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Can you summarize 9-B MERS Part 10, Chapter 101?
OTHER FINANCIAL ENTITIES > FINANCIAL INSTITUTION HOLDING COMPANIES
Short Summary
This legal document governs the requirements and criteria for obtaining approval from the superintendent for various actions related to the acquisition, control, and establishment of financial institutions and financial institution holding companies in Maine. It applies to persons or companies seeking to acquire control of a Maine financial institution, financial institutions, financial institution holding companies, foreign banks, and foreign bank holding companies. The document outlines specific actions that require approval, such as acquisitions of interests in financial institutions, establishment of subsidiaries, and engagement in closely related activities. It also provides criteria for approval, including comprehensive supervision or regulation of foreign banks, and the provision of necessary information to the superintendent. The document further specifies application procedures and fees. Exceptions are provided for closely related activities and other activities, subject to certain conditions based on the percentage of assets being acquired. No specific penalties are mentioned in the document.
Whom does it apply to?
Persons or companies seeking to acquire control of a Maine financial institution, financial institutions, financial institution holding companies, foreign banks, and foreign bank holding companies
What does it govern?
Requirements and criteria for obtaining approval for acquisition, control, and establishment of financial institutions and financial institution holding companies in Maine
What are exemptions?
Exceptions for closely related activities and other activities, subject to certain conditions based on the percentage of assets being acquired
What are the Penalties?
No specific penalties mentioned in the document
Jurisdiction
Maine