Maine Revised Statutes, Title 9-B, § 841: Management in general
A credit union’s management and operations must comply with Title 13-C, subject to exceptions in this chapter and elsewhere in this Part.
- Credit unions
- Management
- Operations
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Maine Revised Statutes, Title 9-B, § 842: Board of directors
A credit union must have a board of directors that manages its affairs, meets at least monthly, and follows the section’s rules on director qualifications, oaths, vacancies, and board powers.
- Board governance
- Committee structure
- Credit unions
- Loan policy
Maine Revised Statutes, Title 9-B, § 843: Officers and employees
Directors must elect the board officers named in the bylaws; certain credit union officers and employees must give bond; the treasurer or a general manager may be compensated; employee benefits may be provided subject to reasonableness; and the superintendent may adopt implementing rules.
- Board governance
- Bonding
- Compensation
- Employee benefits
- Investment limitations
Maine Revised Statutes, Title 9-B, § 844: Supervisory committee or independent public accountant
1. Duties of supervisory committee. If a supervisory committee is appointed pursuant to section 842, subsection 2, the supervisory committee shall keep informed fully and at all times as to the financial condition of the credit union,
- Account verification
- Audits
- Committee duties
- Reporting
- Rulemaking
Maine Revised Statutes, Title 9-B, § 845: Credit committee
A credit committee, if appointed, must meet monthly, act on member loan applications, approve personal loans and related security in writing, and send real-estate mortgage loan applications to the board with recommendations and a signed appraisal.
- Board oversight
- Loan approvals
- Loan committee procedures
- Loan officers
Maine Revised Statutes, Title 9-B, § 846: Meetings of the members
Credit union member meetings must follow the board’s timing decision, special-meeting request rules, notice rules, and voting limits.
- Dividends
- Lending limits
- Member meetings
- Voting
Maine Revised Statutes, Title 9-B, § 847: Expulsion of members
1. Grounds for expulsion. A manager or chief executive officer of a credit union may expel from the credit union any member who: A. Has not carried out the member's engagement with the credit union; [PL 2023, c. 539, §3 (NEW).] B. Has been
- Appeals process
- Member expulsion
- Share redemption
Maine Revised Statutes, Title 9-B, § 848: Amendment of bylaws and charter
A credit union’s bylaws may be amended, and charter amendments requested, only by a 2/3 board vote at a duly held meeting with at least 7 days’ notice and a copy of the proposed amendment in the notice; the amendments also need the superintendent’s written approval to take effect.
- Board voting
- Bylaw amendment
- Charter amendment
- Superintendent approval
Maine Revised Statutes, Title 9-B, § 851: Loans in general
A credit union may deal in member loans, but its loan approvals and written loan policy must follow the stated approval rules.
- Loan approvals
- Member loans
- Written loan policy
Maine Revised Statutes, Title 9-B, § 852: Loan applications
Loan applications must be in writing and state the loan purpose and any security offered.
- Loan applications
- Written application requirements
Maine Revised Statutes, Title 9-B, § 854: Loans
The board must set credit union loan policies, loans to one member may not exceed 10% of total assets, fully share-secured loans are unlimited, and the superintendent may adopt rules for the section.
- Board governance
- Loan limits
- Rulemaking
Maine Revised Statutes, Title 9-B, § 855: Real estate mortgage loans
A credit union may make real-estate mortgage loans to members, but the loans are subject to loan-to-value limits, repayment-term limits, and a board-adopted policy with required content and annual review.
- Loan policy governance
- Loan repayment terms
- Loan-to-value limits
- Real estate mortgage loans
Maine Revised Statutes, Title 9-B, § 856: Loans to other credit unions
A credit union may make loans to other credit unions, with board approval, if the total outstanding loans to any one credit union stay within 10% of the lending credit union’s share capital and surplus.
- Board approval
- Inter-credit-union loans
- Lending
- Loan concentration limit
Maine Revised Statutes, Title 9-B, § 857-A: Lines of credit
A credit union’s credit committee may approve a member line of credit, subject to sections 854 and 855 and a written application by the member.
- Credit committee review
- Lines of credit
- Loan repayment
Maine Revised Statutes, Title 9-B, § 858: Federal funds loans or sales
A credit union may lend or sell to member banks of the Federal Reserve System and to FDIC-insured banks, savings banks, and savings and loan associations.
- Banking
- Credit union asset sales
- Credit union lending
Maine Revised Statutes, Title 9-B, § 861: Investments in general
A credit union may invest its funds under this chapter, but only with approval from its board of directors or executive committee. The board must also adopt a written investment policy and review and ratify it at least annually.
- Board approval
- Investment policy
- Portfolio administration
Maine Revised Statutes, Title 9-B, § 862: Deposits, notes and bonds
A credit union may invest in several specified deposits, bonds, loans, funds, and membership interests, but the section also sets percentage limits and approval/rating conditions for some investments.
- Membership investments
- Permitted investments
- Portfolio limits
- Superintendent rulemaking
Maine Revised Statutes, Title 9-B, § 863: Real property
A credit union may invest in real property for office space, subject to a 60% surplus limit unless the superintendent approves more for good cause. A separate real-property investment for a member’s owner-occupied home has a 180-day duration cap and a 10% surplus cap unless the superintendent gives prior written consen
- Capital limits
- Credit union investments
- Real property
Maine Revised Statutes, Title 9-B, § 864: Service corporations
A credit union may invest in service corporations, but the investment is limited and subject to notice, recordkeeping, and superintendent oversight.
- Capital limits
- Investments
- Recordkeeping
- Supervisory notice
Maine Revised Statutes, Title 9-B, § 865: Additional authority
Credit unions organized under private or special laws have the authority given by this chapter, plus any investment authority they already have.
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