reglab/statecodes huggingface dataset:
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 130 - DISTRIBUTION OF ANNUITIES THROUGH FINANCIAL INSTITUTIONS (REG. 30) › Section 029-130-IV - GENERAL PROVISIONS OF THE REGULATION

Current through 2024-29, July 17, 2024
A. A
				financial institution may engage in the sale of annuities subject to the
				following:
(1) The financial institution and
				its employees must be licensed to the extent required by the Maine Insurance
				Code (Title 24-A MRSA);
(2) The
				financial institution must provide and retain the disclosures in accordance
				with Section
				VIII of this regulation;
				and
(3) The financial institution
				may not sell, or provide to any person, the name of any person that has
				purchased annuities through that financial institution. This does not limit the
				financial institution's obligation to provide information to the insurer in the
				sale of an annuity product.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 130 - DISTRIBUTION OF ANNUITIES THROUGH FINANCIAL INSTITUTIONS (REG. 30) › Section 029-130-V - FINANCIAL INSTITUTION RESPONSIBILITIES

Current through 2024-29, July 17, 2024
The financial institution has on-going responsibility to
				  ensure that the annuities sales program is in compliance with the provisions of
				  this regulation and is consistent with the institution's strategies and
				  objectives.
A. The financial
				institution shall establish a policy addressing the management of the sale of
				annuities. Such policy must contain provisions to insure compliance with the
				limitations and restrictions enumerated in this regulation. The compliance
				function should be independent of the operating sales program, and reported
				directly to the financial institution's board of directors or a designated
				committee thereof. The policy shall specifically prohibit the financial
				institution from selling or providing to any person the name of an individual
				that has purchased annuities through that financial institution.
B. The financial institution shall formulate,
				prior to engaging directly in the sale of annuities or prior to entering into
				an Agreement with an annuity agent, written objectives, and strategies to
				achieve those objectives, and shall designate an executive officer to be
				responsible for oversight of the on-premises annuities sales program. Policy
				objectives, including the process for selecting and continuing review of the
				contracted annuity agent, and strategies to achieve those objectives should be
				reviewed at least annually by the financial institution's board of directors.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 130 - DISTRIBUTION OF ANNUITIES THROUGH FINANCIAL INSTITUTIONS (REG. 30) › Section 029-130-VI - ADVERTISING AND PROMOTION

Current through 2024-29, July 17, 2024
The promotion and sale of annuities must be conducted in such
				  a manner as to avoid confusion between federally-insured deposit products
				  offered by the financial institution and the annuities sold on the premises of
				  the financial institution.
A.
				Advertisements or other promotional material prepared or distributed by the
				financial institution must be accurate and not misleading or
				deceptive.
B. Advertising materials
				prepared by the annuity agent may be included with mailings by the financial
				institution.
C. Advertisements and
				promotional materials prepared or distributed by the financial institution with
				regards to annuities sold on the premises of the financial institution must
				include the disclosures enumerated in Section
				VIII(C).
D. Any marketing efforts engaged in, or
				marketing materials distributed by, the annuity agent relating to the
				arrangement between a financial institution and the annuity agent must first
				receive the prior approval of the financial institution.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 130 - DISTRIBUTION OF ANNUITIES THROUGH FINANCIAL INSTITUTIONS (REG. 30) › Section 029-130-VII - ADEQUATE SEPARATION OF FACILITIES

Current through 2024-29, July 17, 2024
A. The space
				utilized by the annuity agent to transact business with the public must be
				separated from the retail area of the financial institution in such a manner as
				to prevent confusion in the public's mind between the financial institution and
				the annuity agent.
B. The space
				utilized by the annuity agent to transact business with the public must be
				separately identified through the use of signs, labeling, etc. so that the
				public will understand that it is doing business with an annuity agent and not
				with the financial institution.
C.
				The space utilized by the annuity agent shall contain the notice, conspicuously
				posted, required in Section
				VIII(C)(1).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 130 - DISTRIBUTION OF ANNUITIES THROUGH FINANCIAL INSTITUTIONS (REG. 30) › Section 029-130-VIII - DISCLOSURES

Current through 2024-29, July 17, 2024
A financial institution or its affiliate or any third-party
				  annuities agent that sells, or arranges for the sale of annuities on the
				  premises of a financial institution, shall:
A. Conspicuously post a notice that is
				clearly visible to anyone who may purchase annuities that annuities are not
				deposit accounts insured by the Federal Deposit Insurance Corporation or the
				National Credit Union Administration.
B. Orally inform a prospective purchaser of
				annuities that annuities are not deposit accounts insured by the Federal
				Deposit Insurance Corporation or the National Credit Union
				Administration.
C. Before a sale of
				annuities is completed, provide a written disclosure to the customer containing
				the following statements:
(1) Annuities are
				not bank (or credit union) deposits and are not insured by the Federal Deposit
				Insurance Corporation or National Credit Union Administration;
(2) Annuities are not obligations of, or
				guaranteed by, the financial institution; and
(3) Annuities may involve investment risks,
				including possible loss of principal.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 130 - DISTRIBUTION OF ANNUITIES THROUGH FINANCIAL INSTITUTIONS (REG. 30) › Section 029-130-IX - FEDERAL/STATE REGULATIONS

Current through 2024-29, July 17, 2024
It is recognized that the Federal Deposit Insurance
				  Corporation, the Federal Reserve System, the Comptroller of the Currency, the
				  National Credit Union Administration, and the Maine Bureau of Insurance have
				  promulgated, or may, in the future, promulgate regulations governing the manner
				  in which a financial institution or any of its affiliates and an annuity agent
				  may engage in the sale of annuities. It is further recognized that there may
				  exist differences in scope and coverage between this regulation and those
				  promulgated by federal regulatory agencies or the Maine Bureau of Insurance. It
				  is not the intent of this regulation to permit any practice which is not
				  permitted by the appropriate state or federal agency. To the contrary, besides
				  any other restriction or limitation stated herein, each financial institution
				  or any of its affiliates and each annuity agent must fully comply with the
				  regulations of the applicable state or federal regulatory
				  agency.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 131 - ASSESSMENTS - FINANCIAL INSTITUTIONS (REG. 31) › Section 029-131-I - AUTHORITY

Current through 2024-29, July 17, 2024
Title
				   9-B M.R.S.A.
				  §214(2)(A) authorizes
				  the Superintendent of the Bureau of Financial Institutions to alter, through
				  rulemaking, the annual rate of assessment for each financial institution under
				  the Superintendent's supervision.
Title
				   9-B M.R.S.A. §215
				  authorizes the Superintendent to implement by rule any provision of law
				  relating to the supervision of financial institutions.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 131 - ASSESSMENTS - FINANCIAL INSTITUTIONS (REG. 31) › Section 029-131-II - PURPOSE

Current through 2024-29, July 17, 2024
This regulation reduces the annual assessment paid by
				  financial institutions to the Bureau of Financial Institutions from 7[CENT] per
				  $1,000 of total average assets to 6[CENT] per $1,000 of total average assets.
				  Assessments paid by a limited purpose bank -- a nondepository trust company,
				  merchant bank, or uninsured bank predominantly engaged in the business of a
				  nondepository trust company -- are established pursuant to Bureau of Financial
				  Institutions Regulation 41 (Chapter 141).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 131 - ASSESSMENTS - FINANCIAL INSTITUTIONS (REG. 31) › Section 029-131-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this regulation, the following terms have the
				  following meanings:
A. "Federal
				regulator" means the Federal Deposit Insurance Corporation for banks, the
				Office of Thrift Supervision for savings and loans associations, and the
				National Credit Union Administration for credit unions.
B. "Financial institution" means a universal
				bank, limited purpose bank, trust company, savings bank, industrial bank,
				savings and loans association or credit union organized under the laws of this
				State. Excluded from the definition of "financial institution" is any limited
				purpose bank that is predominantly engaged in the business of a nondepository
				trust company and is subject to Bureau of Financial Institutions Regulation 41
				(Chapter 141).
C. "Total assets"
				means the total of assets plus the total of the Allowance for Loans and Lease
				Losses reported on the financial institution's Report of Condition as required
				by the institution's federal regulator.
D. "Total of average assets" means the sum of
				total assets reported for all months in the assessment period divided by the
				number of months in the assessment period.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 131 - ASSESSMENTS - FINANCIAL INSTITUTIONS (REG. 31) › Section 029-131-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
Beginning with the assessment due and payable November 11,
				  2004 for the period ending September 30, 2004, each financial institution shall
				  pay an assessment to the Bureau of Financial Institutions at an annual rate of
				  6[CENT] for each $1,000 of the total of average assets.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 132 - MUTUAL HOLDING COMPANIES (REG. 32) › Section 029-132-I - AUTHORITY

Current through 2024-29, July 17, 2024
Title
				   9-B MRSA
				  Section111 declares that it is a policy of
				  the state to supervise financial institutions in a manner to assure their
				  strength, stability, and efficiency and encourage development and expansion of
				  financial services advantageous to the public welfare.
Title
				   9-B MRSA
				  Section416 gives the Superintendent the
				  authority to allow, by regulation, a financial institution to engage in any
				  activity which has been authorized under federal law for financial institutions
				  chartered or otherwise subject to the jurisdiction of the federal
				  government.
Title
				   9-B MRSA Section1055 gives
				  the Superintendent authority to adopt rules to ensure that the reorganization
				  of a mutual financial institution is conducted in a fair and equitable
				  manner.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 132 - MUTUAL HOLDING COMPANIES (REG. 32) › Section 029-132-II - PURPOSE

Current through 2024-29, July 17, 2024
The purpose of this regulation is to provide the regulatory
				  framework to permit a mutual financial institution to reorganize into a
				  subsidiary savings institution at least 51% of the stock of which is wholly
				  owned by the mutual holding company. After the reorganization, voting rights of
				  the account holders of the mutual financial institution are transferred to
				  voting rights in the mutual holding company. The reorganization is a two-step
				  process: first, an interim subsidiary savings institution is chartered and,
				  second, the mutual financial institution transfers substantially all its assets
				  and liabilities to the subsidiary savings institution.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 132 - MUTUAL HOLDING COMPANIES (REG. 32) › Section 029-132-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this regulation, the following terms have the
				  following meanings:
A. "Account
				holder" means any person holding a deposit account in a mutual savings bank and
				any member of a mutual savings and loan association.
B. "Acquiree institution" means any mutual
				financial institution, other than a subsidiary savings institution, that is
				acquired by a mutual holding company as part of, and concurrently with, a
				mutual holding company reorganization.
C. "Eligibility record date" means the record
				date for determining eligible account holders, which shall be at least one year
				prior to the vote on the plan of reorganization by the board of directors of
				the reorganizing institution and any acquiree institution.
D. "Eligible account holder" means any person
				holding a qualifying deposit in the reorganizing institution and any acquiree
				institution on the eligibility record date.
E. "Insider" means any officer or director of
				a reorganizing institution, acquiree institution or mutual holding company or
				any affiliate of such institution or company, and any person acting in concert
				with any such officer or director.
F. "Member" has the same meaning as set forth
				in 9-B MRSA3252(A).
G. "Mutual
				financial institution" has the same meaning as set forth in 9-B MRSA13127
				).
H. "Person" has the same meaning
				as set forth in 9-B MRSA13130 ).
I.
				"Qualifying deposit" means the aggregate of one or more deposit accounts in the
				reorganizing institution and any acquiree institution with an aggregate balance
				of $50 or more at the close of business on the eligibility record
				date.
J. "Reorganizing institution"
				means a mutual financial institution that proposes to reorganize to become a
				mutual holding company pursuant to this regulation.
K. "Stock" means common stock, or any other
				type of equity security, including (without limitation) warrants, options and
				rights to acquire common stock, or other securities that are convertible into
				common stock.
L. "Subsidiary
				savings institution" has the same meaning as set forth in 9-B MRSA10523
				).
M. "Voting account holder" means
				any account holder who is eligible to vote pursuant to 9-B MRSA3252(C) and
				344.3.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 132 - MUTUAL HOLDING COMPANIES (REG. 32) › Section 029-132-IV - GENERAL PROVISIONS OF THE REGULATION

Current through 2024-29, July 17, 2024
A mutual financial institution may reorganize to become a
				  subsidiary savings institution and to form simultaneously a mutual holding
				  company, or join in a mutual holding company reorganization as an acquiree
				  institution. The subsidiary savings institution (the reorganized mutual
				  financial institution) may have minority stockholders, but the mutual holding
				  company must own at least 51% of the voting stock of the subsidiary savings
				  institution. The reorganization is subject to the provisions of
				   9-B MRSA
				  Sections1053 and
				  344
				  and the following general conditions:
A. APPROVALS
1. The reorganization plan must be approved
				by at least a majority of the reorganizing institution's and any acquiree
				institution's board of directors ( 9-B MRSA10532 );
2. The reorganization plan, including the
				chartering of the interim subsidiary savings institution, must be approved by
				the Superintendent ( 9-B MRSA3442 ) and
				312(4)
				); and
3. A majority of the voting
				account holders of the reorganizing institution and any acquiree institution
				must approve the reorganization plan ( 9-B MRSA10532 ).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 133 - LEASING OF PERSONAL PROPERTY BY STATE CHARTERED CREDIT UNION › Section 029-133-I - AUTHORITY

Current through 2024-29, July 17, 2024
Title
				   9-B M.R.S.A.
				  Section111 declares that it is the policy of
				  the state to supervise financial institutions in a manner to assure their
				  strength, stability, and efficiency and encourage development and expansion of
				  financial services advantageous to the public welfare.
Title
				   9-B M.R.S.A. Section215
				  gives the Superintendent the power to implement, by rule or regulation, any
				  provision of law relating to the supervision of financial institutions.
Title
				   9-B M.R.S.A.
				  Section828 gives the Superintendent the
				  authority to allow, by regulation, a credit union to engage in any activity
				  which has been authorized under federal law or regulation for credit unions
				  chartered or otherwise subject to the jurisdiction of the federal
				  government.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 133 - LEASING OF PERSONAL PROPERTY BY STATE CHARTERED CREDIT UNION › Section 029-133-II - PURPOSE

Current through 2024-29, July 17, 2024
The purpose of this regulation is to provide the regulatory
				  framework to permit state-chartered credit unions to lease personal property to
				  their members. This regulation will provide parity between state-and
				  federally-chartered credit unions and will enable credit union members to enter
				  into lease transactions through their credit union.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 133 - LEASING OF PERSONAL PROPERTY BY STATE CHARTERED CREDIT UNION › Section 029-133-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this regulation, the following terms have the
				  following meanings:
A. "Closed-end
				lease" means a lease in which the lessor is responsible for any decrease
				between the residual value and the actual value of the leased property at the
				end of the lease.
B. "Credit Union"
				means a credit union as defined in 9-B M.R.S.A. section131.12.
C. "Direct leasing" means a transaction where
				the credit union purchases the personal property to be leased from a
				third-party vendor at the request of the lessee.
D. "Full payout lease" means a lease wherein
				the lessor must recoup, over the term of the lease, its entire investment in
				the leased property plus the cost of the financing. This return comes from the
				monthly payments made by the lessee and the estimated residual value of the
				property.
E. "Indirect leasing"
				means a transaction where the credit union purchases a lease after the lease
				has been executed between a vendor and the credit union member; the credit
				union may or may not purchase the leased property.
F. "Net lease" means a lease where all the
				burdens of ownership (e.g., maintenance and repairs, purchase of parts and
				accessories, renewal of licenses and registrations, insurance on the leased
				property) are placed on the lessee.
G. "Open-end lease" means a lease in which
				the lessee is responsible for any difference between the residual value and the
				actual value of the leased property at the end of the lease.
H. "Residual value" is the value, determined
				at the outset of the lease, of the leased property at the end of the lease that
				will be relied upon the by the credit union to meet the full payout
				requirement.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 133 - LEASING OF PERSONAL PROPERTY BY STATE CHARTERED CREDIT UNION › Section 029-133-IV - GENERAL PROVISIONS OF THE REGULATION

Current through 2024-29, July 17, 2024
A credit union may lease personal property to its members as
				  long as the leases are the functional equivalent of secured loans for personal
				  property. Accordingly, such leases will be subject, to the extent applicable to
				  the provisions of Chapter 85 of the Maine Banking Code. The credit union,
				  however may not assume burdens or subject itself to risks greater than those
				  ordinarily incident to a secured loan. Although leasing and lending are
				  recognized under federal law as functional equivalents when certain
				  requirements are met, they are not legal equivalents and therefore lease
				  transactions are not subject to Maine usury laws. The following criteria must
				  be present for the leases to be permissible:
A. The leases must be net, full payout
				leases.
B. The leases may be either
				open-end or closed-end.
C. The
				leases may be either direct or indirect. In the case of indirect leasing where
				the credit union does not have legal title to the leased property, the credit
				union will be deemed to have effective ownership of the leased property if the
				credit union requires the leasing company that retains legal ownership of the
				leased property to:
(1) Assign all of its
				rights in the lease to the credit union (the credit union will receive the
				lease payments and determine if the lease is in default);
(2) Name the credit union as sole lienholder
				on the title to the leased property; and
(3) Give the credit union an unconditional
				and irrevocable power of attorney to at will assign title to itself or to any
				other person it may choose.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 133 - LEASING OF PERSONAL PROPERTY BY STATE CHARTERED CREDIT UNION › Section 029-133-V - FEDERAL/STATE REGULATIONS

Current through 2024-29, July 17, 2024
It is recognized that the National Credit Union
				  Administration and the Maine Bureau of Banking have promulgated, or may, in the
				  future, promulgate regulations governing the manner in which credit unions may
				  engage in the leasing of personal property. It is further recognized that there
				  may exist differences in scope and coverage between this regulation and those
				  promulgated by federal regulatory agencies. It is not the intent of this
				  regulation to permit any practice which is not permitted by the National Credit
				  Union Administration. To the contrary, besides any other restriction or
				  limitation stated herein, each credit union must fully comply with the
				  regulations of the National Credit Union Administration.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 134 - CREDIT UNION SERVICE CORPORATIONS › Section 029-134-I - AUTHORITY

Current through 2024-29, July 17, 2024
Title
				  9-B M.R.S.
				  §111 declares that it is the policy of
				  the State to supervise financial institutions in a manner to assure their
				  strength, stability, and efficiency and encourage development and expansion of
				  financial services advantageous to the public welfare.
Title
				  9-B
				  M.R.S.§131(37) gives
				  the Superintendent the power to authorize by regulation a service corporation's
				  engagement in any activity authorized under federal law for a service
				  corporation owned or controlled by a federally- chartered credit union.
Title
				  9-B M.R.S.§215 gives
				  the Superintendent the power to implement by regulation, any provision of law
				  relating to the supervision of financial institutions.
Title
				  9-B
				  M.R.S.§828 gives the Superintendent the
				  authority to regulate state-chartered credit unions engaging in any activity
				  which has been authorized under federal law or regulation for credit unions
				  chartered by or otherwise subject to the jurisdiction of the federal
				  government.
Title
				  9-B
				  M.R.S.§864 authorizes a state-chartered
				  credit union to invest in service corporations as defined in Section 131.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 134 - CREDIT UNION SERVICE CORPORATIONS › Section 029-134-II - PURPOSE

Current through 2024-29, July 17, 2024
The purpose of this regulationis to repeal and replace the
				  former Regulation 34. It continues to authorize state-chartered credit unions
				  to organize service corporations that can engage in any activity permissible
				  for a federally-chartered credit union's service corporation.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 134 - CREDIT UNION SERVICE CORPORATIONS › Section 029-134-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this regulation, the following terms have
				  the following meanings:
A. "Affiliated
				credit union" means a credit union that has invested, either directly or
				indirectly through an intermediary, in a service corporation.
B. "Credit union" means a credit union as
				defined in
				9-B
				M.R.S.§131(12) or a
				credit union organized under the laws of the United States or another
				state.
C. "Invest" means any
				advance of funds, including the purchase of securities and the making of a
				loan, except a payment for rent earned, goods sold and delivered, or services
				rendered prior to the making of such payment.
D. "Net worth" has the same meaning as set
				forth in
				9-B
				M.R.S.§831(3).
E. "Organize a service corporation" means to
				make the initial investment in a service corporation.
F. "Service corporation" has the same meaning
				as set forth in
				9-B
				M.R.S.§131(37).
G. "State credit union service corporation"
				means a service corporation in which a state-chartered credit union has
				invested.
H. "State-chartered
				credit union" means a credit union as defined in
				9-B
				M.R.S.§131(12).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 134 - CREDIT UNION SERVICE CORPORATIONS › Section 029-134-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
A.
Authorization
1. Subject to
				prior written notification to the Superintendent pursuant to Section IV(D)(1),
				a state-chartered credit union may organize a service corporation and invest in
				a service corporation that provides services and activities authorized for
				service corporations in which federally-chartered credit unions may invest
				under the Federal Credit Union Act,
				12
				U.S.C.§§
											1757(5)(D) and
				1757(7)(I),and
				National Credit Union Administration Regulations,
				12 C.F.R.
				§
											712.5.
2. Subject to the prior written approval of
				the Superintendent, pursuant to Section IV(D)(4), a state-chartered credit
				union may increase its investment in a state credit union service corporation
				in excess of the prescribed limits of Section IV(B)(2).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 134 - CREDIT UNION SERVICE CORPORATIONS › Section 029-134-V - FEDERAL/STATE REGULATIONS

Current through 2024-29, July 17, 2024
It is recognized that the National Credit Union
				  Administration and the Maine Bureau of Financial Institutions have promulgated,
				  or may promulgate, in the future, regulations governing the manner in which
				  credit unions invest in service corporations. It is further recognized that
				  there may exist differences in scope and coverage between this regulation and
				  those promulgated by federal regulatory agencies. It is not the intent of this
				  regulation to permit any practice which is not permitted by the National Credit
				  Union Administration. To the contrary, besides any other restriction or
				  limitation stated herein, each state-chartered credit union must comply with
				  the regulations of the National Credit Union Administration, as appropriate.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 134 - CREDIT UNION SERVICE CORPORATIONS › Section 029-134-VI - EFFECTIVE DATE

Current through 2024-29, July 17, 2024
[August 25, 2019]
Primary Sources of information relied upon by the Bureau in
				  adopting the rule:
				  9-B M.R.S.
				  §864;
				  12 CFR
				  712.1-
				  712.11;
				  PL. 2017 ch. 143.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 135 - PERMISSIBLE TIE-IN ARRANGEMENTS (REG. 35) › Section 029-135-I - AUTHORITY

Current through 2024-29, July 17, 2024
Title
				   9-B MRSA
				  Section111 declares that it is the policy of
				  the state to supervise financial institutions in a manner to assure their
				  strength, stability, and efficiency and encourage development and expansion of
				  financial services advantageous to the public welfare.
Title
				   9-B MRSA Section215 gives
				  the Superintendent the power to implement, by rule or regulation, any provision
				  of law relating to the supervision of financial institutions.
Title
				   9-B MRSA
				  Section243(2) gives the
				  Superintendent the power to permit, by regulation, exceptions to the tie-in
				  prohibitions that are not contrary to the public interest and the purposes of
				  the tie-in prohibitions.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 135 - PERMISSIBLE TIE-IN ARRANGEMENTS (REG. 35) › Section 029-135-II - PURPOSE

Current through 2024-29, July 17, 2024
This regulation permits a financial institution authorized to
				  do business in Maine to tie products, services and their price to other
				  products and services offered by the financial institution or its affiliate to
				  the same extent as a financial institution is permitted to do under federal law
				  and regulation. Recent federal rulings have permitted tying certain products
				  and services (i.e., bundling products and offering relationship pricing).
				  Absent specific authority under Maine laws or rules, a financial institution
				  authorized to do business in this State is very limited in offering Maine
				  consumers bundled products or relationship pricing. This also places Maine's
				  financial institutions at a competitive disadvantage with nonbank providers of
				  financial services.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 135 - PERMISSIBLE TIE-IN ARRANGEMENTS (REG. 35) › Section 029-135-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this regulation, the following terms have the
				  following meanings:
A. "Affiliate" has
				the same meaning as set forth in Title
				 9-B MRSA
				§131(1-A).
B. "Financial institution authorized to do
				business in this State" has the meaning set forth in Title
				 9-B MRSA
				§131(17-A) and includes
				"credit unions authorized to do business in this State" as defined in Title
				 9-B MRSA
				§131(12-A).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 135 - PERMISSIBLE TIE-IN ARRANGEMENTS (REG. 35) › Section 029-135-IV - GENERAL PROVISIONS OF THE REGULATION

Current through 2024-29, July 17, 2024
A. A
				financial institution authorized to do business in this State or any of its
				affiliates may not tie a product, service, or the price of either to another
				product or service offered by the financial institution or by any of its
				affiliates, except as provided in Title
				 9-B MRSA
				§243 or in accordance with the following
				exceptions. Exceptions #1 through #4 are identical to those adopted by the FRB
				in its Regulation Y,
				12 CFR
				225.7(b)(1) through (b)(4);
				exception #5 provides a means for the Bureau to adopt future exceptions, if
				any, authorized by the FRB.
1. Traditional
				bank products. See
				12 CFR
				225.7(b)(1) for
				details.
2. Securities brokerage
				services. See
				12 CFR
				225.7(b)(2) for
				details.
3. Discounts on tie-in
				arrangements not involving financial institutions. See
				12 CFR
				225.7(b)(3) for
				details.
4. Safe harbor for
				combined-balance discounts. See
				12 CFR
				225.7(b)(4) for
				details.
5. The tying of products
				or services or the price of either by a financial institution or any of its
				affiliates, as authorized by the FRB under section 106 of the Bank Holding
				Company Act of 1970 or Regulation Y, that the Superintendent finds is
				consistent with the public interest and is not contrary to the purposes of
				Title
				9-B MRSA
				§243.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 135 - PERMISSIBLE TIE-IN ARRANGEMENTS (REG. 35) › Section 029-135-V - FEDERAL/STATE REGULATIONS

Current through 2024-29, July 17, 2024
It is recognized that the Federal Deposit Insurance
				  Corporation, the Board of Governors of the Federal Reserve System, the
				  Comptroller of the Currency, the National Credit Union Administration have
				  promulgated, or may promulgate in the future, regulations governing the manner
				  in which a financial institution or a credit union may tie a product or service
				  to another product or service offered by the financial institution or any of
				  its affiliates. It is further recognized that there may exist differences in
				  scope and coverage between this regulation and those promulgated by federal and
				  state regulatory agencies. It is not the intent of this regulation to permit
				  any practice which is not permitted by the appropriate regulatory agency. To
				  the contrary, besides any other restriction or limitation stated herein, each
				  financial institution must fully comply with the laws and regulations of the
				  appropriate regulatory agency.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 136 - DEPOSIT PRODUCTION OFFICES (REG. 36) › Section 029-136-I - AUTHORITY

Current through 2024-29, July 17, 2024
Title
				   9-B
				  M.R.S.A.§241(8) states
				  the Superintendent may adopt rules to implement the prohibition on the
				  operation of a deposit production office in Maine. Rules adopted pursuant to
				  this § 241(8) are routine technical rules as defined in 5 M.R.S.A.,
				  Chapter 375, subchapter II-A.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 136 - DEPOSIT PRODUCTION OFFICES (REG. 36) › Section 029-136-II - PURPOSE

Current through 2024-29, July 17, 2024
This regulation sets forth the factors that the
				  Superintendent will consider in determining whether a financial institution
				  authorized to do business in this State is operating in compliance with
				   9-B M.R.S.A.
				  §241(8).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 136 - DEPOSIT PRODUCTION OFFICES (REG. 36) › Section 029-136-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this rule, the following terms have the
				  following meanings:
A. "Call Report"
				means the Consolidated Report of Condition and Income, the Thrift Financial
				Report, or the Credit Union Statement of Financial Condition filed with a
				financial institution's primary federal regulator.
B. "Credit union authorized to do business in
				this State" has the meaning set forth in
				 9-B M.R.S.A.
				§131(12-A).
C. "Deposits" include all amounts a financial
				institution authorized to do business in this State must report as deposits
				(including credit union share accounts) in its Call Report.
D. "Deposit production office" has the
				meaning set forth in
				 9-B M.R.S.A.
				§131(12-B).
E. "Financial institution authorized to do
				business in this State" has the meaning set forth in
				 9-B M.R.S.A.
				§131(17-A) and also
				includes a credit union authorized to do business in this State. However, for
				purposes of this rule, "financial institution authorized to do business in this
				State" does not include limited purpose banks organized pursuant to 9-B
				M.R.S.A., Part 12.
F. "Home state"
				has the meaning set forth in
				 9-B M.R.S.A.
				§131(20-A).
G. "Interstate financial institution" means a
				financial institution authorized to do business in this State and operating at
				least one branch in Maine and at least one branch in another state.
H. "Loan" has the meaning set forth in
				 9-B M.R.S.A.
				§439-A(1)(A).
I. "Maine deposits" is, for a Maine-only
				financial institution, the total of all deposits reported on the institution's
				Call Report. "Maine deposits" is, for an interstate financial institution, the
				total of all deposits attributable to branches in Maine.
J. "Maine home state loan-to-deposit ratio"
				means the ratio of total Maine loans to total Maine deposits, for all financial
				institutions authorized to do business in this State whose home state is
				Maine.
K. "Maine Interstate Report"
				means the quarterly report of total Maine deposits and Maine loans filed with
				the Bureau by an interstate financial institution.
L. "Maine loans" is, for a Maine-only
				financial institution, the total of all loans reported on the institution's
				Call Report. "Maine loans" is, for an interstate financial institution, the
				total of all loans attributable to branches in Maine.
M. "Maine-only financial institution" means a
				financial institution authorized to do business in this State whose home state
				is Maine and which has branches only in Maine.
N. "Statewide loan-to-deposit ratio" means
				the ratio of Maine loans to Maine deposits, for each financial institution
				authorized to do business in this State.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 136 - DEPOSIT PRODUCTION OFFICES (REG. 36) › Section 029-136-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
A.
Standards
A financial institution authorized to do business in this
				  State is in compliance with
				   9-B M.R.S.A.
				  §241(8), if it meets at
				  least one of the following standards:
1. Its Maine deposits are less than two
				percent (2%) of total Maine deposits reported by all financial institutions
				authorized to do business in this State;
2. Its statewide loan-to-deposit ratio is
				equal to or greater than 50% of the Maine home state loan-to-deposit
				ratio;
3. Its statewide
				loan-to-deposit ratio is equal to or greater than 50%;
4. For a financial institution authorized to
				do business in this State whose home state is Maine, its most recent Community
				Reinvestment Act assessment by the institution's appropriate federal regulator
				is "satisfactory" or "outstanding;" or
5. For a financial institution authorized to
				do business in this State whose home state is not Maine, its most recent
				Community Reinvestment Act assessment for the State of Maine branch(es) by the
				institution's appropriate federal regulator is "satisfactory" or "outstanding."
The Maine home state loan-to-deposit ratio and the statewide
				  loan-to-deposit ratio for each Maine-only financial institution and each
				  interstate financial institution shall be calculated annually, using data
				  obtained from the June 30 Call Report and the June 30 Maine Interstate
				  Report.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 136 - DEPOSIT PRODUCTION OFFICES (REG. 36) › Section 029-136-V - FEDERAL/STATE REGULATIONS

Current through 2024-29, July 17, 2024
It is recognized that the Federal Deposit Insurance
				  Corporation, the Board of Governors of the Federal Reserve System, the
				  Comptroller of the Currency, and the National Credit Union Administration may
				  promulgate in the future regulations governing the operation of deposit
				  production offices. It is further recognized that there may exist differences
				  in scope and coverage between this Regulation 36 and those regulations
				  promulgated by federal financial supervisory agencies. It is not the intent of
				  this Regulation to permit any practice not permitted by the appropriate federal
				  financial supervisory agency. To the contrary, besides complying with any
				  restriction or limitation stated herein, each financial institution must comply
				  fully with the laws and regulations of its respective federal financial
				  supervisory agency.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 137 - INTERSTATE BRANCH ASSESSMENT (REG. 37) › Section 029-137-I - AUTHORITY

Current through 2024-29, July 17, 2024
Title
				   9-B M.R.S.A.
				  §214(2-A) authorizes
				  the superintendent to promulgate rules establishing an assessment on interstate
				  branches of out-of-state financial institutions. Regulations adopted pursuant
				  to this subsection are routine technical rules as defined in Title 5, chapter
				  375, subchapter II-A.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 137 - INTERSTATE BRANCH ASSESSMENT (REG. 37) › Section 029-137-II - PURPOSE

Current through 2024-29, July 17, 2024
This regulation establishes a reasonable fee and timing for
				  assessment in order to adequately cover the supervision costs, overhead,
				  general office and administrative expenses associated with the regulation of
				  interstate branches.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 137 - INTERSTATE BRANCH ASSESSMENT (REG. 37) › Section 029-137-III - DEFINITIONS

Current through 2024-29, July 17, 2024
A. "Branch" has the same meaning as set forth
				in
				9-B M.R.S.A.
				§131(3).
B. "Out-of-state financial institution" has
				the same meaning as set forth in
				 9-B M.R.S.A.
				§131(29-B).
C. "Satellite facility" has the same meaning
				as set forth in
				 9-B M.R.S.A.
				§131(35).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 137 - INTERSTATE BRANCH ASSESSMENT (REG. 37) › Section 029-137-IV - GENERAL PROVISIONS OF THE REGULATION

Current through 2024-29, July 17, 2024
Each out-of-state financial institution that plans to operate
				  one or more branches in this State must notify the Superintendent of its
				  intention to do so and pay a filing fee in accordance with Title 9-B M.R.S.A.
				  Chapter 37. Thereafter each out-of-state financial institution operating one or
				  more branches in this State shall file an annual notice, in the form and
				  containing such information as required by the Superintendent, and remit a fee
				  in accordance with the following:
1.
				The branch assessment fee shall equal $300 per branch being operated in this
				State, for all or any portion of, the preceding calendar year; for purposes of
				this assessment, a satellite facility is not considered to be a
				branch.
2. The annual notice shall
				be filed on or before January 31st of each year; and the branch assessment fee
				shall be due and payable on that date unless deferred by the Superintendent.
				Any deferred assessment on an interstate branch that is sold or closed during a
				calendar year shall be due and payable upon the sale or closing of such
				branch.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 138 - BUREAU OF FINANCIAL INSTITUTIONS (Regulation 38) › Section 029-138-1 - AUTHORITY

Current through 2024-29, July 17, 2024
The Bureau of Financial Institutions and the Bureau of
				  Consumer Credit Protection are promulgating this regulation under their
				  authority set forth in 9-A M.R.S. §§1 - 102, 6 - 104, 8 - 504 and 8 -
				  507, pursuant to which the Bureaus may adopt rules substantially similar to or
				  that afford more protection for consumers than those codified in federal
				  truth-in-lending laws, notwithstanding any other law. Alignment with CFPB
				  Regulation Z and CFPB Regulation M is consistent with 9-A M.R.S. §8 - 504
				  wherein the Bureaus are authorized to issue rules that are consistent with the
				  purposes of Title X and Title XIV of the Dodd-Frank Act and with the purposes
				  set forth in 9-A M.R.S. §§1 - 102 and 8 - 502.
Pursuant to
				   9-A M.R.S.
				  §8-504(2) specifically,
				  the Bureaus' administrators may make rules containing differentiations and
				  adjustments for a class of transactions that in the judgment of the
				  administrators are necessary and proper to effectuate the purposes of 9-A
				  M.R.S. and to facilitate compliance with 9-A M.R.S.In exercising that
				  authority, the Bureaus have specifically considered whether there is a
				  substantial impact on consumer protection before adopting provisions affecting
				  compliance with 9-A M.R.S. §8-506and have determined that the provisions
				  will provide greater protection to consumers.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 138 - BUREAU OF FINANCIAL INSTITUTIONS (Regulation 38) › Section 029-138-2 - PURPOSES

Current through 2024-29, July 17, 2024
The purposes of this regulation are to:
A. Provide additional credit protections to
				Maine consumers by requiring creditors subject to Article 8-A of 9-A M.R.S. to
				comply with Regulation Z and Regulation M issued by the CFPB using its discrete
				codifications ( 12 C.F.R. Part 1026, Regulation Z and 12 C.F.R. Part 1013,
				Regulation M) and by requiring creditors subject to Article 8-A of 9-A M.R.S.
				to comply with truth-in-lending and consumer leasing regulations issued by the
				CFPB since July 21, 2011.
B. Ease
				compliance by creditors subject to Article 8-A of 9-A M.R.S. with
				truth-in-lending laws; and
C.
				Preserve Maine's exemption from federal Regulation Z and thereby allow for the
				continuation of State enforcement of truth-in-lending laws applicable to
				creditors subject to Article 8-A of 9-A M.R.S.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 138 - BUREAU OF FINANCIAL INSTITUTIONS (Regulation 38) › Section 029-138-3 - DEFINITIONS

Current through 2024-29, July 17, 2024
Unless the context otherwise indicates, any word or phrase
				  used herein that is defined in 9-A M.R.S. shall have the meaning set forth in
				  9-A M.R.S., and any word or phrase that is not defined in 9-A M.R.S. but that
				  is defined in 12 C.F.R. Part 10261 or 12 C.F.R. Part
				  20132 shall have the meaning set forth in those
				  federal regulations.