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Maine Statutes, Title 9-B

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Maine/Statutes

← All Maine coverage

Title 9-B, Title 9-B

66 chapters · 278 sections in this title.

All chapters in Title 9-B278 Ch 131, Chapter 13119 Ch 34, Chapter 3410 Ch 41, Chapter 4110 Ch 101, Chapter 10110 Ch 123, Chapter 12310 Ch 22, Chapter 229 Ch 31, Chapter 319 Ch 35, Chapter 359 Ch 36, Chapter 369 Ch 87, Chapter 879 Ch 91, Chapter 919 Ch 33, Chapter 338 Ch 37, Chapter 378 Ch 42, Chapter 428

278 sections·Filtered byTitle 9-B✕

9-B M.R.S. § 377 Corporate filing requirements
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1. Applicability of Title 13-C. An out-of-state financial institution, federal association or national bank with a home state other than this State that seeks to establish and operate a branch in this State as the result of an interstate combination, branch acquisition or de novo…
9-B M.R.S. § 378 Effective date
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This chapter takes effect January 1, 1997.
9-B M.R.S. § 411 Applicability of chapter
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The provisions of this chapter set forth the powers granted to all financial institutions organized pursuant to chapters 31 and 32. The powers, privileges, duties and restrictions conferred and imposed in the charter or act of incorporation of any trust company, savings bank or s…
9-B M.R.S. § 412 General corporate powers
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A financial institution organized under chapter 31 or 32 shall have the power: [PL 1975, c. 500, §1 (NEW).] 1. To exist perpetually or as provided for in its organizational documents; 2. To sue and be sued in its corporate name, and to participate in any judicial, administrative,…

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9-B M.R.S. § 412-A Capital

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1. Requirement. Every financial institution shall establish and maintain adequate levels of capital as set forth in rules adopted by the superintendent. These rules must address, at a minimum, composition of capital, capital levels that must be maintained and procedures that must…

9-B M.R.S. § 413 Borrowing

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A financial institution may borrow money on such terms and conditions as it may determine, issue its notes, bonds and other obligations and secure any of its obligations by mortgage, pledge or other encumbrance of all or any part of its property. [PL 1997, c. 398, Pt. I, §4 (AMD)…

9-B M.R.S. § 415 Participation in public agencies

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To the extent authorized by the superintendent pursuant to regulations, a financial institution has the power to participate in a public agency created under the laws of this State or of the United States, the purpose of which is to afford advantages or safeguards to financial in…

9-B M.R.S. § 416 Powers of federally chartered institutions

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Notwithstanding any other provisions of law, a financial institution has the power to engage in any activity that financial institutions chartered by or otherwise subject to the jurisdiction of the Federal Government may be authorized to engage in by federal legislation or regula…

9-B M.R.S. § 417 Equity interest in Maine financial institutions

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A financial institution authorized to do business in this State may acquire more than 5% of the equity interest of any other financial institution authorized to do business in this State or of a Maine financial institution holding company with the prior approval of the superinten…

9-B M.R.S. § 418 Acting as agent

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A financial institution or a financial institution not authorized to do business in this State may act as agent for a financial institution, out-of-state financial institution, a financial institution organized under provisions of law of another state, federal association or nati…

9-B M.R.S. § 419 Investment powers

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1. Investment and equity securities. A financial institution is authorized to purchase, sell, underwrite and hold investment securities and equity securities, consistent with safe and sound banking practices. For purposes of this section, the term "investment securities" includes…

9-B M.R.S. § 419-A Property ownership

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In addition to real estate owned for offices and facilities pursuant to chapter 33, a financial institution may acquire all property, real, personal and mixed, by mortgage foreclosure, purchase or by any other means and may hold the property for investment purposes and may improv…

9-B M.R.S. § 421 Applicability of chapter; tax exemption

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1. Applicability. The sections of this chapter govern deposits or accounts in financial institutions subject to the provisions of this Title. 2. Tax exemption. All interest-bearing deposits or accounts of whatever type in financial institutions subject to the provisions of this T…

9-B M.R.S. § 421-A General deposit powers

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Unless otherwise prohibited by state law, a financial institution may establish the types and terms, including the minimum and maximum amounts that it may accept and the frequency and computation method of paying interest, of deposits that it solicits and accepts. A financial ins…

9-B M.R.S. § 422 Insurance of deposits or accounts

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1. Requirement. A financial institution organized under the laws of this State or a branch of an out-of-state financial institution authorized to do business in this State shall take any action necessary to have its deposits or accounts insured by the FDIC. For purposes of this s…

9-B M.R.S. § 422-A Cash reserves on deposits and accounts

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1. Requirement. A financial institution organized under the laws of this State and a credit union organized under the laws of this State shall maintain reserves on deposits or accounts as required from time to time by the Federal Reserve Act, Section 19(b), as amended, and any re…

9-B M.R.S. § 426 Savings deposits or accounts: written notice of withdrawal

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1. Withdrawal notice may be required. A financial institution may at any time, by resolution of its governing body, require written notice by a savings depositor not to exceed 90 days prior to the repayment of deposits or accounts, or may require similar notice before repaying de…

9-B M.R.S. § 427 Deposit or account transactions

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1. Minor's deposits or accounts. Money may be deposited by or in the name of a minor and is the minor's property, and a financial institution shall pay the same to such minor, to the minor's order or to a joint owner of the account. The receipt of any such payment by the minor is…

9-B M.R.S. § 428 Inactive deposits or accounts

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All moneys in unclaimed accounts in each financial institution authorized to do business in this State must be disposed of according to Title 33, chapter 45.

9-B M.R.S. § 429 Residential mortgage escrow accounts

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1. Definition. As used in this section, unless the context indicates otherwise, the following terms have the following meanings. A. "Escrow account" means any account established by agreement between a mortgagor and mortgagee under which the mortgagor pays to the mortgagee sums t…

9-B M.R.S. § 431 Applicability of chapter

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The sections of this chapter govern loans made by financial institutions subject to the provisions of this Title.

9-B M.R.S. § 431-A Loan powers

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1. General loan authority. Unless otherwise prohibited by state law, a financial institution may make, sell, purchase, arrange, participate in, invest in or otherwise deal in loans or extensions of credit, as defined in section 439-A, for any purpose. 2. Written loan policy. A fi…

9-B M.R.S. § 432 Interest on loans

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1. Interest absent in writing. The maximum legal rate of interest on a loan made by a financial institution, in the absence of an agreement in writing establishing a different rate, shall be 6 percent per year. 2. Interest: noncommercial or consumer loans. A. The legal rate of in…

9-B M.R.S. § 433 Fair credit extension

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Every financial institution authorized to do business in this State shall be subject to and shall comply with the provisions of Title 5, sections 4595 to 4598 providing for the fair extension of credit by lenders in this State.

9-B M.R.S. § 435 Minority of borrower

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1. Limitation on disability. The disability of minority of any person otherwise eligible for a loan, or guaranty or insurance of a loan, pursuant to the Act of Congress entitled the "Servicemen's Readjustment Act", 38 U.S.C. § 1801 et seq., as amended, and of the minor spouse of …

9-B M.R.S. § 436 Open-end mortgages

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1. Authorization; requirements. Any interest in real property which may be mortgaged to a financial institution authorized to do business in this State may be mortgaged to secure existing debts or obligations, to secure debts or obligations created simultaneously with the executi…

9-B M.R.S. § 439-A Lending limits

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1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. "Loans or extensions of credit" includes all direct or indirect advances of funds to a person that are made on the basis of any obligation of that …

9-B M.R.S. § 441 Applicability of chapter

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The provisions of this chapter govern the services and incidental activities offered by financial institutions.

9-B M.R.S. § 441-A General powers

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Unless otherwise prohibited or limited by this Title or rules adopted by the superintendent, a financial institution has and may exercise all powers necessary or convenient to effect the purposes for which the financial institution is organized or to further the businesses in whi…

9-B M.R.S. § 442 Trustee, self-employment retirement plans

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1. Authorization; limitation. Financial institutions may act as trustee under a retirement plan established pursuant to the Act of Congress entitled "Self-employed Individuals Retirement Act of 1962," as amended; an individual retirement arrangement pursuant to the "Employee Reti…

9-B M.R.S. § 443 Services for customers

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In addition to all customer services financial in nature or incidental to, reasonably related to or convenient and useful to the powers granted in its organizational documents, a financial institution authorized to do business in this State may offer the services set forth below …

9-B M.R.S. § 445 Service corporations

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1. Authorization. A financial institution may establish, acquire or invest in the equity interest, obligations or other securities of a service corporation, as defined in section 131, or otherwise participate in or utilize the service of such a corporation. A service corporation …

9-B M.R.S. § 446-A Closely related activities

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A financial institution authorized to do business in this State may engage, directly or indirectly, in closely related activities as defined in section 131, subsection 6‑A. The financial institution may engage in those activities directly, or indirectly through a subsidiary, unle…

9-B M.R.S. § 447 Real estate appraisals; copies

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A financial institution that imposes a fee on a person for the cost of an appraisal of any real estate shall furnish to the person, at no cost, one copy of the appraisal upon request, if the request is made within 90 days after the financial institution has provided notice of act…

9-B M.R.S. § 448 Insurance agency activities

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1. Authorization. A financial institution authorized to do business in this State or credit union authorized to do business in this State, or financial institution holding company, or an affiliate of either, other than a licensed supervised lender regulated under Title 9‑A, Artic…

9-B M.R.S. § 451 Applicability of chapter

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The provisions of this chapter apply to financial institutions organized under chapters 31 and 32 and establish minimum record-keeping requirements for these financial institutions.

9-B M.R.S. § 452 Maintenance of records; accounting and assets

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1. Safekeeping of assets and records. Every financial institution shall make provisions to secure the safekeeping of the financial institution's assets and its books, accounts and records and shall keep them separate and apart from the assets or property of others. A financial in…

9-B M.R.S. § 453 Annual audits

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1. Selection of auditor. The governing body of a financial institution subject to the provisions of this Title shall employ an independent public accountant or accountants at least annually. 2. Duties of auditor. The accountant or auditor selected in subsection 1 shall analyze th…

9-B M.R.S. § 454 Destruction of deposit records

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Any statement of account rendered by a financial institution to a depositor or any account book or passbook that has been written up by the financial institution to show the condition of the depositor's account and accompanied by vouchers that are the basis for debit entries to t…

9-B M.R.S. § 461 Applicability of chapter

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The provisions of this chapter setting forth acts and practices that are prohibited apply to all financial institutions, universal banks, limited purpose banks, credit unions and financial institution holding companies subject to the laws of this State and are in addition to the …

9-B M.R.S. § 462 Interlocks of directors, corporators and officers

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1. Prohibited interlocks. Except as provided in subsections 2 and 3, no person who is a director, corporator, officer or employee of a financial institution, credit union or financial institution holding company authorized to do business in this State shall serve as a director, c…

9-B M.R.S. § 464 Loans on shares of stock

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1. Prohibition. A financial institution shall not make loans or discounts on the security of the shares of its own capital stock or the capital stock of its parent holding company or its subsidiaries, if any, nor shall an institution be the purchaser or holder of any such shares …

9-B M.R.S. § 465-A Loans to stockholders, directors or officers

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1. Authorization. A financial institution authorized to do business in this State may make loans to its principal stockholders, policy-making officers or directors, or to any related interest of those persons, subject to the limitations contained in this section. 2. Terms and cre…

9-B M.R.S. § 466 Unlawful acts

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The acts set forth in this section are unlawful and are criminal offenses unless otherwise provided. [PL 2003, c. 452, Pt. D, §1 (AMD); PL 2003, c. 452, Pt. X, §2 (AFF).] 1. Copying records of financial institutions. A director, corporator, officer, agent or employee of a financi…

9-B M.R.S. § 467 Outside business interests

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1. Acting as broker-dealer prohibited. 2. Other outside business interests. A policy-making officer of a financial institution may not engage in, directly or indirectly, any other business or occupation without the consent of a majority of the directors, evidenced by a duly recor…

9-B M.R.S. § 468 Restrictions on transactions with affiliates

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1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. "Covered transaction" means, with respect to an affiliate of a financial institution: (1) A loan or extension of credit to the affiliate; (2) A pur…

9-B M.R.S. § 469 Fundamental change in asset composition

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1. Requirement of prior approval. A financial institution, without the prior written approval of the superintendent, may not change the composition of all or substantially all of its assets through sales or other dispositions of assets, through purchases or other acquisitions of …

9-B M.R.S. § 471 General

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A financial institution may act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates or in any other fiduciary capacity. Assets held in any fiduciary capacity must be segregated from the general assets of the financial institution and the financ…

9-B M.R.S. § 472 Notice

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A financial institution shall provide the superintendent 60 days' notice prior to conducting trust activities. The superintendent may prescribe the form and content of the notice, including, but not limited to, business plans, financial projections and management. Notice is not r…

9-B M.R.S. § 473 Trust assets

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1. Separation of trust assets. Except as otherwise provided, all securities, money and property received by any financial institution to be held in trust or in any other fiduciary capacity must be kept separate and apart from the other assets of the financial institution. 2. Sepa…