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Can you summarize 9-B MERS Section 1215?
NONDEPOSITORY TRUST COMPANIES > Holding companies of nondepository trust companies
Short Summary
This legal document pertains to holding companies of nondepository trust companies. If a holding company does not control financial institutions other than nondepository trust companies or merchant banks, it is not subject to the provisions of chapter 101, except for section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1. However, if the holding company does control financial institutions other than nondepository trust companies, the superintendent may examine the holding company, including its subsidiaries and affiliates, to determine the soundness and viability of the nondepository trust company.
Whom does it apply to?
Holding companies of nondepository trust companies
What does it govern?
Holding companies of nondepository trust companies
What are exemptions?
If the holding company is deemed to be a financial institution holding company under chapter 101 by virtue of controlling financial institutions other than nondepository trust companies or merchant banks, it is subject to the provisions of chapter 101, except for section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1.
What are the Penalties?
No penalties mentioned.
Jurisdiction
Maine