§1311. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1997, c. 182, Pt. B, §3 (NEW).] 1. Agency. “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 […]
§1312. Branches and agencies of foreign banks 1. Establishment. A foreign bank that is or will become a Maine foreign bank and engages directly in the banking business outside the United States may, with the prior approval of the superintendent, establish a branch or agency. The establishment of a branch or agency may be de […]
§1313. Federal branches and agencies 1. Permissibility of federal branches and agencies. Nothing in this Title may be construed to prohibit the operation of a federal branch or a federal agency in this State. [PL 1997, c. 182, Pt. B, §3 (NEW).] 2. No concurrent maintenance of federal branches or agencies. No foreign bank […]
§1314. Powers of Maine branches and agencies 1. General powers. Except as otherwise specifically provided in this chapter or in orders or rules adopted by the superintendent, and notwithstanding any other law or rule of this State to the contrary, operations of a foreign bank at a Maine branch or Maine agency must be conducted […]
§1315. Representative offices 1. Notification required. A foreign bank may establish a representative office in this State with 30 days’ prior notice to the superintendent. A foreign bank may not establish a representative office in this State without the prior approval of the Board of Governors of the Federal Reserve System pursuant to Section 10 […]
§1316. Trust activities 1. Authority. A foreign bank that has established a Maine branch or Maine agency in accordance with section 1312 may engage in trust activities at that Maine branch or Maine agency upon 30 days’ prior notification to the superintendent. [PL 1997, c. 182, Pt. B, §3 (NEW).] 2. Territorial application. All […]
§1317. Service of process A foreign bank having a Maine agency, Maine branch or Maine representative office shall maintain a registered office and is subject to service of process in the manner provided for in Title 13-C, chapter 15. [RR 2001, c. 2, Pt. B, §21 (COR); RR 2001, c. 2, Pt. B, §58 […]
§1318. Deposit requirements; asset requirements 1. Deposit requirement. Upon the opening of a Maine branch or Maine agency and thereafter, a foreign bank shall keep on deposit, in accordance with rules the superintendent may prescribe, with a financial institution authorized to do business in the State, except for a foreign bank, United States dollar deposits […]
§1319. Record keeping and reporting 1. General. A Maine branch, Maine agency or Maine representative office shall comply with applicable record-keeping and reporting requirements that apply to financial institutions organized under this Title and with any additional requirements that may be prescribed by the superintendent. A Maine branch, Maine agency, Maine representative office and the […]
§1320. Disclosure of lack of deposit insurance 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).] […]
§1321. Notice of changes in name and location 1. Notice. A foreign bank maintaining a Maine branch, Maine agency or Maine representative office shall provide the superintendent with prior notice of the following events: A. A change in corporate name; [PL 1997, c. 182, Pt. B, §3 (NEW).] B. A change of mailing […]
§1322. Change of control of foreign bank A foreign bank that is licensed to establish and maintain a Maine branch, Maine agency or Maine representative office shall file with the superintendent a notice, in such form and containing such information as the superintendent may prescribe, no later than 14 calendar days after that foreign bank […]
§1323. Voluntary closure of Maine branch, Maine agency or Maine representative office 1. Maine branch or Maine agency. A foreign bank may voluntarily close a Maine branch or Maine agency in accordance with section 335, subsection 2. [PL 1997, c. 182, Pt. B, §3 (NEW).] 2. Maine representative office. A foreign bank may voluntarily […]
§1324. Conversions 1. Authority. A foreign bank may convert a Maine representative office to a Maine agency or Maine branch, or convert a Maine agency to a Maine representative office or a Maine branch, or convert a Maine branch to a Maine agency or Maine representative office with the prior approval of the superintendent. A […]
§1325. Assessment, examination and enforcement 1. Assessment. A foreign bank operating a Maine branch or a Maine agency shall pay assessments to the superintendent in accordance with section 214, subsection 2. [PL 1997, c. 182, Pt. B, §3 (NEW).] 2. Examination. The superintendent may examine each Maine branch, Maine agency or Maine representative office […]
§1326. Involuntary termination of authority and receivership 1. Involuntary termination of authority to operate Maine branch, Maine agency or Maine representative office. The involuntary termination of authority to operate a Maine branch, Maine agency or Maine representative office is governed by the following. A. Authority to operate a Maine branch, Maine agency or Maine […]
§1327. Interstate operations of Maine foreign banks 1. Establishment. A Maine foreign bank may establish and operate a branch in another state in accordance with section 1312. The establishment of that branch may be de novo or through merger, acquisition or other consolidation. [PL 1997, c. 182, Pt. B, §3 (NEW).] 2. Activities. A […]
§1328. Interstate operations of out-of-state foreign banks 1. Establishment. An out-of-state foreign bank may establish a branch or agency in this State in accordance with the procedures set forth in section 373, subsection 3. The establishment of that branch or agency may be de novo or through merger, acquisition or other consolidation. [PL 1997, […]
§1329. Rule-making authority The superintendent may adopt rules to supplement the requirements of this chapter. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A. [PL 1997, c. 182, Pt. B, §3 (NEW).] SECTION HISTORY PL 1997, c. 182, §B3 (NEW).
