Browse 25,400 source-backed statutes, open stored provisions and move directly into source-grounded legal research.
25,400 statutes · page 1257 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
A creditor, its officers or employees, or any other person who willfully and knowingly violates this article, or helps another do so, may be fined up to $2,500 per offense, imprisoned up to 6 months, or both.
Any violation of this article is treated as a violation of the Maine Unfair Trade Practices Act.
This section defines key terms used in the chapter, including types of holding companies, company, control, home state, host state, and foreign bank holding company.
A company controlling one or more Maine financial institutions must register with the superintendent.
Certain acquisitions of Maine financial institutions or their shares need the superintendent’s prior approval, and some large share acquisitions also require notice within 5 days.
A Maine financial institution holding company may do closely related or other activities only with prior permission from the superintendent, and nonpermissible activity must stop before an acquisition of control is completed unless an exemption applies.
Approval of the superintendent is generally required for specified acquisitions, ownership increases, and certain activities by financial institutions and holding companies, with exceptions and fee requirements.
The superintendent may require certain financial institution holding companies to provide reports, and may examine the company and Maine subsidiaries if the reports are inadequate.
Forms for registration, applications, and reports under this chapter must conform as closely as possible to specified federal forms and regulations, subject to the superintendent’s responsibilities.
The superintendent may exclude certain companies from this chapter in specified control-acquisition situations, and may grant up to three one-year extensions.
A Maine financial institution holding company must give the superintendent prior notice before certain securities issuances and own-share purchases, and some transactions need prior approval.
Financial institution holding companies are subject to chapters 24 and 46 as provided there; penalties apply for violations, and the superintendent must report certain section 1013 violations to the Attorney General.
This section defines “mutual trust investment company.”
Any 5 or more state banks with trust powers, trust companies and national banks with trust powers located in this State are authorized to cause a mutual trust investment company to be organized and incorporated, subject to the approval of
A mutual trust investment company generally must be incorporated under Title 13-C, unless this chapter provides otherwise.
A mutual trust investment company has stock ownership, transfer, director, investment, and voting limits, and limited liability protections tied to its stock transactions.
Certain fiduciary banks and trust companies may invest fiduciary funds in mutual trust investment company stock if they act prudently, get cofiduciary consent when applicable, and the governing instrument does not forbid it.
1. Rules and regulations. The superintendent shall have authority to adopt and issue regulations to govern the conduct and management of all mutual trust investment companies formed pursuant to this chapter, and to prescribe, among other
This chapter authorizes mutual financial institutions to reorganize into mutual holding companies.
This section defines three terms used in the chapter: mutual financial institution, mutual holding company, and subsidiary universal bank.
Explore more
