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Can you summarize 9-B MERS Part 4, Chapter 42?
POWERS AND DUTIES OF FINANCIAL INSTITUTIONS > DEPOSITS IN GENERAL
Short Summary
The first document governs residential mortgage escrow accounts in Maine, specifying the requirements for establishing and maintaining such accounts, including the payment of dividends or interest to the mortgagor. The second document pertains to the written notice of withdrawal for savings deposits or accounts, allowing financial institutions to require depositors to provide advance notice before withdrawing funds. The third document covers various deposit or account transactions in financial institutions, including minor’s deposits, fiduciary deposits, joint deposits, and power of attorney over deposits. The fourth document outlines the requirement for financial institutions and credit unions in Maine to maintain reserves on deposits or accounts, in compliance with the Federal Reserve Act. The fifth document mandates financial institutions to have their deposits or accounts insured by the FDIC, with exceptions for certain institutions. The final document grants financial institutions the authority to establish the types and terms of deposits they accept, including the minimum and maximum amounts and the frequency and computation method of paying interest. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Mortgagors and mortgagees, financial institutions, credit unions, supervised lenders, depositors, fiduciaries, joint account holders, individuals with power of attorney over deposits or accounts, decedent's deposit or account holders, individuals with adverse claims to deposits or accounts, individuals issuing orders for payment, superintendents, financial institutions and credit unions organized under the laws of Maine or branches of out-of-state financial institutions authorized to do business in Maine
What does it govern?
Residential mortgage escrow accounts, written notice of withdrawal for savings deposits or accounts, deposit or account transactions in financial institutions, reserves on deposits or accounts, requirement for financial institutions to have deposits or accounts insured by the FDIC, establishment of types and terms of deposits by financial institutions
What are exemptions?
Mortgage transactions where the payment of interest on escrow accounts is prohibited by federal law, financial institutions organized pursuant to Part 12 are exempt from the requirement to have deposits or accounts insured by the FDIC
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Maine