Ask Reggi Your Question Now
Can you summarize 9-B MERS Part 8?
FINANCIAL INSTITUTIONS > CREDIT UNIONS
Short Summary
These legal documents govern various aspects of the dissolution, mergers, and conversions of credit unions in the state of Maine. They outline the procedures, requirements, and criteria for these processes. The documents also govern the use of the term ‘credit union’ in Maine, requiring prior written approval from the superintendent for its use. The investment activities of credit unions are regulated, specifying the types of investments they can make and the limitations imposed. The documents cover the granting of loans and lines of credit by credit unions, including the procedures, security requirements, and repayment terms. They also govern the management and operations of credit unions, including the amendment of bylaws, expulsion of members, meetings, credit committees, loan officers, board officers, and supervisory committees. Financial management aspects such as insurance of shares, payment of dividends, and share capital and surplus are also addressed. The documents grant credit unions powers similar to federally chartered credit unions and provide guidelines for the establishment and requirements of community development credit unions. Lastly, the documents outline the organization and formation requirements for credit unions in Maine. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Credit unions organized under the laws of Maine, credit union members, directors, officers, and employees, individuals or entities involved in transactions with credit unions
What does it govern?
Dissolution, mergers, and conversions of credit unions in the state of Maine; use of the term 'credit union' in Maine; investment activities of credit unions; loans and lines of credit provided by credit unions; management and operations of credit unions; financial management in credit unions; powers of credit unions; designation and requirements for community development credit unions; organization and formation of credit unions in Maine
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Violation of the use of the term 'credit union' without prior written approval may result in a civil penalty of up to $10,000 per violation.
Jurisdiction
Maine