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25,400 statutes · page 1268 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
A financial institution may transfer fiduciary relationships to an authorized affiliate, but the transfer follows a court petition, notice, hearing, objection, and substitution process.
Lawfully organized credit unions are subject to this Part and regulations issued under it.
At least 10 Maine residents may apply to the superintendent to organize a credit union, and the application must include specified information and a fee.
Upon receipt of a permission to organize pursuant to section 812, the organizers shall comply with the following requirements: [PL 1975, c. 500, §1 (NEW).] 1. Conformance with law. Other than as provided herein, a credit union must be
This section defines a credit union’s field of membership and gives the superintendent duties and limited authority related to field-of-membership determinations, conversions, rulemaking, and notice.
Credit unions are supervised by the superintendent, and Part 2 of the Title applies to them as it does to financial institutions generally.
An out-of-state credit union may open a branch office in Maine only with superintendent approval.
1. Designation. A credit union may apply to the superintendent in writing for designation as a community development credit union for the purposes of promoting economic revitalization and community development by providing financial
A credit union is empowered to do the acts in this chapter, subject to stated conditions and limitations.
A credit union may borrow money, but its total borrowing generally cannot exceed 50% of paid-in share capital plus total surplus.
A credit union may provide several member services, including selling or issuing negotiable instruments, operating safe deposit facilities, receiving property for safekeeping, and offering financial counseling; it also has power to act as trustee for a member’s retirement plan subject to section 442.
A credit union may issue cards or other devices to members for access to an established electronic funds transfer system.
A credit union may participate in authorized public lotteries, following applicable guidelines and regulations.
A credit union may establish, relocate, close, and operate a branch or satellite facility, subject to chapter 33 and with an exception for section 337(2).
A credit union may receive members’ savings in certain accounts, act as fiscal agent for certain government and credit-union payments, and place liens on shares and dividends in specified loan-related situations.
A credit union may engage in federally authorized activities, and the superintendent may adopt rules to make those powers safe, sound, and consumer-protective.
A credit union’s share capital is unlimited, with bylaws controlling share subscriptions, par value, and maximum holdings. It must also maintain adequate net worth and seek superintendent approval for certain securities issuances and below-minimum net worth levels.
The board of directors may declare dividends at authorized intervals if the credit union maintains adequate net worth, and shares in a qualifying credit union are exempt from taxes and most charges.
A credit union’s fiscal year ends at the close of business on the last business day of December.
Credit unions authorized to do business in the State must insure shares with the National Credit Union Administration or its successor.
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