United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 9-B, § 418: Acting as agent, 1995

A financial institution may act as an agent for certain institutions under this section, but the agency agreement must limit activities, notice must be filed with the superintendent before the activity begins, and the…

Source excerpt

agency relationshipsdepositsloan servicingrulemakingsupervisory notice

Jurisdiction: United States — Maine
Structure: 1 provisions
Official identity: Year 1995
Dates: Enacted 1995 · Source version 1 Oct 2025

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Dates: Enacted 1995 · Source version 1 Oct 2025

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“A financial institution may act as an agent for certain institutions under this section, but the agency agreement must limit activities, notice must be filed with the superintendent before the activity begins, and the superintendent may adopt supplemental rules.”

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Enacted 1995 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.
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Acting as agent

Section 418

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Source record from legislature.maine.gov · Enacted 1995 · Source version 1 Oct 2025

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§ 418Acting as agentProvision

Source excerpt

A financial institution or a financial institution not authorized to do business in this State may act as agent for a financial institution, out-of-state financial institution, a financial institution organized under provisions of law of another state, federal association or national bank in accordance with this section. [PL 1995, c. 628, §21 (NEW).] 1. Activities. A financial institution acting as agent may receive deposits, renew time deposits, close loans, service loans and receive payments on loans and other obligations. The list of permitted agency activities may be expanded through rulemaking. Rules adopted pursuant to this section are major substantive rules as defined in Title 5, chapter 375, subchapter II‑A. [PL 1995, c. 628, §21 (NEW).] 2. Limitations on activities. The agreement to act as agent must limit the activities to those specifically permitted under this section or as expanded through rulemaking. The institution acting as agent pursuant to an agency agreement may not be considered a branch of the contracting institution, nor is the contracting institution considered a branch of the institution acting as agent. [PL 1995, c. 628, §21 (NEW).] 3. Notice required. A financial institution entering into an agency agreement shall file notice with the superintendent, in the form and manner prescribed by the superintendent, prior to engaging in the activities permitted under this section. [PL 1995, c. 628, §21 (NEW).] 4. Relationship terms. An agency relationship between institutions must be on terms that are consistent with safe and sound banking practices and the superintendent may adopt rules to supplement the requirements of this section. [PL 1995, c. 628, §21 (NEW).]

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