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.

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.

This legal document pertains to merchant banks and governs the terms of loans and investments made by merchant banks. The document requires merchant banks to disclose the terms of loans or investments to the governing body of the merchant bank in certain situations. These situations include loans or investments made to individuals or entities who own 25% or more of the merchant bank’s common stock or similar equity capital, members of the governing body of the merchant bank, policy-making officers or managers of the merchant bank, or companies where 25% of the voting shares or other similar voting equity is owned by individuals or entities listed in the previous situations.

This legal document pertains to holding companies of merchant banks. If a holding company does not control financial institutions other than a merchant bank or a nondepository trust company, 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. The superintendent may examine the holding company, including its subsidiaries and affiliates, to determine the soundness and viability of the merchant bank.

An uninsured bank shall maintain reserves in accordance with section 422-A. The superintendent may establish by rule or order additional reserve requirements for uninsured banks. [PL 1997, c. 398, Pt. J, 2 (NEW).] SECTION HISTORY PL 1997, c. 398, J2 (NEW).

An uninsured bank may not engage in retail deposit activities. The superintendent shall define deposit activities that do not constitute retail deposit activities by rule, taking account of the size or nature of depositors and deposit accounts. [PL 1997, c. 398, Pt. J, 2 (NEW).] SECTION HISTORY PL 1997, c. 398, J2 (NEW).

This legal document pertains to holding companies of uninsured banks. If a holding company is not a financial institution holding company under chapter 101 due to controlling financial institutions other than a merchant bank, nondepository trust company, or uninsured bank, the superintendent may grant the holding company a waiver from the provisions of chapter 101. However, the superintendent cannot waive the requirements of section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1.

This legal document governs the fees for and records of transactions made through electronic terminals. It applies to financial institutions authorized to do business in Maine and credit unions authorized to do business in Maine. According to the document, financial institutions may charge fees for the use of electronic terminals, including reasonable foreign transaction fees. The fees must be disclosed to customers either through signage or electronically during the transaction. Financial institutions may also charge their own customers a reasonable fee for the use of electronic terminals.

This legal document provides special provisions for subsidiary banks of mutual holding companies. It states that a subsidiary bank established through a reorganization under chapter 105 must be organized as a corporation. Additionally, it requires the articles of incorporation of the subsidiary bank to be amended to provide for proportionate representation of minority stockholders on the board of directors. The representation should be based on the percentage of common stock owned by the minority stockholders relative to the total amount of common stock issued and outstanding.

This section of the Maine Revised Statutes governs loans made by financial institutions to their principal stockholders, policy-making officers, directors, or any related interest of those persons. The section outlines the authorization, terms, and creditworthiness requirements for such loans. It also establishes limitations on the amount of loans that can be granted, requiring prior approval from the board of directors and abstention from interested parties during the voting process. The section further addresses lines of credit, liability for making loans in violation of the section, and the consequences of violations.