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Can I collect financial information from participants in Maine? What are the requirements?

Collecting Financial Information from Participants in Maine

Based on the provided context documents, it appears that there are regulations in place regarding the collection of financial information from participants in Maine.

If you are a charitable organization, professional solicitor, professional fund-raising counsel, or commercial co-venturer, you are required to submit financial statements to the Office of Licensing and Registration under the Maine Charitable Solicitations Act [1.1]. Financial statements must be audited by an accountant licensed by the Maine Board of Accountancy or authorized to practice accounting by the appropriate regulatory body in another jurisdiction. The financial statement shall include a balance sheet, a statement of support, revenue, expenses and changes in fund balance, a statement of functional expenses, and such other information as the Office may require. The financial statement shall be prepared in accordance with generally accepted accounting principles.

However, financial information is considered confidential and may not be disclosed or made public without proper authorization [2.2]. Financial records means the originals or copies of records held by a financial institution authorized to do business in this State or a credit union authorized to do business in this State or their agents or affiliates pertaining to a customer’s relationship with the financial institution or credit union and includes information derived from such records [5.1].

If you are a financial institution organized under the laws of Maine or an out-of-state financial institution authorized to do business in Maine, the superintendent may require reports and other information from those institutions at those times and in such form as the superintendent considers appropriate for the proper supervision and regulation of those institutions [2.1]. Every financial institution subject to this Title shall make quarterly, or at such times as the superintendent may direct, a report of condition and income to the superintendent. The report must be in such form and contain such information as the superintendent considers appropriate for the proper supervision and regulation of such financial institutions [2.1].

If you are a company that controls one or more Maine financial institutions, you shall register with the superintendent in accordance with procedures established by him [3.2].

If you are obtaining contributor information from campaign finance reports filed by candidates, political action committees and party committees and reports filed under section 1056-B, you are prohibited from using it for any commercial purpose, including, but not limited to, the sales and marketing of products and services, or for solicitations of any kind not directly related to activities of a political party, so-called “get out the vote” efforts or activities directly related to a campaign as defined in section 1052 [4.1].

In summary, the collection of financial information from participants in Maine is subject to various regulations and requirements depending on the type of organization and the purpose of the collection. If you require further information or clarification, please provide more details about the type of financial information you are looking to collect and from whom.

Source(s):
Jurisdiction

Maine