Browse 25,400 source-backed statutes, open stored provisions and move directly into source-grounded legal research.
25,400 statutes · page 1267 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
A financial institution may engage in closely related activities, but it generally must apply to the superintendent unless specified conditions allow activity without an application.
If a financial institution charges a fee for a real estate appraisal, it must give the person one free copy on request within the stated time window.
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
This chapter applies to financial institutions organized under chapters 31 and 32.
Financial institutions must safeguard assets and records, keep them separate from others’ property, and have their books and accounts kept under GAAP unless the superintendent prescribes otherwise.
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. [PL 1997, c. 398, Pt. I, §38 (AMD).] 2. Duties
A depositor generally cannot question a bank account after 6 years from rendition if the correctness was not questioned earlier, while the depositor still has duties to examine the account and promptly notify the bank of errors.
This chapter’s prohibitions apply to the listed financial institutions and holding companies subject to Maine law.
Certain directors, officers, corporators, and employees of Maine financial institutions generally may not serve in the same roles at another covered institution, subject to stated exceptions and waiver authority.
A financial institution generally may not make loans secured by its own shares or hold those shares, except in limited loss-prevention cases, and acquired shares must be sold within one year unless the superintendent extends the time.
A financial institution may lend to certain stockholders, officers, directors, or related interests only within stated limits and approval requirements.
This section makes several acts involving financial institutions unlawful and punishable as crimes or civil penalties.
1. Acting as broker-dealer prohibited. [PL 1997, c. 22, §20 (RP).] 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
Financial institutions and their subsidiaries may do certain affiliate transactions only if the terms are as favorable as comparable nonaffiliated transactions, and covered transactions are further limited and secured; some purchases from affiliates are prohibited.
A financial institution may not change all or substantially all of its assets without the superintendent’s prior written approval.
A financial institution may serve in fiduciary roles, but fiduciary assets must be kept separate and related books and records must be maintained.
A financial institution must give the superintendent 60 days’ notice before conducting trust activities.
Financial institutions must keep trust assets separate from their own assets, keep each trust account’s investments separate, and maintain separate records for each trust account, subject to listed exceptions.
A financial institution does not need a surety on its bond when acting in listed fiduciary capacities, unless the approving court or officer requires one.
The superintendent may adopt rules for the trust activities of financial institutions.
Explore more
