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25,400 statutes · page 1259 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
A holding company of a merchant bank is generally not subject to chapter 101, except for section 1013(1) and related section 1015 application requirements. The superintendent may also examine such a holding company, including subsidiaries and affiliates, when needed to assess the merchant bank’s soundness and viability
The superintendent may make rules for merchant banks and for carrying out this chapter.
Some uninsured banking institutions may be organized under chapter 31, and an uninsured bank generally has the same powers, rights, duties, and obligations as a financial institution under this Title unless the chapter says otherwise.
An uninsured bank must be organized under chapter 31, meet Maine location and board requirements unless grandfathered, include a required statement in filed organizational documents, not amend that statement, and may convert to another investor-owned financial institution under chapter 34.
The superintendent may require an uninsured bank to pledge assets, and the bank must maintain the pledge under superintendent-set conditions.
An uninsured bank must have initial paid-in capital and maintain minimum capital under the cited rules, unless the superintendent sets different maintenance requirements.
An uninsured bank must maintain reserves under section 422-A, and the superintendent may set extra reserve requirements by rule or order.
An uninsured bank’s lending limit is governed by section 439-A or rules under that section, but loans or extensions of credit to one person are limited to 15% of total capital.
An uninsured bank may not engage in retail deposit activities, and the superintendent must define by rule what deposit activities are not retail deposit activities.
An uninsured bank must post FDIC non-insurance notices at deposit windows, on certain deposit records or obtain a depositor acknowledgment, and on deposit-related advertising.
The superintendent may adopt rules for uninsured banks and for carrying out this chapter.
If a holding company is not a financial institution holding company under chapter 101 by virtue of controlling a financial institution other than a merchant bank, a nondepository trust company or an uninsured bank, the superintendent may
This section defines banking terms used in the chapter.
A qualifying foreign bank may establish a Maine branch or agency only with prior superintendent approval.
This section says federal branches and federal agencies are not prohibited in the State, but a foreign bank authorized to operate a Maine branch or Maine agency may not maintain a federal branch or federal agency there at the same time.
Foreign bank operations at a Maine branch or agency generally have the same rights and powers as a trust company at the same location, and are subject to the same duties, restrictions, penalties, liabilities, conditions, and limits, except as otherwise provided. Maine branches and agencies also face specific deposit re
A foreign bank may open a representative office in this State only after giving 30 days’ prior notice to the superintendent, and it may not do so without prior approval from the Federal Reserve Board. Representative offices may carry out listed support activities and other activities allowed by rule or order.
A qualifying foreign bank may conduct trust activities at its Maine branch or agency after giving the superintendent 30 days’ prior notice.
A foreign bank with a Maine agency, branch, or representative office must maintain a registered office and is subject to service of process as provided in Title 13-C, chapter 15.
A foreign bank operating a Maine branch or agency must keep required deposits and assets on deposit in approved institutions and in amounts set by the superintendent.
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