9: INDUSTRIAL BANKS › Chapter 91: INDUSTRIAL BANKS › 9-B §919. Use of name "industrial bank"

§919. Use of name "industrial bank"
No person, firm or corporation shall use, hold itself out as being, or advertise with the name "industrial bank", except that industrial banks which were properly authorized and doing business on or before June 1, 1967, may use such name at and in connection with their principal office and any branches which were so authorized and doing business on or before said date, and may continue to sell certificates of investment, either fixed or uncertain, and to receive payments in installments or otherwise, with or without an allowance of interest upon such installments, if doing business in such certificates on or before said date.   [PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 10: OTHER FINANCIAL ENTITIES › Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES › 9-B §1012. Registration

§1012. Registration
1.  Requirements.
Any company that controls one or more Maine financial institutions shall register with the superintendent in accordance with procedures established by him.
[PL 1975, c. 500, §1 (NEW).]
2.  Time limitation.
Unless the superintendent allows an additional time, registration must be completed within 180 days after October 1, 1975, or after the company acquires control of a Maine financial institution, whichever is later.
[RR 1997, c. 2, §39 (COR).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). RR 1997, c. 2, §39 (COR).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 10: OTHER FINANCIAL ENTITIES › Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES › 9-B §1014. Closely-related activities

§1014. Closely-related activities
1.  Permissible activities.
A Maine financial institution holding company may engage in any closely related activity or any other activity with the prior permission of the superintendent.
[PL 1997, c. 398, Pt. K, §9 (AMD).]
2.  Termination of nonpermissible activities.
A financial institution holding company that is engaged in an activity that is not permissible for Maine financial institution holding companies to engage in may nevertheless acquire control of a Maine financial institution with the approval of the superintendent as provided in section 1013; provided that before the acquisition is consummated such financial institution holding company shall cease to engage in that activity in Maine, unless it is exempted from the prohibitions of subsection 1 by reason of subsection 3.
[PL 1975, c. 500, §1 (NEW).]
3.  Exemptions.
The prohibitions of subsection 1 do not apply with respect to any activity in which a Maine financial institution holding company was lawfully engaged in on October 1, 1975, unless the superintendent, after notice and opportunity for a hearing, determines that termination of the activity is necessary to assure the safety and soundness of a subsidiary financial institution. Any expansion of such activity in this State would be subject to such conditions as the superintendent may require.
[RR 1997, c. 2, §40 (COR).]
4.  Impermissible activity.
The establishment or acquisition of control of a Maine financial institution does not constitute an activity permitted by this section. A financial institution holding company which seeks to establish or acquire control of a Maine financial institution is subject to the provisions of sections 1013 and 1015.
[PL 1983, c. 252 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1983, c. 252 (AMD). PL 1987, c. 90, §2 (AMD). PL 1997, c. 398, §K9 (AMD). RR 1997, c. 2, §40 (COR).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 10: OTHER FINANCIAL ENTITIES › Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES › 9-B §1016. Reports and examinations

§1016. Reports and examinations
The superintendent may require any financial institution holding company that controls a Maine financial institution to furnish such reports as the superintendent considers appropriate to the proper supervision of such companies. Unless the superintendent determines otherwise, reports prepared for Federal authorities or, in the case of a foreign bank or foreign bank holding company, reports prepared for the home country regulatory authorities and translated to English may be submitted by such holding company in satisfaction of the requirements of this section. If such information and reports are inadequate in the superintendent's judgment for that purpose, the superintendent may examine such financial institution holding company and any subsidiary doing business in Maine. Section 214 applies with respect to any such examination.   [PL 1997, c. 182, Pt. A, §13 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 182, §A13 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 10: OTHER FINANCIAL ENTITIES › Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES › 9-B §1017. Conformity with Federal procedures

§1017. Conformity with Federal procedures
To the maximum extent consistent with the effective discharge of the superintendent's responsibilities, the forms established under this chapter for registration, applications and reports must conform with those established under either the Bank Holding Company Act of 1956 or section 408 of the National Housing Act, or the federal International Banking Act of 1978 and regulations promulgated under the federal International Banking Act of 1978.   [PL 1997, c. 182, Pt. A, §13 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 182, §A13 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 10: OTHER FINANCIAL ENTITIES › Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES › 9-B §1018. Exclusion

§1018. Exclusion
The superintendent may exclude financial institution holding companies or other companies from the provisions of this chapter when control of a Maine financial institution arises out of the acquisition of shares in a fiduciary capacity, or in connection with an underwriting of securities or proxy solicitation, or in securing or collecting a debt. When control of a Maine financial institution arises in connection with securing or collecting a debt, the acquiring institution or company may be excluded from the provisions of this chapter if the acquiring institution or company divests the securities within 2 years of acquisition. The superintendent may grant requests for up to 3 one-year extensions.   [PL 1993, c. 538, §4 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1993, c. 538, §4 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 10: OTHER FINANCIAL ENTITIES › Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES › 9-B §1019. Prohibitions

§1019. Prohibitions
1.  Prohibited practices.
To the extent provided for therein, financial institution holding companies subject to the laws of this State shall be subject to chapters 24 and 46.
[PL 1975, c. 500, §1 (NEW).]
2.  Penalties.
Any person or company violating any provision of this chapter, or any regulation promulgated thereunder, is subject to a penalty of not more than $1,000 per day for each day the violation continues, to be recovered in a civil action in the name of the State.
Any company or Maine financial institution violating section 1013, subsection 3, or any regulation promulgated under that section, is subject to a penalty of not more than $1,000 a day for each day the violation continues. The superintendent shall report the violation forthwith, with such remarks as the superintendent determines appropriate, to the Attorney General, who may forthwith institute a civil action therefor on behalf of the State.
[PL 1997, c. 182, Pt. A, §14 (AMD).]
3.  Remedy for violation of section 1013.
A Maine financial institution or any financial institution holding company which violates section 1013 shall be subject to the provisions of chapters 23 and 24.
[PL 1983, c. 302, §7 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1983, c. 302, §§6,7 (AMD). PL 1985, c. 642, §9 (AMD). PL 1997, c. 182, §A14 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 10: OTHER FINANCIAL ENTITIES › Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES › 9-B §1019-A. Notification of superintendent; purchase of own shares

§1019-A. Notification of superintendent; purchase of own shares
A Maine financial institution holding company shall provide the superintendent with prior notification regarding the following transactions:   [PL 1991, c. 386, §27 (AMD).]
1.  Issuance of stock, capital notes or debentures.
The issuance of equity interest, capital notes or debentures with an original maturity of 3 years or greater. Notice must be provided at least 10 days prior to issuance and must contain a copy of any United States Securities and Exchange Commission filings, private placement memoranda or other documents describing the proposed issue to potential investors;
[PL 2005, c. 82, §13 (AMD).]
2.  Purchase of own capital stock.
The purchase of shares of any type of its own equity interest. Notice must contain such information as required by the superintendent; and
[PL 2005, c. 82, §13 (AMD).]
3.  Exception requiring approval.
The issuance of equity interest or capital notes by a Maine financial institution holding company that is not required to file notice with the United States Securities and Exchange Commission. Issuance under this subsection also requires prior approval of the superintendent. A Maine financial institution holding company may not purchase or redeem its equity interests without the superintendent's prior written approval if the gross consideration for purchase or redemption, when aggregated with the net consideration paid by the company for all such purchases or redemptions during the preceding 12 months, is equal to 10% or more of the company's consolidated net worth.
[PL 2005, c. 82, §14 (NEW).]
SECTION HISTORY
PL 1987, c. 90, §4 (NEW). PL 1991, c. 386, §27 (AMD). PL 2005, c. 82, §§13,14 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 10: OTHER FINANCIAL ENTITIES › Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES › 9-B §1020. Annual reports to the Legislature (REPEALED)

§1020. Annual reports to the Legislature
(REPEALED)
SECTION HISTORY
PL 1983, c. 597, §5 (NEW). PL 1983, c. 816, §B3 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 10: OTHER FINANCIAL ENTITIES › Chapter 102: MUTUAL TRUST INVESTMENT COMPANIES › 9-B §1021. Definition

§1021. Definition
As used in this chapter, the term "mutual trust investment company" means a corporation which is an investment company as defined by an Act of Congress entitled "Investment Company Act of 1940", as amended; and incorporated in compliance with this chapter to constitute a medium for the common investment of trust funds held in a fiduciary capacity, and for true fiduciary purposes, either alone or with one or more cofiduciaries, by State banks with trust powers, trust companies and national banks with trust powers which are located in this State.   [PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 10: OTHER FINANCIAL ENTITIES › Chapter 102: MUTUAL TRUST INVESTMENT COMPANIES › 9-B §1022. Authority to incorporate

§1022. Authority to incorporate
Any 5 or more state banks with trust powers, trust companies and national banks with trust powers located in this State are authorized to cause a mutual trust investment company to be organized and incorporated, subject to the approval of the superintendent and subject to such regulations as he may prescribe.   [PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 10: OTHER FINANCIAL ENTITIES › Chapter 102: MUTUAL TRUST INVESTMENT COMPANIES › 9-B §1023. Application of general corporation law; articles of incorporation

§1023. Application of general corporation law; articles of incorporation
1.  Subject to Title 13-C.
Except as otherwise provided in this chapter, such a mutual trust investment company must be incorporated under and is subject to Title 13‑C.
[RR 2001, c. 2, Pt. B, §19 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
2.  Incorporators.
The incorporators subscribing to and acknowledging the articles of incorporation shall consist of 5 or more persons who are officers or directors of the banks and trust companies causing such mutual trust investment company to be incorporated.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). RR 2001, c. 2, §B19 (COR). RR 2001, c. 2, §B58 (AFF).