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STATE OF MAINE
_____
IN THE YEAR OF OUR LORD
TWO THOUSAND TWENTY-THREE
_____
S.P. 53 - L.D. 114
An Act to Make Technical Amendments to Banking Laws
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-B MRSA §214, sub-§2, ¶A, as amended by PL 2003, c. 322, §6, is further
amended to read:
A. To provide for the balance of the reasonable expenses incurred to fulfill the bureau's
duty pursuant to this Title, including general regulatory costs, overhead, transportation
and general office and administrative expenses, except as otherwise provided in this
paragraph, the superintendent shall assess each financial institution under the
superintendent's supervision at the annual rate of at least 6¢ for each $1,000 of the total
of average assets, as defined by the superintendent. The frequency of assessment may
coincide with the frequency of filing periodic financial reports with the bureau but may
not be more frequent than quarterly. The superintendent may raise the minimum
assessment rate of 6¢ for each $1,000 of the total of average assets by promulgating
adopting rules pursuant to section 251 at such time as economic conditions warrant
such an increase. In Except as otherwise provided in this paragraph, in no event may
the assessment be less than $25. The superintendent may lower or suspend by rule or
order any assessment specified in this paragraph or established by rule pursuant to this
paragraph. Rules adopted pursuant to this paragraph are routine technical rules as
defined in Title 5, chapter 375, subchapter 2-A.
Sec. 2. 9-B MRSA §214, sub-§2-B, as amended by PL 2003, c. 322, §7, is further
amended to read:
2-B. Assessment on nondepository trust companies.
otherwise provided in this subsection, nondepository trust companies that are not affiliated
with a financial institution shall pay an assessment at the annual rate of not less than $2,000
or an amount determined by the superintendent of at least 6¢ for every $10,000 of fiduciary
assets under its management, custody or care. The superintendent may further define by
rule fiduciary assets under management, custody or care or change the minimum
assessment whenever economic conditions warrant such a change. The superintendent may
lower or suspend by rule or order any assessment specified in this subsection or established
by rule pursuant to this subsection. Rules adopted pursuant to this subsection are routine
APPROVED
APRIL 21, 2023
BY GOVERNOR
CHAPTER
30
PUBLIC LAW Page 2 - 131LR0144(03)
technical rules as defined in Title 5, chapter 375, subchapter 2‑A. These assessments must
be paid in accordance with subsection 2, paragraph B.
Sec. 3. 9-B MRSA §223, sub-§2, as amended by PL 2009, c. 228, §3, is further
amended to read:
2. Reports posted in offices. limited purpose bank shall
make available in all of its offices at least 10 days, but not more than 30 days, prior to the
annual meeting of its stockholders, corporators or, members or other holders of equity
interests, its latest condition report or a condition report for its most recently completed
fiscal year, and a report of income for the institution's most recently completed fiscal year.
In addition to making available its latest condition report or condition report for its most
recently completed fiscal year, a nondepository trust company limited purpose bank shall
make available a report of its fiduciary assets and income. Every federally insured financial
institution shall post a notice in its main office that the financial institution's latest condition
and income reports are available to the public upon request.
Sec. 4. 9-B MRSA §252, sub-§2, ¶C,
§159, is amended to read:
C. The superintendent may suspend or postpone action on an application after the first
publication of notice pursuant to paragraph B, upon written request of the applicant or
on his the superintendent's own initiative for good cause shown. Good cause includes
a judgment by the superintendent that the bureau lacks the present capacity to
adequately ensure the safety and soundness of the proposed institution or activity. The
superintendent shall promptly provide notice of any suspension or postponement in the
same manner and in the same publications in which the original notice of application
was provided. If and when action is resumed on the application, the superintendent
shall again provide notice in the same manner and in the same publications in which
the preceding notices were provided.
Sec. 5. 9-B MRSA §367-A, sub-§6, as enacted by PL 2005, c. 83, §10, is amended
to read:
6. Mergers.
order the merger or consolidation of any financial institution that is described in section
363‑A or 365 with any other financial institution, state-chartered or federally chartered,
with the consent of the other financial institution and may prescribe the mode or procedure
for the merger or consolidation and the terms and conditions of the merger or consolidation.
Unless limited by the conservator or receiver, the effect of the merger on various property
interests and fiduciary designations of the resulting institution is the same as described for
mergers subject to section 357, subsection 1.
Sec. 6. 9-B MRSA §367-A, sub-§7 is enacted to read:
7. Fiduciary accounts.
of the financial institution, surrender property held by the financial institution as a fiduciary
and settle fiduciary accounts. The conservator or receiver may release fiduciary property
to one or more successor fiduciaries, and may sell one or more fiduciary accounts to one
or more successor fiduciaries. Upon a sale or transfer of a financial institution's fiduciary
property or a fiduciary account by a conservator or receiver, the successor fiduciary is
automatically substituted without further action and without any order of any court. The Page 3 - 131LR0144(03)
conservator or receiver shall provide notice of the substitution, as far as practicable, to each
person to whom the financial institution provides periodic reports of fiduciary activity. The
notice must include the name of the financial institution, the name of the successor
fiduciary and the effective date of the substitution. The successor fiduciary has all of the
rights, powers, duties and obligations of the transferring financial institution and is deemed
to be named, nominated or appointed as fiduciary in any will, trust, court order or similar
written document or instrument that names, nominates or appoints the transferring financial
institution as fiduciary, whether executed before or after the substitution. The successor
fiduciary has no obligations or liabilities under this chapter for any acts, actions, inactions
or events occurring prior to the effective date of the substitution.
Sec. 7. 9-B MRSA §1231, as enacted by PL 1997, c. 398, Pt. J, §2, is amended to
read:
§1231. General authority and purpose
A financial institution engaged in the business of banking that does not accept retail
deposits and for which insurance of deposits by the FDIC is not required may be organized
pursuant to chapter 31. Unless otherwise indicated in this chapter, an uninsured bank has
all the powers, rights, duties and obligations as a financial institution under this Title. An
uninsured bank is not a nondepository trust company or a merchant bank.