Maine Revised Statutes Title 9-B Sec. 1320 – Disclosure of lack of deposit insurance
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Terms Used In Maine Revised Statutes Title 9-B Sec. 1320
- Agency: means any office or any place of business of a foreign bank located in any state of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent, but at which deposits may not be accepted from persons who are citizens or residents of the United States. See Maine Revised Statutes Title 9-B Sec. 1311
- Branch: means any office or any place of business of a foreign bank located in any state of the United States at which deposits are received. See Maine Revised Statutes Title 9-B Sec. 1311
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- deposits: includes credit union share accounts. See Maine Revised Statutes Title 9-B Sec. 131
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
Each foreign bank operating a Maine branch or Maine agency shall, in a manner established by the superintendent, give notice that deposits and credit balances in that branch or agency are not insured by the Federal Deposit Insurance Corporation. [PL 1997, c. 182, Pt. B, §3 (NEW).]
SECTION HISTORY
PL 1997, c. 182, §B3 (NEW).