Maine Revised Statutes Title 9-B Sec. 376 – Activities of interstate branches
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1. Branches of financial institutions organized under the laws of this State. Pursuant to this chapter, a financial institution organized under the laws of this State that establishes and operates a branch in another state may conduct any activity at that branch that is permissible for a financial institution organized under the laws of the “host state” as defined in section 131, subsection 20?B. The financial institution shall provide prior written notice of the branch activity to the superintendent if the activity is not permissible in this State.
[PL 1995, c. 628, §20 (NEW).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 376
- Affiliate: means any company that controls, is controlled by, or is under common control with another company. See Maine Revised Statutes Title 9-B Sec. 131
- Branch: means any office of a financial institution, including a credit union, where the business of banking is conducted other than the institution's main office. See Maine Revised Statutes Title 9-B Sec. 131
- Commercial activity: means any activity in which a bank holding company, a financial holding company, a national bank or a national bank financial subsidiary may not engage under federal law. See Maine Revised Statutes Title 9-B Sec. 131
- Federal association: means a savings and loan association, savings bank or other financial institution organized pursuant to the Act of Congress entitled "Home Owners' Loan Act of 1933" as amended, or any subsequent Act of Congress relating thereto. See Maine Revised Statutes Title 9-B Sec. 131
- Financial institution: means a universal bank or limited purpose bank organized under the provisions of this Title, and a trust company, nondepository trust company, savings bank, industrial bank or savings and loan association organized under the prior laws of this State. See Maine Revised Statutes Title 9-B Sec. 131
- Out-of-state: means a foreign country or a state other than this State. See Maine Revised Statutes Title 9-B Sec. 131
- Out-of-state financial institution: means a financial institution organized under provisions of law of a foreign country or a state other than this State that maintains, or seeks to establish and maintain, a branch in this State. 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
2. Branches of out-of-state financial institutions. The laws of this State, including, but not limited to, the laws regarding consumer protection, fair lending and establishment of intrastate branches, apply to any state branch of an out-of-state financial institution, federal association or national bank to the same extent as those laws apply to a state branch of a financial institution organized under the laws of this State. An out-of-state financial institution that maintains, or seeks to establish and maintain, a branch in this State pursuant to this chapter may not conduct any activity at that branch that is not permissible for a financial institution organized under the laws of this State.
[PL 1995, c. 628, §20 (NEW).]
3. Commercial activity prohibited. An out-of-state financial institution may not establish or maintain a branch in this State within 1.5 miles of any location of an affiliate where the affiliate engages in commercial activity.
[PL 2007, c. 69, §3 (NEW).]
SECTION HISTORY
PL 1995, c. 628, §20 (NEW). PL 2007, c. 69, §3 (AMD).