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25,400 statutes · page 1261 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
The superintendent may hire and train bureau personnel, but some hires require the commissioner’s approval, and a deputy superintendent must be designated in specified absence, vacancy, or incapacity situations.
Bureau officials generally may not hold specified roles or receive payments from supervised financial institutions; certain loans to them or their family members must be disclosed immediately.
Financial institutions are charged assessment expenses, must be notified, and must pay the Treasurer of State within the stated time limits.
The superintendent may make, amend, or repeal rules for laws on supervision of financial institutions and related holding companies, subject to section 251.
The superintendent must file an annual report to the Legislature by January 15 showing applications received, actions taken under chapters 35 and 101, and specified information about regulated financial institutions and their impact.
The superintendent must examine Maine financial institutions at least every 36 months, and may also examine certain out-of-state institutions, affiliates, and service-related entities.
The superintendent may require reports and other information from certain financial institutions, and institutions subject to this Title must file quarterly condition-and-income reports, keep a copy, and provide it to the bureau on request.
Limited purpose banks must make certain reports available in their offices before the annual meeting, and federally insured financial institutions must post a notice that those reports are available on request.
Financial institutions must keep specified records and loan/investment approval records, and the board must adopt written loan and investment policies.
Financial institutions and credit unions must keep their records for minimum periods set by the superintendent, unless federal law prevents it.
The superintendent may enter into cooperative agreements with other state, federal, or foreign regulatory agencies.
Most information given to the superintendent or bureau employees is confidential and cannot be disclosed, with listed exceptions.
The superintendent may use subpoena and related powers to gather evidence and testimony about financial institution supervision and regulation.
If the superintendent believes a covered financial institution or related person has persistently violated this Title or rules, the superintendent must report it to the Attorney General, who may prosecute. The penalty is $500 to $1,000 unless another penalty is prescribed.
The superintendent may issue cease and desist orders, and in some cases restrict withdrawals or order corrective action by officers or directors.
The superintendent may remove or prohibit certain bank officers and directors from participating, if specified grounds are met and the required notice and hearing procedures are followed.
The Superior Court must enforce certain superintendent orders. A person directly affected by such an order may seek judicial review. Good-faith reliance on a subsisting superintendent order, regulation, or definition does not trigger civil or criminal liability, even if a court later invalidates it.
The superintendent must notify the appropriate federal agency about certain proceedings and the reasons for them.
A troubled financial institution must give the superintendent 30 days’ notice before certain board or senior executive changes, unless the superintendent accepts less notice for good cause.
1. Rules and regulations. A. The superintendent has the power to adopt rules, in accordance with section 251, defining, limiting or proscribing acts and practices that, when engaged in by a financial institution authorized to do business
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