Maine Revised Statutes > Title 9-B > Part 1 > Chapter 13 – Definitions
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Terms Used In Maine Revised Statutes > Title 9-B > Part 1 > Chapter 13 - Definitions
- 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
- Agency: means a branch office of a financial institution at which all or part of the business of the institution is conducted, but the records pertaining to such business are maintained at another office of the institution, and not at such agency office. See Maine Revised Statutes Title 9-B Sec. 131
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Authorized to do business in this State: means that a financial institution or credit union is authorized to do the business of banking, if it is:
A. See Maine Revised Statutes Title 9-B Sec. 131Branch: 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 Bureau: means the Bureau of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131 capital: means the sum of common stock, paid-in common stock surplus, perpetual preferred stock, undivided profits and other capital reserves; [PL 1997, c. See Maine Revised Statutes Title 9-B Sec. 131 Closely related activities: means those activities that are part of the business of banking, are closely related to the business of banking, are convenient and useful to the business of banking, are reasonably related to the operation of a financial institution or are financial in nature. 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 Commercial bank: means a trust and banking company organized under prior laws of this State or the laws of another country or state or a national bank. See Maine Revised Statutes Title 9-B Sec. 131 Commercial loan: means a loan to a person, regardless of the nature of any property securing such loan, the proceeds of which are used for business or industrial purposes and not primarily for personal, family or household purposes. See Maine Revised Statutes Title 9-B Sec. 131 Commissioner: means the Commissioner of the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 9-B Sec. 131 Community development credit union: means a credit union, as defined in subsection 12, of which a majority of the field of membership meets the definition of low-income in subsection 24?A. See Maine Revised Statutes Title 9-B Sec. 131 Consumer loan: means a loan defined as such pursuant to Title 9?A, section 1?301, subsection 14. See Maine Revised Statutes Title 9-B Sec. 131 Cooperative financial institution: means any financial institution organized pursuant to chapter 32 in which the earnings and net worth of the institution inure to the ultimate benefit of the members. See Maine Revised Statutes Title 9-B Sec. 131 Credit card: means a credit device by which a cardholder obtains loans or otherwise obtains credit from the card issuer or other persons authorized to extend such credit by the card issuer or his agent. See Maine Revised Statutes Title 9-B Sec. 131 Credit union: means a cooperative, nonprofit corporation organized pursuant to Part 8, or under corresponding provisions of any earlier law, and subject to the conditions and limitations as shall be set forth in Part 8. See Maine Revised Statutes Title 9-B Sec. 131 Credit union authorized to do business in this State: means a credit union:
A. See Maine Revised Statutes Title 9-B Sec. 131Deposit production offices: means the Maine offices operated by an individual financial institution authorized to do business in this State or individual credit union authorized to do business in this State that do not reasonably help meet the credit needs of Maine communities. See Maine Revised Statutes Title 9-B Sec. 131 deposits: includes credit union share accounts. See Maine Revised Statutes Title 9-B Sec. 131 Director: means a member of the governing body of a financial institution. See Maine Revised Statutes Title 9-B Sec. 131 Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC Equity interest: means common stock, preferred stock, members' or partners' interests or any other type of capital instrument that entitles the holder to vote pursuant to the financial institution's organizational documents. See Maine Revised Statutes Title 9-B Sec. 131 FDIC: means the Federal Deposit Insurance Corporation or its successors. 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 Federally-chartered credit union: means a credit union organized pursuant to the Act of Congress entitled "Federal Credit Union Act" 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 Financial institution authorized to do business in this State: means a:
A. See Maine Revised Statutes Title 9-B Sec. 131Financial institution holding company: means any company which is deemed to be a holding company pursuant to the provisions contained in chapter 101. See Maine Revised Statutes Title 9-B Sec. 131 Financial institutions not authorized to do business in this State: means any person engaged in the business of banking that does not satisfy the definition of "authorized to do business in this State" found in subsection 2. See Maine Revised Statutes Title 9-B Sec. 131 Governing body: means the body that oversees the affairs of a financial institution. See Maine Revised Statutes Title 9-B Sec. 131 His: as used in this Title , means "his or her;" while "he" means "he or she. See Maine Revised Statutes Title 9-B Sec. 131 Home state: means :
A. See Maine Revised Statutes Title 9-B Sec. 131Host state: means a state, other than the home state of an out-of-state financial institution, national bank or federal association, in which the financial institution maintains a branch or seeks to establish and maintain a branch. See Maine Revised Statutes Title 9-B Sec. 131 Indirect loan: means a loan made to an individual, partnership, joint venture, syndicate or corporation which is an agent of another individual, partnership, joint venture, syndicate or corporation, the proceeds of which are used by the party for which the borrower is an agent. See Maine Revised Statutes Title 9-B Sec. 131 Industrial bank: means a company organized under chapter 91 or having the powers possessed by companies so organized. See Maine Revised Statutes Title 9-B Sec. 131 institute for savings: means a financial institution organized under the prior laws of this State that is authorized to exercise the powers set forth in Part 4, subject to the conditions and limitations on the exercise of those powers as set forth in Part 4. See Maine Revised Statutes Title 9-B Sec. 131 Insurance agent or agency: means a person engaged in the business of an insurance agent as defined in Title 24?A, section 1502. See Maine Revised Statutes Title 9-B Sec. 131 Insurance broker: means a person engaged in the business of an insurance broker as defined in Title 24?A, section 1506. See Maine Revised Statutes Title 9-B Sec. 131 Insurance consultant: means a person engaged in the business of an insurance consultant as defined in Title 24?A, section 1402, subsection 4, 8 or 11. See Maine Revised Statutes Title 9-B Sec. 131 Insurance product: means a contract of insurance that is offered for sale by a licensed agent or broker. See Maine Revised Statutes Title 9-B Sec. 131 Interested party: means a person having a substantial interest in, or who is or may be aggrieved by, any act or impending act, or any report, rule, regulation, amendment, decision or order of the superintendent. See Maine Revised Statutes Title 9-B Sec. 131 Investor: means any person who has an ownership interest in a financial institution and is entitled to vote under the institution's organizational documents. See Maine Revised Statutes Title 9-B Sec. 131 Investor-owned institution: means a financial institution organized under chapter 31. See Maine Revised Statutes Title 9-B Sec. 131 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. limited purpose institution: means an institution operating pursuant to Part 12. See Maine Revised Statutes Title 9-B Sec. 131 loan and building association: means a financial institution organized under the prior laws of this State that is authorized to exercise the powers set forth in Part 4, subject to the conditions and limitations on the exercise of those powers as set forth in Part 4. See Maine Revised Statutes Title 9-B Sec. 131 Low-income: means earning less than 80% of the average income for all wage earners as established by the United States Department of Labor, Bureau of Labor Statistics or having an annual household income that falls at or below 80% of the median household income for the nation as established by the United States Department of Commerce, Bureau of the Census or as otherwise defined by order of the superintendent. See Maine Revised Statutes Title 9-B Sec. 131 Making a loan: means a loan made to a borrower by a single financial institution, or the purchase of a loan as authorized in section 431?A. See Maine Revised Statutes Title 9-B Sec. 131 mutual institution: means any financial institution organized pursuant to chapter 32, in which the earnings and net worth of the institution inure to the ultimate benefit of the depositors or members. See Maine Revised Statutes Title 9-B Sec. 131 Mutual voter: means a corporator or member as described in chapter 32. See Maine Revised Statutes Title 9-B Sec. 131 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC National bank: means a bank or bank and trust company organized pursuant to the Act of Congress entitled "The National Bank Act" as amended, or any subsequent Act of Congress relating thereto. See Maine Revised Statutes Title 9-B Sec. 131 Nondepository trust company: means any financial institution organized under chapter 121 with powers generally limited to trust or fiduciary matters. See Maine Revised Statutes Title 9-B Sec. 131 Officer: means an employee of a financial institution who has been given managerial or other high-level duties by the governing body of the financial institution. See Maine Revised Statutes Title 9-B Sec. 131 Organizational document: means the charter, certificate of organization, articles of incorporation, articles of association, articles of organization, certificate of limited liability partnership, bylaws, operating agreement, partnership agreement or any other similar document required to be filed with and approved by the superintendent pursuant to section 314?A or 323. 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 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, corporation, partnership, joint venture, trust, estate or unincorporated association. See Maine Revised Statutes Title 9-B Sec. 131 Real estate-related services: means :
A. See Maine Revised Statutes Title 9-B Sec. 131Satellite facility: means any facility, automated device or electronic terminal established by a financial institution authorized to do business in this State or a credit union authorized to do business in this State at which an existing financial institution or credit union customer may initiate banking transactions, including, but not limited to, cash deposits to and withdrawals from that customer's account, cash advances on a preauthorized credit line, transfers between deposit or share accounts or payment transfers from the customer's account to accounts of other financial institution or credit union customers. See Maine Revised Statutes Title 9-B Sec. 131 savings deposit: means a deposit or account in a financial institution in which the depositor is not required by the deposit contract, but may at any time be required by the financial institution, to give notice in writing of an intended withdrawal not less than 7 days before such withdrawal is made and that is not payable on a specified date or at the expiration of a specified time after the date of deposit. See Maine Revised Statutes Title 9-B Sec. 131 Service corporation: means a corporation, limited liability company or limited partnership substantially all the activities of which consist of originating, purchasing, selling and servicing loans and participation interests therein; or clerical, bookkeeping, accounting and statistical or similar functions related to a financial institution or real estate activities; or management, personnel, marketing or investment counseling related to a financial institution or real estate activities; or establishing or operating one or more satellite facilities; or any activity authorized by the superintendent by rule or order that has been authorized under federal law for service corporations owned or controlled by national banks, federally chartered savings and loan associations, federally chartered savings banks or federally chartered credit unions. See Maine Revised Statutes Title 9-B Sec. 131 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Share account: includes , but is not limited to, accounts such as share, share draft and term share accounts. See Maine Revised Statutes Title 9-B Sec. 131 Sociological composition: means the reflection of broad social and economic characteristics of the communities in which a mutual financial institution derives a substantial part of its deposit and loan business. See Maine Revised Statutes Title 9-B Sec. 131 Statute: A law passed by a legislature. Subsidiary: means a corporation, partnership, business trust, association or similar organization, all of which are referred to in this subsection as "another company" owned or controlled by a financial institution or financial institution holding company. 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 Thrift institution: means a savings bank or a savings and loan association organized under the prior laws of this State. See Maine Revised Statutes Title 9-B Sec. 131 Time certificate of deposit: means a deposit evidenced by a negotiable or nonnegotiable instrument which provides on its face that the amount of such deposit is payable to bearer or to any specified person or to his order:
A. See Maine Revised Statutes Title 9-B Sec. 131Time deposit: means "time certificate of deposit" and "time deposit, open account". See Maine Revised Statutes Title 9-B Sec. 131 Total capital: means the sum of capital, as defined in subsection 6, plus capital notes and debentures, other instruments approved by the superintendent and the allowance for loan losses or other similar reserves. See Maine Revised Statutes Title 9-B Sec. 131 trust and banking company: means any financial institution organized under the prior laws of this State that is authorized to exercise the powers set forth in Part 4, subject to the conditions and limitations on the exercise of those powers as set forth in Part 4. See Maine Revised Statutes Title 9-B Sec. 131 Universal bank: means an investor-owned institution or a mutual financial institution authorized by its organizational documents to exercise all the powers granted in Part 4 and includes a trust company, a savings bank and a savings and loan association chartered by special act of the Legislature, established prior to October 1, 1975 or established pursuant to this Title. See Maine Revised Statutes Title 9-B Sec. 131