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Can you summarize 02-029 MECM Ch. 136?
Bureau of Financial Institutions (formerly Bureau of Banking) (Note: for the Office of Securities, now a separate entity, see 02-032.) > Deposit Production Offices
Short Summary
This regulation, Chapter 136 of the Code of Maine Rules, governs the operation of deposit production offices by financial institutions authorized to do business in the state of Maine. It sets forth the factors that the Superintendent will consider in determining compliance with 9-B M.R.S.A. 241(8). The regulation establishes standards for compliance, including thresholds for Maine deposits and loan-to-deposit ratios. It also outlines additional performance factors that may be considered. The regulation imposes reporting requirements, including the filing of a Maine Interstate Report by interstate financial institutions. Non-compliance may result in penalties, including the issuance of a cease and desist order. Limited purpose banks organized pursuant to 9-B M.R.S.A., Part 12 are exempt from this regulation.
Whom does it apply to?
Financial institutions authorized to do business in the state of Maine
What does it govern?
Deposit Production Offices
What are exemptions?
Limited purpose banks organized pursuant to 9-B M.R.S.A., Part 12
What are the Penalties?
Cease and desist order pursuant to 9-B M.R.S.A., Chapter 23
Jurisdiction
Maine