§1231. General authority and purpose A financial institution 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 […]
§1232. Organization of uninsured banks 1. Organization. An uninsured bank must be organized pursuant to chapter 31. [PL 1997, c. 398, Pt. J, §2 (NEW).] 1-A. Principal office in State. Except for an uninsured bank organized prior to the effective date of this subsection, an uninsured bank shall locate its principal office in this […]
§1233-A. Asset pledge 1. Pledge requirement. The superintendent may require an uninsured bank to pledge readily marketable assets to the superintendent if the superintendent believes that the action is necessary for the protection of the public. The pledged assets must be United States dollar denominated, investment grade and subject to the prior written approval of […]
§1233. Capital An uninsured bank must have initial paid-in capital in accordance with chapter 31 and shall maintain minimum capital in accordance with section 412-A or rules adopted under section 412-A, except that the superintendent may establish different capital maintenance requirements for uninsured banks than those required for insured financial institutions organized under this Title. […]
§1234. Cash reserves on deposits and accounts An uninsured bank shall maintain reserves in accordance with section 422-A. The superintendent may establish by rule or order additional reserve requirements for uninsured banks. [PL 1997, c. 398, Pt. J, §2 (NEW).] SECTION HISTORY PL 1997, c. 398, §J2 (NEW).
§1235. Lending limits An uninsured bank’s lending limit is governed by section 439-A or rules adopted under section 439-A, except that loans or extensions of credit to a person are limited to 15% of total capital. [PL 1997, c. 398, Pt. J, §2 (NEW).] SECTION HISTORY PL 1997, c. 398, §J2 (NEW).
§1236. Deposits An uninsured bank may not engage in retail deposit activities. The superintendent shall define deposit activities that do not constitute retail deposit activities by rule, taking account of the size or nature of depositors and deposit accounts. [PL 1997, c. 398, Pt. J, §2 (NEW).] SECTION HISTORY PL 1997, c. 398, §J2 […]
§1237. Disclosure of uninsured status 1. Sign that deposits not insured. An uninsured bank shall display conspicuously at each window or place where deposits are usually accepted a sign stating that deposits are not insured by the FDIC. [PL 1997, c. 398, Pt. J, §2 (NEW).] 2. Statement that deposits not insured. An uninsured […]
§1238. Rules The superintendent may prescribe rules governing the activities of uninsured banks and implementing this chapter. These rules must take into account the uninsured status of these banks. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A. [PL 1997, c. 398, Pt. J, […]
§1239. Holding companies of uninsured banks If a holding company is not a financial institution holding company under chapter 101 by virtue of controlling a financial institution other than a merchant bank, a nondepository trust company or an uninsured bank, the superintendent may grant the holding company a waiver from the provisions of chapter 101; […]
